Find answers to common questions about Settlements

What does 'Insufficient Wallet' mean?

Insufficient Wallet happens when a merchant's ledger/Rave wallet balance is not sufficiently funded to allow settlement to take place. This is often caused by chargebacks/refunds that have been depleted from a merchant's wallet just before a settlement is due. It mostly affects merchants whose settlement destination is a bank account even though there can be cases of such with merchants that have chosen wallet as settlement destination. To resolve this, a reconciliation of the merchant's wallet will have to be done. ETA is usually between 24 and 48 hours depending on transaction volume.

What is the transfer threshold for international settlements?

Transfer threshold is the term used to explain the minimum amount that a merchant should accumulate before due settlement(s) can be remitted to the merchant's account. There are different thresholds for different currencies.

Can one merchant have 2 accounts?

Yes, this is possible.

Why is my settlement stuck on 'Pending'?

A pending settlement means the settlement has not been reviewed and approved by the settlement team. A settlement will usually display when it is not due for settlement. Where the due date is past and still shows as pending, the settlement team should be informed immediately.

Why did my settlement fail?

Settlement can fail due to several reasons. These reasons can be operational, technical or purely error on the part of the merchant at the point of onboarding. The failed settlement should be escalated to the settlement team for prompt action through our support channels

What rate was used in converting the settlement I received?

Flutterwave uses a globally accepted benchmark such as Bloomberg or (with a mark up to cover FX liquidity risk). The rate is usually updated daily.

What is the settlement cycle?

The settlement cycle defines when collections by a merchant will be due for settlement. Generally, the settlement cycle for local & international transactions is T+1 and T+5 respectively. However, there are a few exceptions based on certain criteria and agreements with the merchant.

What do we need to do to get settled?

For a new merchant, settlement happens automatically but there might be a need for them to provide certain documents that would be required by our compliance team depending on certain conditions that have been defined. These defined conditions may also vary by merchant's location, line of business etc.

Why was my settlement flagged?

Flagged is a term used to represent a settlement that might not be processed as and when due. This can be due to various reasons and these reasons can be operational, technical, compliance or purely error on the part of the merchant at the point of onboarding. A flagged settlement should be escalated to the appropriate team for prompt action through our support channels.

Can I settle into a dom account?

Yes, this is possible. For Nigerian merchants, please note that all transactions originating from a Naira card will be settled in Naira irrespective of the purchase currency in line with the dollarisation policy in Nigeria

How do I edit or update my account details?

This functionality is available on the merchant dashboard. Merchant can do this without recourse to Flutterwave. At the moment, however, any update by the merchant will also affect subsequent collections and not already pending settlement record.

Can I settle to more than one account?

Yes, this is available to merchants with more than one account. Each account is expected to have its own separate account.

How do I change from wallet settlement to bank account settlement and vice versa?

This functionality is available on the merchant dashboard. Merchant can choose/change to either option.

How long do refunds take?

Refunds take 3-15 working days to reflect in your bank account.

How long do I have to reply to a chargeback?

For NGN merchants, you have 24hrs, while international merchants have 48hrs.

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