Paused Transactions/ Sales
What does "paused transactions" mean?
What does "paused transactions" mean?
Unfortunately, you won’t be able to take payments with Yoco. Your ability to transact will be put on hold, until we can either update and verify your profile, or resolve your risk review (depending on your scenario). We won’t stop or hold back any of your current payouts, and they won’t be affected.
Why could my transactions be paused?
Why could my transactions be paused?
If transactions have been paused for your Yoco profile, this means one of two things happened:
1. Your profile is under risk review because a transaction or transactions is/are in the process of being verified. You'll know if this is happening, because we'll have emailed you about it.
Find out more about Yoco risk reviewing here.
2. Your profile has failed its FICA Review update process and/or missed the deadline for submission of supporting details. You'll know if this is happening to your profile, because we'll have contacted you about it over email, WhatsApp and SMS throughout the FICA review process.
Why pause my ability to transact over FICA paperwork?
Why pause my ability to transact over FICA paperwork?
We understand that you're busy and this can be frustrating, but we have a regulatory obligation to ensure that this information is updated as soon as possible. Due to the sensitive nature of this information and to ensure we are in the best position to enhance our service, we need to have these documents to begin processing them by the FICA Review deadline for your profile (stated in our emails about this). If however you have special circumstances which mean you can’t meet this deadline, please reach out so we can do our best to extend it.
If my transactions are paused, what happens to my payouts?
If my transactions are paused, what happens to my payouts?
Yoco payouts won’t be affected by the pause on your ability to take new payments. Your previous payouts will still be settled as per usual.
How do I get my paused Yoco profile back on track?
How do I get my paused Yoco profile back on track?
If your profile is under risk review, hang tight and our Payments Security team will get back to you with the results as soon as they come in. (Within 1 - 7 working days for local payments. Within 1 - 14 working days for international payments.)
If your profile is paused due to FICA Review updates needed, we’ll gladly assist you however we can. We’ll also send you a refreshed link to use in order to submit your details.
Please don't hesitate to reach out to support by clicking on the chat icon below.
If I never manage to reactivate my profile, what happens to all my data?
If I never manage to reactivate my profile, what happens to all my data?
All consumer data must be retained for a period of 5 years, due to regulatory obligations.
After how long on ‘pause’ would my profile be permanently terminated?
After how long on ‘pause’ would my profile be permanently terminated?
12 months after your last transaction was processed on the Yoco platform, your Yoco profile will be disabled.
Paused Payouts
Why could my payouts be paused?
Why could my payouts be paused?
To get your Payouts settled into your bank account, you’ll need to first submit your original Identification and bank details, as well as any verification documents requested by Yoco. Only once you’ve successfully completed the identification and verification process, will Yoco settle your Payouts.
If my payouts are paused, can I still transact (take payments)?
If my payouts are paused, can I still transact (take payments)?
At Yoco, you can start transacting as soon as you’ve completed Signup — so you never have to miss out on a sale.
To get your Payouts settled into your bank account, you’ll need to first complete Setup, and submit your original ID and bank details, as well as any verification documents requested by Yoco (if needed).
Make sure you’ve completed Setup to receive Payouts:
Make sure you’ve completed Setup to receive Payouts:
Enter your bank account details: This has to be a South African account, that’s also transactional — that means Yoco can debit and credit the account. The account must be in your name, or if you’re signing up for a business, the account must belong to the business. Enter your details in the Business Portal here, or from the Yoco App.
Confirm your identity: Upload your original ID or Passport straight from the Business Portal (here), or from the Yoco App.
Submit your verification documents: Depending on how your business is structured, we may need some extra documents in order to complete your verification process. Don’t worry! This might not even apply to you and we’ll let you know what we need to complete the process smoothly.
What happens to my balance total while my payouts are paused?
What happens to my balance total while my payouts are paused?
As and when you transact, your payout total grows as per our payout guidelines and your fee structure. While we're not allowed to settle your funds, we hold them safely in a suspense account, to be released as soon as your profile verification is complete.