Settlement
Settlement
The only thing more important than processing payment for your business is how the processed funds/ transactions are settled into the appropriate account(s).
The settlement tab on your Credo dashboard is designed to provide you with a holistic view of your settlement report. You can see in detail how your money moves.
Key Features of Settlement on Credo:
1. Adding Settlement Accounts
Your settlement account is the registered bank account(s) where all funds from successfully processed transactions will be deposited. This can be a single bank account or multiple accounts based on your business needs.
2. Adding Your Settlement Account During Registration
At the point of registering your business on Credo, you will be required to add your bank account.
3. Adding More Settlement Accounts
If you wish to add more accounts later, here’s how:
Go to Settings.
Select Settlement.
Click on the Accounts tab.
On the top-right corner, click the icon to Create New Account.
Fill in the required details, such as:
Currency
Bank
Account number
Click Save Changes.
Congratulations! You have successfully added a new settlement account. Repeat these steps for as many accounts as you wish to add.
Split Configuration
Credo’s Split Configuration feature makes it easy to define rules for automatically dividing and distributing funds from transactions among multiple beneficiary bank accounts. This is ideal for businesses involving third parties like merchants, service providers, or stakeholders.
Setting Up Split Configuration
Go to Settings.
Select Settlement.
Click on the Default Settlement Configuration tab.
Click the Edit icon on the top-right corner.
For multiple accounts, select your default account.
Set up the values to be paid to each account. Options include:
Percentage-based splits.
Absolute values (e.g., NGN 100 per transaction to XYZ account).
Click Save Changes.
Things to Note
You can set your settlement schedule here.
Transactions not governed by your dynamic service settings will follow the Default Settlement Configuration.
Scheduling Settlement Periods
The settlement schedule outlines the timeline or frequency for depositing funds into your accounts, ensuring a structured approach to fund distribution.
How to Schedule Settlements
Go to Settings.
Select Settlement.
Click on the Default Settlement Configuration tab.
Scroll down to Settlement Schedule (Frequency).
Use the dropdown menu to select your preferred schedule:
Daily
Weekly
Monthly
Things to Note
The default settlement is T+1 (next-day settlement).
To change the default schedule, click the Edit icon on the Split Configuration screen and follow the steps above.
What is a Dynamic Service?
A Dynamic Service is a service created to make sure funds are allocated to the right place. It works as part of a system called dynamic settlement, where payments are divided based on specific rules. For example, you might create a service for "Staff Salaries" or "Rent," and the system will handle the payments for each category separately.
Key Features:
Allows unique names and descriptions for each service.
Easily adaptable to suit different business requirements.
Supports more complex workflows compared to default setups.
How to Create a Dynamic Settlement Service
Creating a dynamic settlement service is straightforward. Follow the steps below:
Navigate to the Settings Section:
On the dashboard, locate the Settings menu on the left panel.
Click on Settlement and then select Services.
Access the Add New Service Option:
On the "Services" page, click the Create Service button in the top-right corner.
Fill in the Service Details:
Enter a Service Name (e.g., "Accommodation" or "Tuition").
Provide a brief Service Description that explains the purpose of the service.
Save the Service:
Click the Add New Settlement Service button to save your new configuration.
Activate and Configure Split Rules:
Once saved, the service will appear in the list of settlement services.
Ensure the service status is set to Active and define any specific split rules if required.
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