A settlement account is the bank account where Monieswitch sends your funds after you receive payments through your virtual accounts. It is a critical part of your payout process and helps automate or control how and when you receive your money. You can only add a settlement account after your Monieswitch account has been approved.

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Why Settlement Accounts Matter

  • Automated payouts: Funds are moved from your Monieswitch balance to your bank account without manual intervention (if auto settlement is enabled).
  • Security: Only approved and verified accounts can add or change settlement details, reducing fraud risk.
  • Control: You can choose between automatic and manual settlement, depending on your business needs.

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How to Add or Enable Your Settlement Account

  1. Wait for Approval:
    • Complete your profile and KYC, then await admin approval before you can add a settlement account.
  2. Navigate to Settlement Account Section:
    • Log in to your dashboard.
    • Go to the Settlement Account section.
  3. Add Your Bank Details:
    • Enter your bank name, account number, and any other required information.
    • Double-check for accuracy to avoid payout issues.
  1. Save and Confirm:
    • Save your details. You may be required to verify the account via OTP or micro-deposit.
  2. Setup your transaction pin
    • Create a secure PIN for authorizing transactions.
    • This PIN is required for all sensitive actions, including fund transfers and account changes.
    • Confirm your PIN by entering it again and submit.
  1. Set Settlement Preferences:
    • On your profile settings, in the Settlement section, toggle auto settlement on or off based on your preference.

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How Settlement Works

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Auto Settlement

  • Money received via your virtual account is automatically sent to your settlement account on the next business day (T+1).
  • This is the recommended option for most users.
  • Auto settlements are free.
  • You do not need to take any action—funds are moved automatically.

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Manual/Instant Settlement

  • If auto settlement is disabled, funds remain in your available balance.
  • You can manually settle at any time. A transaction fee will be charged from your main merchant account balance.
  • Use this if you want more control over when funds are moved.

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Transaction Visibility

  • Money received through your virtual accounts does not immediately show up in transactions to avoid duplicate entries. Settlement is processed at the end of the day.
  • With instant settlement, you can send out your settlement balance for the day at any time, but fees apply. Auto settlement is free and processed automatically.

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Visual Guide: Settlement Flow

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Important Notes

  • You can only have one active settlement account at a time.
  • Always keep your settlement account details up to date to avoid payout delays.
  • If you change your settlement account, you may need to re-verify it.
  • If you have questions or issues, contact support for assistance.