What is an online payment gateway?
A payment gateway like Yoco allows merchants to accept credit and debit card payments (as well as other payment methods like Apple Pay and instant EFT) from customers in-store and online. The Yoco Neo Touch or Yoco Khumo card machine is a physical payment gateway. Yoco Checkout is an online payment gateway.
Why do businesses use online payment gateways?
Payment gateways make excellent business sense because they:
Ensure safe, smooth transactions.
Reduce the losses related to late payments.
Protect merchants from fraud, expired cards, insufficient funds, closed accounts or exceeding credit limits.
How do online payment gateways work?
Online payment gateways use application programming interfaces or APIs (more on these below) to capture credit or debit card information when a customer places an order online. This information is then sent to the bank that issued the card and the transaction is approved or declined, based on whether the customer has sufficient funds in their account. And it all happens in a matter of seconds!
What is an API?
An application programming interface or API enables software applications to ‘speak’ to one another for the purpose of sharing data and functionality. In the context of payment gateways, an API is essentially the ‘door’ through which Yoco is able to communicate with hosting platforms like Shopify, WooCommerce or Wix.
What is an API key?
An API key is a unique code used to identify and authenticate users, developers or applications trying to access an API. If we continue with the door analogy used above, the API key identifies and authenticates whoever is trying to walk through the ‘door’ between Yoco and the hosting platform, making sure that it’s safe to open it.
API keys form an integral part of setting up the secure payment gateway integration on your website. If your hosting platform is WooCommerce, Wix, or Shopstar, or you have a custom platform, you’ll need to use the API keys we provide to install the relevant payments plugin and link it to your Yoco business profile.
Please note: Shopify takes care of the API keys in the background so that your website is automatically linked to your Yoco business profile when you install the payments plugin.
Are online payment gateways secure?
Absolutely! The entire Yoco ecosystem is internationally recognised and certified as secure by Visa and MasterCard. But that’s just for starters.
Yoco is also fully PCI compliant meaning that we meet the requirements laid down by The Payment Card Industry Data Security Standard.
All online payments through Yoco are backed by 3DSecure and we employ SSL certification throughout.
We run sophisticated risk and fraud monitoring technology and have a dedicated team of cybercrime experts who monitor, detect, and deal with fraud and risky activity across our business.
Do I need a card machine to use Yoco Gateway online?
We recommend buying a Yoco card machine so that you have sales in both your physical and online stores covered – and so that Yoco becomes your one-stop-shop for payments, reconciliation, and more. Don’t have a card machine? Don’t worry, we can have one delivered to your door in just a few days. Simply click here to choose the right card machine for your business and we’ll have you up and running and accepting online payments on your website in next to no time!
What currency does Yoco Gateway support?
Yoco Gateway accepts payments in South African Rands (ZAR) only, so all goods and services must be listed on your website in ZAR. Where customers pay with international cards, the issuing bank will carry out an automatic currency conversion into ZAR.
What are the Yoco Gateway online transaction fees?
Visa/Mastercard payments
2.55%–2.95% (minimum fee = R2.26 per transaction)
International card payments
3.0%–3.4% (depending on turnover and fee package)
Instant EFT
2% (excl. VAT) with same day settlement
The more you transact, the less you pay!
Find out more about how Yoco fees work here.
Which cards does Yoco Gateway accept?
Yoco Gateway accepts the following cards:
All VISA/MasterCard and debit and credit cards.
International and local AMEX cards, swipe cards, chip and PIN and SASSA cards issued by any bank.
Yoco Gateway doesn’t currently accept Fleet, RCS, Diners Club or petrol cards.
Does Yoco Gateway accept international cards?
Yes, it does. As your website offers ZAR-based products, the relative amount based on the daily exchange rate at the time of the purchase will be deducted from the customer’s bank account. The exchange rate will be determined by the customer’s bank which may charge additional fees beyond our control.
Does Yoco Gateway accept Apple Pay and Google Pay?
Yes, Yoco Gateway integrates with Apple Pay and Google Pay to create a secure, seamless online payment method.
Find out more about Yoco and Apple Pay here.
Does Yoco Gateway accept instant EFT?
Yes, Yoco Gateway accepts instant EFT at 2% (excl. VAT) per transaction.
Find out more about Yoco Instant EFT here.
Does Yoco Gateway accept virtual cards?
Yoco Gateway supports virtual cards. If your customer tries to pay with a virtual card (whether it’s from a bank, mobile money wallet, or another provider) and the transaction fails, ask them to switch to another card or payment method.
Does Yoco Gateway have subscriptions or recurring billing?
Yoco Gateway does not yet support subscriptions or recurring billing. Our team is working hard to make this feature available to our merchants soon.
How long does it take for the funds from an online sale to reflect?
It takes a maximum of two business days for the money from an online sale to reflect in your account. You’ll receive instant email notifications each time a payment is made on your website, and you can track them through the Yoco App. Click here for more on Yoco payouts.
What is the minimum transaction amount for an online payment?
The minimum amount for card payments is just R2! There's no minimum amount on EFTs.