At KonfHub, we're excited to introduce a game-changing feature: On-Demand Settlements. This new capability gives event organisers exceptional control over their finances, allowing them to manage funds with flexibility and ease.
What is On-Demand Settlement?
Currently, KonfHub has an automated weekly funds settlement system for organisers in India. Funds are disbursed to organisers' accounts on Thursdays every week.
The introduction of this On-Demand Settlement feature brings a wave of relief to organisers, allowing them to initiate balance fund settlement immediately to their connected bank account. This feature is available to all event organisers on KonfHub who are organising paid events.
Why On-Demand Settlement?
On-Demand Settlement provides several advantages:
Immediate Access to Funds: Organisers can access their money whenever they need, rather than waiting for the weekly settlement day.
Enhanced Financial Control: This feature offers greater control over cash flow, enabling better financial planning and management.
Flexibility: Organisers can choose the timing of their on-demand settlement based on their specific needs and circumstances.
Key Features
Almost Immediate Settlement: Only the balance amount pending to be settled can be settled through the on-demand settlement feature. On requesting the settlement amount, the fund is settled almost immediately into the connected bank account. [We use IMPS - Immediate Payment Service- in India for processing on-demand settlements].
Self-service / Do-It-Yourself: The organizer can perform on-demand settlements with a click of a few buttons. There is no need to contact the KonfHub support team for this task.
Only for India Organisers: On-demand settlements are available only for organisers in India.
The reason is that for organizers in India, the funds are transferred automatically to their bank accounts. In the Rest of the World (ROW), ticket sales are transferred directly to the connected Tap or Stripe account, so there is no need for bank account details, settlements, or on-demand settlements.
KYC and Bank Account Details Mandatory: On-demand settlements can be initiated only if the organiser's bank account details are provided and KYC is completed.
Nominal On-Demand Processing Fee: KonfHub charges a nominal fee of 0.5% for immediate processing of on-demand settlements.
If you, as an organiser, wouldn't like to pay this additional 0.5%, you can wait for the automated settlement on Thursday.
Limited to Only Event Creators: Since financials/fund aspects are involved, on-demand settlements can be performed only by the Event Creator.
If you are part of the organising team and want to perform on-demand settlement, then request your Event Creator to transfer the event ownership to you, and then you can perform the on-demand settlement.
Steps to Use On-Demand Settlement
On-demand settlements are extremely simple—as an organiser, all you need to do is navigate to the Settlements tab, click “Settle Amount,” and enter the amount!
Nevertheless, for the first-timers, here are the steps:
Step #1. Navigate to Payments & Taxes
From the main dashboard, select "Bank Details" under the "Payments & Taxes" section. Click on the "Complete your KYC" button to proceed with the KYC process and fill in your bank details, which is mandatory for receiving settlements.
Step #2. Click the Settle Amount Button
After completing KYC and reviewing bank account details, go to the Settlements menu item. Click on the "Settle Amount" button to process the settlement.
Step #3. Enter Settlement Amount and Review
In the modal, enter the amount to be settled, review the bank account details and submit.
That’s all - your manual settlement will be processed and the funds will be settled to your connected bank account. You can review the manual settlement entry in the Settlements Table on the same page.
As you can see, on-demand settlements are an extremely easy and super convenient feature for you to use!
Try On-demand Settlements Today
Take control of your event finances with on-demand settlements on KonfHub. With instant access to funds and transparent processing, KonfHub certainly makes your life easier as an event organizer.
Try it today on KonfHub!