Nedbank and iKhokha have launched a new twice-daily settlement service that enables eligible iKhokha merchants with Nedbank business accounts to receive 2 payouts a day, including Sundays and public holidays.
This enhancement gives merchants faster access to money from card transactions, helping them manage cash flow more effectively and respond to business needs sooner.
Under the new settlement model, merchants will receive the first settlement in the early morning and the second in the afternoon. Money from morning and afternoon sales is batched and processed separately, allowing merchants to access a portion of their revenue before the close of business.
The new capability is the result of close collaboration between Nedbank and iKhokha and reflects a shared commitment to supporting South African businesses with innovative payment solutions that simplify operations and improve financial flexibility.
For many businesses, particularly those operating in fast-moving sectors such as retail, hospitality and services, quicker access to earned revenue can make a meaningful difference. Twice-daily settlement enables merchants to replenish stock sooner, meet supplier obligations more efficiently and manage day-to-day operations with greater confidence.
‘Small businesses need quick access to the money they earn. By introducing twice-daily settlement, we are helping merchants improve cash flow management, respond faster to customer demand and operate with greater confidence. This innovation reflects our commitment to delivering payment solutions that help businesses grow,’ says Anthony Usmar, Executive: Payments at Nedbank.
‘At iKhokha, our focus is on helping entrepreneurs succeed. Twice-daily settlement gives merchants quicker access to working capital without requiring any change to how they operate, allowing them to make important business decisions sooner and with greater flexibility,’ says Matt Putman, Co-founder of iKhokha.
Key benefits for merchants
- Predictable cash flow: With 2 settlement windows at 04:00 and 15:00 each day, merchants know when to expect their money.
- Reduced reliance on credit: Faster access to their money can reduce the need for short-term borrowing and overdraft facilities.
- Daily access to money: Payouts 7 days a week, 365 days a year give high-volume traders quicker access to their money so they can stock up and trade over weekends and public holidays.
- Business growth: Easy access to money increases sales opportunities and supports business growth.
- Same-day access: Nedbank-banked merchants receive 2 payouts a day with no additional hardware, fees or setup required.
Built for today’s business environment
As businesses continue to navigate rising operating costs and increasing competitive pressures, access to money has become an important driver of agility and growth. Twice-daily settlement gives merchants greater control over their finances while maintaining the simplicity and convenience of their existing payment processes.
Availability
Twice-daily settlement is now available to eligible merchants who use iKhokha card machines and have their payments settled into a Nedbank Business Account.
Merchants can contact their iKhokha sales representative or visit ikhokha.com. More information about Nedbank business banking solutions is available at business.nedbank.co.za.
