What are Instant Payouts?
Yoco is proud to be the first payments provider in South Africa to offer this special speedy service! It enables you to get paid out from the sales you make within minutes - if not seconds - and be able to access your money when you need it.
With Yoco’s Instant Payouts, you can have peace of mind that you’re able to respond quickly to any unforeseen cash flow challenges, as they arise.
Can I request an Instant Payout?
Instant Payouts are meant to be for all our customers, but we have to be responsible about how we offer this special product. This means it won’t be available while you have an open Capital plan, and not all of your Yoco available balance may be eligible for Instant Payouts, depending on industry-standard Anti-Money Laundering (AML) transaction monitoring measures and related risk flagging.
You’ll also need to have the latest Yoco App version - Instant Payouts will only be available on 3.43 of the Yoco App (and above).
To access Instant Payouts, you’ll need to bank with one of these:
ABSA Bank | African Bank | Access Bank
Bidvest Bank | Al Baraka Bank (AKA El Baraka in some cases)
Discovery Bank | First National Bank | Finbond Mutual
HBZ Bank | HSBC | Investec Bank
Mercantile Bank | Nedbank
Sasfin Bank | Standard Bank | Standard Chartered
Tyme Bank | Rand Merchant Bank (RMB)
FirstRand Bank (owners of FNB, WesBank and RMB)
How much will it cost?
For instant payouts less than R1 500: You'll be charged R15 excluding VAT (R17.25 including VAT). For instant payouts over R1 500: you'll be charged 1% excluding VAT (1.15% including VAT) of the payout amount.
Note: This is an extra once-off cost and will not affect your ongoing Yoco transaction fees.
Some simple examples:
For a R1500 Instant Payout request, you’ll pay (minimum flat rate) R17.25 in fees (including VAT) and receive R1 482,75 in your bank account.
For a R5000 Instant Payout, you’ll pay (5000 x 1,15%) R57.50 in fees (including VAT) and receive R4 942,50 in your bank account.
When can I use Instant Payouts?
It’s totally up to you! Consider it just another great tool in your belt, which you’re free to use if you need it — but when you need it, it’s a life saver. Instant Payouts are available for your eligible balance 24/7, 365 days a year!
💡 Tip: If you run a late-night business and think you’ll need cashflow in the early hours of the morning, remember that your balance resets at midnight - so grab your Instant Payouts before the clock strikes twelve! 👸🏽
It’s a Sunday or public holiday, and you need that cash in hand even while the banks are closed!
You don’t have enough cash to pay your staff on payday, but you’re busy trading actively and you know the money’s coming in.
You’re suddenly faced with a maintenance bill that you didn’t plan for, but you’ll have to pay the deposit before the work can begin.
You’ve had the busiest day of trading ever, the shelves/ storeroom is looking pretty empty, and you (cleverly) decide to take some of the day’s total out immediately in an Instant Payout, so you can refill your stock in time for the next busy day.
How will an Instant Payout affect the timing of my normal Yoco payouts?
The short answer is, it won’t. But it can get really hectic running the numbers in your head when you should be enjoying running your business.
However much of your available balance you request for Instant Payouts, gets removed from your available balance and settled into your bank account immediately. What remains of your available balance will still be paid out as per usual, according to our standard payout schedule. Get more details about how payout timing works here .
How much can I request for Instant Payouts?
You can request one Instant Payout per day, and it must be at least R50, and a maximum of R10,000.
You can’t request more than your eligible balance - that’s your available balance minus any risky or flagged transactions still being safely processed.
The total amount you request for Instant Payout, will be removed from your available balance as soon as it is processed.
Note about timing: Your available balance is totalled for payouts and resets to zero at midnight every day. If you’re open late and know you’ll need the cash flow, make sure to get your Instant Payouts before the clock strikes twelve.
How do I check my eligible balance?
You can see your balance on the Yoco App home screen. Your balance includes all the Yoco transactions you’ve made (minus fees and any refunds, chargebacks, Instant Payouts and Capital repayments, if applicable) since the last time a payout was processed for your profile. You can also view all your previous payouts in detail, from the Yoco App. When you request Instant Payouts, you’ll also get a view of your eligible balance while choosing the amount.
How much eligible balance do I need?
The amount you choose for Instant Payouts in the Yoco App includes the fee (1% ex VAT). When requesting Instant Payouts, you’ll receive the amount listed as the ‘Total’ in your bank account, and the rest will be deducted as fees.
So, for amounts smaller than R1500 — request the amount you need + R17.25 (IP fee).
For amounts between R1500 and R10 000 — request the amount you need x 101% (to include the IP fee).
How to request Instant Payouts:
Step 1: Log into your Yoco App and select ‘Instant Payouts’.
Step 2: Hit the ‘Request Instant Payout’ button. If you'd like to get more details and check out some FAQs, click on ‘Learn More’.
Step 3: Next, choose an available amount you want settled immediately.
Step 4: After a few seconds, you should receive a notification letting you know that your payout was successful. You can also provide feedback, which we use to improve our products.
Where can I see my previous Instant Payouts?
Hit the “View payouts” button to see a record of your settlement history and look more closely at the details of all your previous payouts. As soon as you’ve processed your first Instant Payout, it’ll also appear on your Payout History for your records, which you can view from the Yoco App and download from the Business Portal, anytime (as always).
Why is some of my balance not eligible for Instant Payouts?
It’s a legal requirement that all financial institutions monitor the flow of money. If some or all of your available balance has been flagged, it means we've detected activity on your profile that needs to be handled responsibly for your protection, and the flagged amount is therefore not available for Instant Payouts.
Why can’t I get Instant Payouts if I have a Capital Plan?
Yoco Capital and Instant Payouts are very special forms of credit. They’ve each been designed to respond to very different cashflow needs: Instant Payouts are for urgent cash injections of up to R10 000 per day (before your payments have even been processed), and Capital offers are for cash advances of up to R500 000 with a long term repayment plan. As much as we love the flexibility this offers our customers, it’s also our duty to offer these options responsibly. While a Capital Plan is open, your available balance is already compromised by your repayment holdback rate (%), and it would not be good practice to put further risk pressure on your profile.
Why can’t I request two Instant Payouts of the same amount from two different Yoco profiles with the same bank account?
Sometimes it happens that a customer with 2 profiles with the same bank details attached and who requests the same Instant Payout amount from each profile's balance, gets their second Instant Payout request rejected. This is because our banking partners flag that bank account and amount as already having been paid in an Instant Payout on that day.
Not to worry, we can work around this thankfully. All you need to do is request a different amount from the second Yoco profile you use. This amount can be as little as R1 less or more, just so that the banking system doesn't flag it as a duplicate.