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Settlements

This guide explains when and how you get paid for the fees you earn through PayKore — whether that's your own marketplace commission from split payments, or simply the balance accumulating in a platform wallet.

How settlement works​

As a partner running a marketplace, SaaS platform, or any business collecting fees through PayKore, your earnings accumulate as a balance in your PayKore wallet — they don't automatically appear in your regular bank account. PayKore periodically transfers that accumulated balance out to your registered bank account. This transfer is called a settlement.

You don't need to request a settlement manually — it runs automatically on a fixed schedule, described below.

Settlement schedule​

By default, settlements run on a T+1 basis: transactions completed on a given day settle to your bank account by 10:00 WAT the next business day.

Transactions completed onSettle to your bank by
MondayTuesday, 10:00 WAT
TuesdayWednesday, 10:00 WAT
WednesdayThursday, 10:00 WAT
ThursdayFriday, 10:00 WAT
FridayMonday, 10:00 WAT
SaturdayMonday, 10:00 WAT
SundayMonday, 10:00 WAT

Weekend transactions don't settle on the weekend — since banking rails don't process settlement batches on non-business days, both Saturday's and Sunday's activity roll into the same Monday settlement run.

note

Partners on the Scale tier can request on-demand settlement instead of waiting for the next T+1 batch. Contact your account manager to enable this.

Viewing settlement runs​

Under Settlements in the dashboard, you'll see a list of every settlement run, each showing:

  • Period — the date range of transactions included in this run.
  • Transaction count — how many individual transactions contributed to this settlement.
  • Gross amount — the total transaction value before any fee deduction.
  • Fee — PayKore's processing fee deducted for this period.
  • Net amount — what was actually paid out to your bank account (gross minus fee).
  • Status — Pending, Completed, or Failed.
  • Destination bank account — which of your registered accounts received the payout.

Understanding the settlement deduction​

PayKore's processing fee is deducted before settlement — you never need to calculate and pay it separately.

Example: suppose your platform processed ₦1,000,000 in P2P transfers during a settlement period, at the standard 0.5% PayKore fee:

Amount
Gross transaction volume₦1,000,000
PayKore fee (0.5%)₦5,000
Net settlement to your bank₦995,000

The ₦995,000 is what actually lands in your bank account. The fee breakdown shown in each settlement run lets you reconcile this against your own internal accounting without needing to recompute it.

Downloading settlement reports​

Each settlement run can be exported individually as a CSV for your accounting records:

  1. Open the settlement run you want to export.
  2. Click Download Report.

Columns included: transaction reference, type, gross amount, PayKore fee, net amount, date.

This gives you a transaction-level breakdown of exactly what contributed to that settlement's total — useful for matching against your own order or invoice records.

Adding a bank account​

To receive settlements, you need at least one verified bank account on file.

  1. Go to Settings → Bank Accounts.
  2. Click Add Account.
  3. Enter the bank name, account number, and select the bank from the dropdown.
  4. PayKore automatically resolves the account number and displays the account name on file with that bank — confirm this matches your business name before proceeding.
  5. Click Set as Primary to designate this account as the destination for future settlements.

You can register multiple bank accounts, but only one can be marked primary at a time — that's the account settlements are paid into.

Settlement failed?​

If a settlement run shows status Failed:

  1. Check that your destination bank account is still active and that the account number on file is correct — accounts can be closed or changed without PayKore being notified automatically.
  2. If the account details look correct and the issue persists, contact PayKore support with the settlement ID shown in the failed run. Support can investigate the underlying payout attempt and advise on next steps.

A failed settlement does not mean your money is lost — the balance remains safely in your PayKore wallet and will be retried or manually resolved once the underlying issue is fixed.

Next steps​