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 we’ll need from you during 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

*Note - Not drivers' licenses.

International IDs:

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

2. 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.

3. 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.

Choose your business structure:

SELF-EMPLOYED PERSON / SOLE TRADER

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).

MINOR 16 -18

Identification (may include Birth Certificate): 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).
Parent / Guardian's ID
Signed letter of permission from Parent / Guardian
We can help you create one if you need help during Setup, or use our free template here.

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 won’t need to submit proof of account, unless 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: A declaration that you (as a Director of the Company) make, listing the details and shareholding % of each of the Shareholders of your Company. Check out our guide and template for creating this document here .

PARTNERSHIP / CO-OWNERS OF UNREGISTERED BUSINESS

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 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 won’t need to submit proof of account unless you bank with Finbond.
CIPC Registration Number: Find your Registration No. (xxxx/xxxxxx/xx) on your CIPC Document — or get yours here.

NON-PROFIT ORGANISATIONS

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 NON-PROFIT ORGANISATION (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 NON-PROFIT COMPANY (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 NON-PROFIT ORGANISATION (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.

TRUSTS

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 will 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.