Settlement Accounts Setup
What this feature does
Settlement Accounts Setup allows you to connect your bank account or mobile money wallet to Servinn so that the money your customers pay can be automatically transferred to you. Think of it as setting up the destination where your earnings will land. Once configured, Servinn processes payments from customers and sends the money to your specified account regularly, turning your business revenue into cash you can actually use.
Who it is for
This feature is essential for:
Business owners who need to receive the money their customers pay through Servinn
Account managers responsible for financial setup and ensuring revenue flows correctly
Anyone starting with Servinn - this is one of the first things you'll set up to start accepting payments
You'll typically set this up once when you first start using Servinn, though you may revisit it if you need to change your receiving account.
When to use it
You'll access Settlement Accounts Setup in these situations:
Initial setup: When you first start using Servinn and need to tell us where to send your money
Bank account changes: If you switch banks or want to use a different mobile money wallet
Verification issues: If there's a problem with your account details and you need to update them
Business transitions: When ownership changes or you want payments going to a different account
Most business owners set this up once and rarely need to change it unless their banking details change.
Key concepts
What is a Settlement Account?
A settlement account is simply your bank account or mobile money number where you want to receive payments. When customers pay you through Servinn, the money is first processed by our payment partner, then automatically transferred (or "settled") to your settlement account. It's called "settlement" because it's where funds settle into your possession.
Supported Account Types
You can receive money through:
Bank Accounts: Traditional bank accounts at banks in your country
Mobile Money: Digital wallets like MTN Mobile Money, Vodafone Cash, or similar services
The system will show you which specific banks and mobile money providers are available based on your business location and currency.
Account Verification
Servinn checks that the account holder name matches your registered business owner name. This security measure helps ensure money goes to the right person. When you add an account, the system will indicate whether it's "Verified" or "Not Verified":
Verified: The name on your account matches your Servinn profile - you're all set
Not Verified: There's a mismatch in names - you may still receive payments, but it's safer to resolve this
If you see "Not Verified," double-check you entered the correct account number and that your Servinn profile has your legal name as it appears on your bank or mobile money account.
Why Verification Matters
If the names don't match, there's a risk of sending money to the wrong account if you made a typo in the account number. Servinn isn't responsible for money sent to incorrect account numbers, so verification protects both you and us. If you see "Not Verified," double-check that you entered the correct account number and that your Servinn profile has your legal name as it appears on your bank or mobile money account.
Business Name Requirement
The settlement account is created using your default venue name as the business name. This helps your payment provider identify your business in their records. You'll see your venue name displayed when adding an account, and you cannot change it during this process.
Service Fees
Servinn charges a small percentage of each transaction as a service fee. This fee is automatically calculated based on your business tier and is deducted before settlement. The percentage charge is set up automatically when you create your settlement account — you don't need to calculate anything yourself.
Payout Schedule
Once your settlement account is set up, Servinn automatically processes payouts on a daily basis. This means the money your customers paid yesterday will typically arrive in your account today. Some banks and mobile money providers may take a bit longer to show the funds in your balance, but the transfer from Servinn happens daily.
Common questions
Why does my account show as "Not Verified"?
This typically means the name on your bank or mobile money account doesn't exactly match your name in your Servinn profile. Check for differences in spelling, middle names, or initials. Update your Servinn profile to match your bank account name exactly, or contact support if you're using a business account with a company name. Remember, even small differences like "John Smith" versus "J. Smith" can cause verification to fail.
Can I add multiple settlement accounts?
Currently, you can have one primary settlement account connected to your business. If you need to change which account receives payments, you'll need to contact Servinn support to update it. This security measure helps prevent unauthorized changes to where your money goes.
How long does it take for money to reach my account after a customer pays?
Servinn processes payouts daily, so payments are typically transferred within 24 hours. However, your bank or mobile money provider may take additional time to credit your account. Bank transfers usually appear the same day or next business day, while mobile money is often instant. Check with your financial provider if you're not seeing expected deposits.
What should I do if I entered the wrong account number?
Contact Servinn support immediately before any payments are processed. If payments have already been sent to the wrong account, recovering them can be difficult or impossible. This is why account verification is so important — it helps catch these errors before money moves.
Can I use a personal account or does it need to be a business account?
You can use either a personal or business account, as long as the name matches your Servinn profile. Many small business owners start with personal accounts and upgrade to business accounts as they grow. What matters most is that you have proper access to the account and can receive transfers.
Why can't I change my settlement account in the dashboard?
For security reasons, settlement account changes require contacting support. This prevents unauthorized people from redirecting your business revenue to their own accounts. Click the "Request to update" button, and our support team will verify your identity before helping you make changes.
Do I need to pay any fees to receive my money?
Your bank or mobile money provider may charge their own fees for receiving deposits — this varies by financial institution and isn't controlled by Servinn. Check with your bank or mobile money provider about their incoming transfer fees. The Servinn service fee is deducted from customer payments before settlement, so you won't see a separate charge for that.