At Yoco, we’re all about growing your business and helping it thrive, and there are only two reasons that an active Yoco profile will ever be paused or suspended.
1. Yoco profile suspended due to incomplete FICA review/profile update
We have a regulatory obligation at Yoco to ensure that company information is updated from time to time. If we contact you to complete a FICA review/profile update, but you miss the deadline to submit the necessary information and documentation, your Yoco profile will be temporarily suspended and your account locked.
💡Good to know: If your profile has been flagged for a FICA review/profile update, we’ll contact you via the Yoco App (mobile or web), email, WhatsApp and/or SMS. You’ll also notice a red alert banner in the Yoco App (see example below), asking you to update your profile.
What does a suspended profile means for your business?
Unfortunately, as soon as your profile is suspended and your account locked due to an incomplete FICA review/profile update, you’re prevented from processing any transactions with Yoco, until your profile has been reactivated. You’ll also be unable to receive any pending payouts into your bank account.
How can you get your profile reactivated?
We understand that a suspended profile and a locked account puts you and your business in a difficult situation. Please make it a priority to submit the outstanding FICA documents via the Yoco App (mobile or web). Once we have everything we need to complete the FICA review/profile update, we’ll reactivate your profile so that you can start making sales and receiving payouts again.
Termination of profiles
If you don’t provide the necessary documents for your FICA review/profile update, your Yoco profile will remain suspended and your account locked. If, after 12 months, you have still not submitted the requested documents, your profile will be terminated. Due to regulatory obligations, all consumer data is retained for five years.
✨ If you have any concerns about the FICA review/profile update process, please don’t hesitate to email our Complaints Department.
2. Yoco profile paused due to transaction review
If a transaction review is being conducted on your Yoco profile, it means that our Transaction Monitoring Team is the process of verifying one or more transactions on your profile. When this happens, your profile is paused until the investigation has been completed. Investigations into local and international payments are concluded within 1–7 working days.
💰 Transaction reviews form part of our transaction monitoring process, which is regulated by South African laws and regulations.
What does a paused profile mean for your business?
Unfortunately, when your profile is paused due to a transaction review, you won’t receive any payouts into your bank account until the investigation has been concluded and your profile reactivated.
How can you get your profile reactivated?
When a transaction review is being conducted on your profile, the Transaction Monitoring Team will email you to ask for additional information and/or documents relating to a specific transaction or profile. Please respond to this email as soon as possible. Once the investigation has been completed, the same team will contact you with the results.
Termination of profiles
If we conduct a transaction review and the account is declared high risk, your profile will be terminated immediately and any money in your Yoco balance will be refunded to the cardholders. Due to regulatory obligations, all consumer data is retained for five years.