We launched a new Yoco POS and updated the Yoco Mobile App to mirror the recently released Yoco Web App! 🎉
If you're considering using the Yoco Neo Touch with the Yoco POS, you can now download it for free to streamline your sales. The Yoco Mobile and Web App is still where you can manage your Yoco profile, products, staff, and settings - for free!
Make sure you're verified for payouts
If you haven't already done so, make sure you complete and verify your profile details, so you're ready to receive your payouts. You can do this straight from the Yoco Mobile App.
Note: if you're not the only owner of the business, you must be a director, partner, or member of the business you're signing up for.
If for whatever reason, your profile has not been verified for payouts, we’ll let you know with a message on your Neo Touch home screen. It’ll notify you of your profile status or issue, and guide you to resolving things on the Yoco Mobile App. Remember, we can’t pay out your sales into your bank account until you’ve completed your profile verification.
How Yoco payouts work
Your Yoco balance
Your Yoco balance includes all the Yoco card payments you've made (minus any refunds, reversals, and Yoco transaction fees applicable) since the previous day at midnight - the last time a payout was processed for your profile.
Note: It may take a few days for a reversal to be reflected in your balance.
👀 You can see your live balance on the Yoco Mobile App or in the Yoco Web App Money Tab, here. Log in with the same details you used to sign up. Here, you can also view all your previous payouts in detail.
How fees and payouts work
If you signed up with Yoco on or after 20 November 2023, and you bought or took over ownership of a Neo Touch when you signed up, you’re on the Core Plan and can expect to pay the following:
Core Plan card transaction fees range from 2.5% to 2.95% (ex. VAT) for in-person payments with a local or international card, and from 3.0% to 3.4% (ex. VAT) for in-person AMEX payments.
Core Plan transaction fees range from 2.55% to 2.95% (ex. VAT) for online payments made with a local card and from 3.0% to 3.4% (ex. VAT) for online payments made with an international or AMEX card.
Instant EFT fees are fixed at 2.0% (ex. VAT).
The more you transact, the less you pay. Find out more about how Yoco fees work.
🔥 If your business processes over R200 000 per month in card payments for at least three months in a row, you qualify for a custom fee structure. Start a conversation with us via our in-app chat to discuss your new, lower fees.
We're required by law to charge VAT. If you’re registered for VAT, you can claim this back from SARS.
✨ Have you added your VAT number to your Yoco profile? This is critical to ensuring that the invoices and receipts you send to your customers, and the Yoco Invoices we send you are correct. Quick, add your VAT number to your profile here!
Payout timing
Yoco totals your sales at midnight every day and actions your payout the next day. Sales after midnight will be part of the next day's sales/payouts total.
After that, it can take 1-2 working days to show in your bank account, depending on your bank. Public holidays and Sundays cause a one day delay because the banks are closed.
Track your payouts on the Yoco Mobile and Web App
You can view all your Yoco Payouts on the Yoco Mobile App and Yoco Web App. Here, you can see all your payout records and track when your next payout will be settled. Your payout history can be exported for your own records for accounting, and you can also click on each individual payout to see a list of the individual card transactions that were included in that particular settlement amount.
We'll also email you a monthly statement with all your payouts, fees, and transactions recorded for your reports and reference.