What are settlements?
A settlement happens when funds get transferred from your Mamo account to your bank account.
When do I receive my settlements?
Your settlements schedule is customizable based on your needs. The settlement schedule defines the time between a customer paying you and when you can access those funds from your AED Payments account. Your schedule options are:
5 business days (standard and free)
3 business days (you’ll be charged an early access fee)
⚡️ Same business day (you’ll be charged an early access fee)
You have the option to get settlements automatically transferred to your bank account within your chosen settlement schedule, or you can manually initiate a settlement as and when you need the cash.
Manual settlement: This keeps your funds in your Mamo balance, giving you the ability to manually handle exactly when and where your funds go. Ideal if you want to make a card top up, a few payouts or settle to your bank account, this option gives you the flexibility to decide when any of these actions are executed.
Scheduled settlement: Funds are automatically moved to your bank account based on your chosen schedule, without you having to lift a finger.
⚡️ 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.
How do know when I have received a settlement?
Once your funds have been settled to your designated bank account, you will get an email notification, which includes a breakdown of that settlement, its payments, and related fees. You will also be able to see the status of your settlements in your Dashboard at any time. Just go to Finances > Settlements.
Minimum settlement amount
Settlement amounts must be at least AED 15 to be processed. Any outstanding settlements below AED 15 will be held in pending status until you have processed and received more payments.
Settlement schedules
Settlement delays can and will happen. You can check the status of your settlement at any time.
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 on the first business day after the payment was received.
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.
Here's how:
On your Mamo dashboard, go to Finances > Settlements
Click the download icon located above the payment table on the right side