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Setup: Verification Basics
Updated over a week ago

Why setup is important

Legally, we’re not allowed to settle or pay out any merchant transactions without having completed all the regulatory mandated identification and verification checks required by South African law.

More than that, it’s all a crucial part of making sure we keep the entire Yoco payment network and community safe from risky and prohibited activity, fraud, financial crimes, and cybercrime.

Depending on your vetting scenario, it may take some time to finalise this process, but not to worry — we’ll keep your payout total safe in the meantime, and settle all transactions into your bank account as soon as you’ve submitted all your documents, passed the checks, and we’re authorised to do so.

This is why it’s so important to first make sure that you have everything you need to complete Setup for Payouts, before you start transacting or making sales.

What you'll need to submit to complete setup

1. Identification

We only accept original identification documents, which must be current and valid (not expired). We'll also ask you to take a live selfie to show it's really you.

South African IDs: Green ID book, or Smart ID card, or Barcoded Passport

  • Please Note - Not drivers' licenses.

International IDs: Barcoded Passport and Work Visa (valid, not expired).

Find out more about verifying your identity here.

2. Business Verification

Depending on how your business is structured, we may need some extra details to complete your verification process. Don’t worry, we’ll help you get everything you need to get set up smoothly. In the meantime, here’s a checklist you can use to make sure you’re ready to get verified and get paid.

If you see the option to Add your company, this means you selected a business type during signup that may require some extra details for verification.

If you’ve ever registered your business with the CIPC, we’ll search the national CIPC database for businesses registered in your name (with your identity details). You can then select the business registered in your name, you’re completing a Yoco profile for.

If your business has not been registered with the CIPC, you’ll need to select your business’s ownership structure from the list.

Depending on your business structure, we’ll ask you to enter details of the other owners in your business and/or legal documents to confirm your proper representation of the organisation.

3. Bank Account details

All bank accounts need to be South African and transactional (that means, your account can make and take payments). Typical transactional bank accounts include a, current account, demand deposit account or share draft account. If you’re unsure, you should be able to easily check with your bank or on your banking profile.

If proof of your bank account is required (only in some cases), you can submit a Bank Letter or Statement.

To submit your bank details:

  1. Select Add bank details from your Hub tab in the Yoco Mobile/Web App here.

  2. Enter your bank account number and type carefully, and search for your bank and select it from the list.

  3. Your bank account could will be automatically verified right there on the spot.

If you don’t get a successful approval message, this may mean that we need to manually confirm your bank details and identity match - this is not a cause for concern, and we’ll provide you with an update on progress within 2 business days.

If you're asked for proof of account

💡If proof of your bank account is required (only in some cases), you can submit a Bank Letter or Statement.

  1. Select the dark Upload file button, to submit your proof of account.

  2. Choose your downloaded bank statement or letter from your device’s folders. Complete your upload by hitting Submit.

  3. We’ll review your bank details automatically, and you'll be notified in-App of your next steps.​

Getting a red error message?

f the bank account details you entered are not successfully verified, it could be for a variety of reasons - please read your red banner notification carefully before closing it (you can’t access it again once it’s been closed).

Something you entered was incorrect - either your Bank or Account number. Please check and re-enter your details carefully before trying again and hitting Submit.

The account belongs to someone else - the bank details you entered are registered in someone else’s name. You’ll need to use a bank account that is registered in the name of the business (or your own name, if you’re a sole trader). When you’re ready to try again, select the Submit button.



Summaries of setup requirements by business type:

Self-employed/ Sole trader/ Sole proprietor

Any self-employed private person, individual or one-man show. We're talking about anyone working to generate a profit on their own and for their own benefit / loss.

  • Identification: You must be the only person who owns the business, or

    The person who generates the reason for getting paid by your customers

  • Personal Bank Account: The bank details you use must belong to you. You won’t need to submit proof of account.
    (Note: If you bank with Finbond, you'll also need to provide a Bank Letter as proof of account).


Private Company (Pty) Ltd

Any business / for-profit operation owned by one or more people / legal entities, and which has been registered as a (Pty) Ltd with the CIPC. A private company will have one or more directors.

  • Identification: You must be one of the Directors of the Company.

  • Bank Account in the name of the Company: You may need to submit proof of account, but always if you bank with Finbond.

  • CIPC Registration number: You must be a Registered Director of the Company.

    Find your CIPC registration no. (xxxx/xxxxxx/xx) on your CIPC Document or get yours here.

  • Confirmation of Shareholding: While completing your profile on the Yoco Mobile or Web App, you'll be prompted to enter a list of the names, addresses, contact details and shareholding % of each of the Shareholders of your Company.


Partnership/ Unregistered business with many owners

A partnership is a type of unregistered business, and is the relationship between two or more persons (the partners), who join forces in business to generate a profit together.

  • Identification: You must be one of the partners or co-owners of the business.

  • (Joint) Bank Account in the name of the Partnership:

    • An account opened by 2 or more people, who are equally responsible for it.

    • You’ll need to supply proof of account, by Bank Letter or Statement

  • Partnership Agreement: a written contract between 2 or more people for carrying on a business together with the object of making a profit.
    Don’t have one yet? Find out how to put your verbal agreement into words here.

  • We’ll also need copies of the Identification Documents of all the partners of the agreement. These don’t need to be certified or independently verified.


Close Corporation (CC)

Any business / for-profit operation owned by one or more people / legal entities, called members, and which has been registered as a CC with the CIPC.

  • Identification: You must be one of the registered Members of the Corporation

  • Bank Account in the name of the Close Corporation: You may need to submit proof of account, but always if you bank with Finbond.

  • CIPC Registration Number: Find your Registration No. (xxxx/xxxxxx/xx) on your CIPC Document — or get yours here.


Non-Profit Organisation

A Non-Profit Organisation is any entity established for the purposes of “good works” and not for any financial gain or profit. An NPO can be registered or unregistered. Common types of NPOs are churches, clubs, schools and associations.

Registered NPO

  • Identification: You must be one of the Directors, or the Chairperson, Treasurer or Secretary of the NPO.

  • Bank Account in the name of the NPO: You’ll need to supply proof of account, by Bank Letter or Statement.

  • NPO Registration Certificate: Obtained from the Department of Social Development

  • Resolution: A document that authorises you to apply to Yoco on behalf of the Organisation. You can submit Minutes of a Meeting, in which you’re given the express permission. The Resolution must be signed by all Members.
    Need help? Check out our template here.

Registered NPC

  • Identification: You must be a registered Director of the Non Profit Company (NPC).

  • Bank Account in the name of the NPC: You’ll need to supply proof of account, by Bank Letter or Statement.

  • CIPC Registration Number: Find your Registration No. (xxxx/xxxxxx/xx) on your CIPC Document — or get yours here.
    Need help? Check out our template here.

Unregistered NPO

  • Identification: You must be one of the Directors, or the Chairperson, Treasurer or Secretary of the NPO.

  • Bank Account in the name of the NPO: You’ll need to supply proof of account, by Bank Letter or Statement.

  • Resolution: A document that authorises you to apply to Yoco on behalf of the Organisation. You can submit Minutes of a Meeting, in which you’re given the express permission. The Resolution must be signed by all Members.
    Need help? Check out our template here.


Trust

A specific legal construct, whereby one person / entity hands over their right to certain assets to another person, in order for that person to manage those assets to the benefit of another (third) person / entity. All important details about how the Trust is operated is contained in the Trust Deed. Get more info here.

  • Identification: You must be one of the Trustees

  • Bank Account in the name of the Trust: You'll need to submit proof of account, by Bank Letter or Statement.

  • Trust Letter of Authority: Details the Trustees, and is stamped by the Master of the High Court.

  • Trust Deed: Detailing the beneficiaries of the Trust.


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