FAQs on Instant Settlements and Wallets

A wallet is a digital pouch that receives & securely stores funds received from your customers' transactions in real-time. Giving you the flexibility to transfer the funds to your bank account anytime you choose. This helps to streamline financial operations and enhance the efficiency of managing funds on your portal.

Here are some key parameters to note under the Wallet icon:

1. Settled into Wallet: Funds received from your customers across different channels (POS, Instant Pay, e.tc) can been viewed when you click this.
2. Withdrawn from Wallet: This is a list of all the amounts withdrawn from your wallet to your designated bank account.
3. Pending Settlement: This applies to merchants that did not choose instant settlement. All pending funds scheduled for processing after the specified settlement window can be viewed here. 
4. Withdraw from Wallet: Select this option when you are ready to withdraw funds from your wallet to your bank account.

Below is a comprehensive list of FAQs for instant settlements and digital wallets

• What does instant settlement mean for merchants?  

Instant Settlement allows our merchants to receive their payments in their chosen bank accounts immediately, without having to wait for the next settlement period.

• How does instant settlement work?       

Instant settlement utilizes real-time payment system to ensure that funds in your wallet are settled immediately upon request. To activate this feature, you must activate instant settlement in your merchant portal profile. See How to Activate Instant Settlement on your Account

• How many times can I withdraw funds from my wallet?                                                                     

You can withdraw funds from your Wallet as often as you like, as long as you transfer the entire amount in your wallet to your bank account in a single transaction. See How to withdraw Funds from your wallet to your Bank Account

• What is the cost of withdrawal fees?                                                                                                       

 For Access Bank Account holders, withdrawals are free of charge, while Non-Access Bank Account holders can enjoy their first withdrawal for free after which the following fee is deducted for subsequent withdrawals:

< N5,000 - N10 transfer fee + 7.5% VAT

N5,000 to N50,000 - N25 transfer fee + 7.5% VAT

> N50,001 - N50 transfer fee + 7.5% VAT 

• What is the minimum amount that can be withdrawn from your wallet?                                          

There is no minimum amount required for withdrawal from your wallet. Additionally, the wallet does NOT require a minimum balance.

• Can I split my withdrawals?                                                                                                                     

 No, you cannot split your withdrawals; the full amount in your wallet will be transferred to your bank account in a single transaction. This amount does not include VAT or other charges. However, if you activate instant settlement on your profile, you can make multiple withdrawals.

• What are the eligibility criteria for obtaining instant settlement?                                                    

 Instant settlement is available to all merchants that are fully onboarded on the merchant’s portal. 

• What type of bank account can I use for my settlement account?                                                      

You can use any Naira bank account as your preferred settlement account.

• Can I add more than one settlement bank account?                                                                              

Yes, you can

Need Help?

If you encounter any difficulties or have questions, please do not hesitate to reach out to our customer support team through any of the means below:

• Chat with Support: Use the chat widget at the bottom right corner of any of the portal's page to chat with our support team.
• Log a Request: Click this link to submit a request through the webform on this site.
• Email Support: Reach out to our support team via email at support@hydrogenpay.com.