While you’re completing your Yoco profile, you'll be asked to enter your bank account details so that we can verify them and start paying you out. Here’s a quick overview of the checks we complete for all Yoco merchants to ensure that payouts are made into the right bank account.
General checklist
✔️ Are the account number you gave, and the bank you selected while completing your Yoco profile correct?
✔️ Is the account active?
✔️ Is the bank account transactional (i.e. does it allow for credits and debits) so that you can receive payouts and chargebacks?
✔️ Is the bank account in your name or are you a signatory of the bank account?
✔️ Do the account details entered during the profile completion process match the bank account?
✨ Once we’ve verified your bank account, you can change it at any time via the Yoco Mobile App or Yoco Web App.
Checklist per business type
If addition to the general checks listed above, we also check the following per business type.
Self-employed individual/sole trader/sole proprietor
Is the bank account in your name?
Do the bank account details match your original identity details and number?
Private Company (Pty) Ltd
Are you an active director of the company?
Is the bank account in the name of the company, and linked to the same CIPC business registration number?
Partnership/ Many co-owners
Are you an active director of the company?
Is the bank account in the name of the partnership/ all owners?
Do the bank account details match the identity details and numbers of all partners/ co-owners?
Has a bank letter been submitted as proof of account?
Close Corporation (CC)
Are you an active director of the company?
Is the bank account in the name of the CC, and linked to the same CIPC business registration number?
Non-Profit Organisation
Are you listed as a signatory of the bank account?
Is the bank account in the name of the organisation?
Has a bank letter been submitted as proof of account?
Do the bank account details match the identity details and numbers of all partners/ co-owners?
Unregistered NPOs: Is the bank account in the name of the NPO?
Registered NPOs: Does the bank account link to the same NPO registration number?
Registered NPCs: Does the bank account link to the same CIPC registration number?
Trust
Are you a trustee?
Is the bank account in the name of the Trust and linked to the same Trust registration number?
Has a bank letter been submitted as proof of account?
Have copies of the Trust Deed and Trust Letter of Authority been submitted?