What are settlements?
Settlements are funds that get transferred from your Mamo balance to your bank account.
When do I receive my settlements?
Your settlement will automatically be transferred to your bank account within the settlement period that comes with the pricing plan that you’ve chosen.
Same business day settlement ⚡️
With same-day settlements, you can gain access your funds quickly and keep your business operations running smoothly.
To enjoy the benefits of same-day settlements, you will need to meet certain eligibility criteria, which can change over time. Once you meet these criteria, you will be able to set your account's settlement period to "same-day" or request that specific settlements are processed on the same day.
Please get in touch with someone on our team to discuss this option further.
How do know when I have received a settlement?
Upon the completion of the automatic transfer of your settlement to your designated bank account, a notification will be sent to you via email. You will also be able to see the status of your settlements on the Mamo Dashboard.
Minimum settlement amount
Settlement amounts must be at least AED 15 to be processed. Any outstanding settlements falling below AED 15 will be held in pending status until you have processed and received more payments.
Settlement schedules
Understanding settlement timelines and delays
Settlement delays can and will happen. To read more about settlement timelines and common reasons behind settlement delays, please click here.
Settlement schedules are calculated using the standard T+X system, “T” referring to the transaction date, and “+X” meaning “in addition to” X business days.
As such, the following settlement schedules will be translated as:
T+0: Settlement is initiated on the same business day, provided it is received before the cut-off time.
T+5: Settlement is initiated 5 business days after the transaction.
It is important to note that, for the same business day settlement schedule, payments received on weekends and public holidays can only be initiated the first business day after the payment was received.
Change settlement periods
You can switch between settlement periods by visiting your Settings page and selecting the settlement period that suits you best.
Enabling manual settlements or monthly settlements
If you prefer to receive your settlements on specific days of the month, or if you prefer manually initiating settlements from your account, please get in touch with us via chat and ask to speak to our team. They will assist you in manually changing your account's settlement period.
Activating same-day settlements
To enjoy the benefits of same-day settlements, you will need to meet certain eligibility criteria, which can change over time. Once you meet these criteria, you will be able to set your account's settlement period to "same-day" or request that specific settlements are processed on the same day.
If you are eligible for same-day settlements and would like to enable them on your account, please navigate to your Settings page and modify the settlement period under your Plan.
Holding your settlements with Mamo
If, for any reason, you want to temporarily place a hold your settlements and not have them deposited into your registered bank account, you may transfer your balance to your Mamo Card, where it will sit until you decide to use it or transfer it back to your Mamo Wallet.
Download your full Settlements history
Mamo allows you to download and export all of your data in CSV format so that you can import it into your favorite accounting software, like Zoho Books, QuickBooks, FreshBooks, Xero, Sage, and more.
The download should not take long. Once the download is complete, follow the instructions on your accounting software to import the data.