Settlements
Based on our assessment of your business, we will determine whether a settlement will be added to your Sokin Pay account, as well as the applicable settlement type and terms.
We reserve the right to enable, adjust, or remove these terms as necessary. However, rest assured we will keep you informed of any updates or changes to your settlement settings.
Types of settlement
Three types of settlement can be enabled on your account:
- Service Reserve – A fixed portion of funds held by Sokin.
- Variable Reserve – A percentage of a transaction held for a number of days before it is available.
- Settlement Days - The number of days a payment is held before it is available.
Service Reserve
When a Service Reserve is enabled on your account, an icon will appear at the top of your Sokin Pay dashboard. The balance is displayed in USD, with the bold amount showing the funds currently held in reserve and the amount below indicating the required reserve balance.
Your Service Reserve must be fully funded to access your available funds through Sokin Pay. In the screenshot below, the amount 1000 represents both the current reserve balance and the required reserve amount, indicating that the reserve is fully funded.
Variable Reserve and Settlement Days
To view settlement information, select a transaction and scroll to the Settlement Details section to see when the funds will become available.
In the example below, a payment of €99 was received on 23 October 2024. €89.10 was settled on 24 October 2024, and the remaining €9.90 was settled on 26 October 2024. This reflects a Settlement Days setting of 1 day and a Variable Reserve of 10% held for 3 days.
In the screenshot below, a payment of €99 was received on the 23 October 2024. €89.10 settled on 24 October 2024, and the remaining €9.90 settled on the 26 October 2024. This reflects Settlement Days set to 1 day after payment, and a Variable Reserve of 10% held for 3 days after payment.
