About Settlements & how does it work?

About Settlements & how does it work?

Welcome to our help article on Settlements! If you're wondering what Settlements is all about and how it can benefit you as a Cosmofeed user, then in this article, we'll walk you through everything you need to know about Settlements, from its purpose to how it works, and how you can get started with it.

Whether you're a new user or an existing one, understanding Settlements is essential for managing your earnings efficiently on Cosmofeed. 

Settlements is a brand new system designed to automate your payouts and save your valuable time. Starting from 21st March 2024, all your earnings on Cosmofeed will directly be settled to your one primary bank account, every next day, and the details of that primary bank account must match with your submitted KYC details.

Note: The minimum settlement amount is ₹50 and the settlement period is T+1 days.

How does it work?

  1. Login in to Cosmofeed and click on the Settlements tab.



  2. Now there are 3 sections namely Total Settlement due, Settlements made and Total Earnings. Total settlement due is the tab which shows the due transactions (these transactions can be due, as those transactions under that settlement are under review). Settlements made is the section which shows the completed number of settlements whereas Total earnings section represents all your lifetime earnings.
     


  3. Now to begin with your KYC click on the Start KYC button.



  4. Add the new primary bank account to which you want to receive your payouts, submit the details like name, IFSC code and upload a photo of bank proof which can be a canceled cheque, bank statement or a passbook. Then click on the Verify and add button.

    Important Note: Primary bank account details must match the details provided by you during KYC.


  5. If there will be any issues in your KYC verification, the system will guide you through the steps to complete the process. Simply follow the instructions to ensure completion.


    If you are a Existing creator on Cosmofeed then follow these steps mentioned below:
  1. Login to your Cosmofeed account and click on the wallet section.



  2. This section will show the amount in wallet and total earnings along with the withdraw button, It will show the prompt of major update to withdrawals from 4th March 2024.
    Important Note: Starting March 21st, your earnings will be automatically deposited to a primary bank account which should match your KYC details.

    Don’t worry, you’ll be able to withdraw your current amount in wallet to your existing accounts until midnight of 20th March, 2024. 


    Kindly make sure that you add your primary bank account which should match your KYC details by 20th March 2024.



  3. If your primary bank account is under review then it will be shown on your screen.


    In case of Bank account & KYC is under review, then that will be updated on your screen.


  4. If there are any issues with your KYC verification, the system will display the steps where the process is incomplete and kindly make sure to update it again.

    In the event of issues with your KYC it will be displayed on the screen and make sure to fix it.


  5. If you have not yet completed your KYC, the system will continue to prompt you to update it. Please ensure that it has been updated to activate and view all your settlements.




    We hope this article has provided you with a clear understanding of Settlements and how it can streamline your earnings management process on Cosmofeed. By automating your payouts and ensuring that your earnings are deposited directly into your primary bank account, Settlements aims to save you time and simplify your financial transactions.

    If you have any further questions or need assistance with using Settlements, please don't hesitate to reach out to our support team. We're here to help you make the most of your Cosmofeed experience.




    • Related Articles

    • Updating your primary bank account

      Welcome to our comprehensive guide on updating your bank account details! Whether you're looking to make changes to your primary bank account or settle your earnings, we're here to provide you with all the necessary steps and information to ensure a ...

    • How to do your KYC?

      In this comprehensive guide, we will walk you through the step-by-step process of completing your KYC on Cosmofeed. Completing your KYC is a crucial step that not only enhances your account security but also unlocks various exciting features and ...