Why is Yoco updating profiles?
In light of upcoming releases and some great progress we are making for new products for our merchant base, we’re updating your profile in order to ensure all merchants will be able to use these products. As a regulated payment institution we’re also required to maintain accurate records on your profile.
Why now? Why the rush?
Why wait to enhance your payments experience? At Yoco, we’re proud to be ahead of the curve when it comes to providing the best solution in the industry, focused on platform performance and security. As a regulated payment institution we’re also required to maintain accurate records on your profile. We’re forging ahead to better support our maturing business ecosystem. Join us.
Why am I being asked to submit details that you already have?
By law, we have to make sure that all the documents and details we have on record are still accurate, valid and recent. We unfortunately have no choice but to ask you to resubmit, as per the regulated FICA review process.
What happens if I don’t update my Yoco profile in time?
This truly is a last resort and we’ll do everything in our power to assist you in making the review deadline. Unfortunately, if you can’t provide the required details we’ll be forced to suspend your ability to take payments with Yoco. By law, we’re not allowed to facilitate transactions for anyone who has not provided the requested information or documents to complete their FICA review. We’ll however only be pausing your profile - you can still access your profile and reports at any time, and you’ll be reactivated so you can start trading as soon as we get all the details required.
How do I get this done as quickly as possible?
We’ll email you a unique link, which you can click on when you’re ready to capture and verify your details live. Your progress will be saved, so feel free to complete it in stages - simply use the same link to continue where you left off.
What if my business type has changed since I signed up with Yoco?
That's no problem - it's great that your business has evolved! The unique link we'll have emailed you is customised to the business type you signed up with (sole proprietor, company etc), which means you'll need a new secure link for your current, accurate business details to be captured. Please reach out to our support team for a new link.
What can I use as proof of address?
The below is a list of acceptable forms of proof of address, according to regulatory standards.
Please Note:
For proof of your personal (residential) address, the document you submit must be addressed to you or in your name.
For proof of your business (trading) address, the document you submit must be addressed to/in the name of the business.
Bank Statement or statement from a Financial Services Provider.
Must be a statement not older than 3 months, and not a deposit slip, account confirmation, or general communication/notice/letter.
Body Corporate or share block correspondence, not older than 3 months.
Cellphone Contract Account, not older than 3 months.
Rates and Taxes, not older than 3 months.
Retail credit account, not older than 3 months.
Telkom account or other fixed-line service provider, not older than 3 months.
Home loan/ Bond statement from Bank, not older than 6 months.
Insurance Policy Document, not older than 12 months.
Motor vehicle licence, not older than 12 months from the date of issue.
Property Lease/ Rental Agreement, not older than 12 months from the date of occupancy/effective date of the lease. It must show the name and physical address, the validity period, and the signature page.
Tax returns and any SARS issued official document issued, not older than 12 months from the date of issuance.
Documents showing once-off transactions, like invoices and receipts are not acceptable forms of proof of address.