Instant Payout pays you out within minutes (if not seconds) from the sales you’ve made. Simply request a payout through the Yoco Mobile/Web App and enjoy complete peace of mind knowing that Instant Payout allows you to access your money when you need it and respond to unforeseen cash flow challenges as they arise.
Is Instant Payout available to all Yoco customers?
In the past, technical and other risk factors prevented us from reliably offering Instant Payout to Yoco Capital users. But thanks to a recent upgrade of our core processing infrastructure, Instant Payout is now available to all Yoco customers on the Yoco Mobile/Web App.
What do I need to request an Instant Payout?
To request an Instant Payout, you can either use version 3.43 (or above) of the Yoco Mobile App or request it from the Yoco Web App. In both cases, you'll need to bank with one of the following institutions:
ABSA Bank | African Bank | Access Bank
Bidvest Bank | Al Baraka Bank (AKA El Baraka in some cases)
Discovery Bank | First National Bank | Finbond Mutual
HBZ Bank | HSBC | Investec Bank
Mercantile Bank | Nedbank
Sasfin Bank | Standard Bank | Standard Chartered
Tyme Bank | Rand Merchant Bank (RMB)
FirstRand Bank (owners of FNB, WesBank and RMB)
How much do Instant Payouts cost?
For Instant Payouts less than R1 500: You'll be charged R15 excluding VAT (R17.25 including VAT). For Instant Payouts over R1 500: you'll be charged 1% excluding VAT (1.15% including VAT) of the payout amount.
Note: This is an extra once-off cost and will not affect your ongoing Yoco transaction fees.
Some simple examples:
For a R1500 Instant Payout request, you’ll pay (minimum flat rate) R17.25 in fees (including VAT) and receive R1 482,75 in your bank account.
For a R5000 Instant Payout, you’ll pay (5000 x 1,15%) R57.50 in fees (including VAT) and receive R4 942,50 in your bank account.
How will an Instant Payout affect the timing of my normal Yoco payouts?
The short answer is, it won’t. But it can get really hectic running the numbers in your head when you should be enjoying running your business.
However much of your available balance you request for Instant Payouts, gets removed from your available balance and settled into your bank account immediately. What remains of your available balance will still be paid out as per usual, according to our standard payout schedule. Get more details about how payout timing works here .
How much can I request for Instant Payouts?
You can request one Instant Payout per day, and it must be at least R50, and a maximum of R10,000.
You can’t request more than your eligible balance - that’s your available balance minus any risky or flagged transactions still being safely processed.
The total amount you request for Instant Payout, will be removed from your available balance as soon as it is processed.
Note about timing: Your available balance is totalled for payouts and resets to zero at midnight every day. If you’re open late and know you’ll need the cash flow, make sure to get your Instant Payouts before the clock strikes twelve.
How do I check my eligible balance?
You can see your balance from the Money Tab, in the Payouts widget in the Yoco Mobile/Web App here. Your balance includes all the Yoco transactions you’ve made (minus fees and any refunds, chargebacks, Instant Payouts and Capital repayments, if applicable) since the last time a payout was processed for your profile. You can also view all your previous payouts in detail, from the Yoco App. When you request Instant Payouts, you’ll also get a view of your eligible balance while choosing the amount.
How much eligible balance do I need?
The amount you choose for Instant Payouts includes the fee (1% ex VAT). When requesting Instant Payouts, you’ll receive the amount listed as the ‘Total’ in your bank account, and the rest will be deducted as fees.
So, for amounts smaller than R1500 — request the amount you need + R17.25 (IP fee).
For amounts between R1500 and R10 000 — request the amount you need x 101% (to include the IP fee).
How to request an Instant Payout
Log in to the Yoco Mobile/Web App and select the Money Tab from the menu on the left hand side of your screen.
Select the Payouts tile to view your Payouts page.
Click on the + Instant Payout button in the right top corner of your screen.
Here you'll see your eligible/available balance and can request your Instant Payout amount, either as a percentage of your available balance or a custom amount below your total eligible amount.
You'll see a breakdown of your total Instant Payout Fee, and how much we'll settle into your bank account immediately.
Confirm by selecting the Request Instant Payout button, and then clicking on Confirm.
You can view, track and download a history of your Instant Payouts right from your Payouts Page here.
Where can I see my previous Instant Payouts?
Hit the “View payouts” button to see a record of your settlement history and look more closely at the details of all your previous payouts. As soon as you’ve processed your first Instant Payout, it’ll also appear on your Payout History for your records, which you can view and download from the Yoco Mobile/Web App here, anytime (as always).
Why is some of my balance not eligible for Instant Payouts?
It’s a legal requirement that all financial institutions monitor the flow of money. If some or all of your available balance has been flagged, it means we've detected activity on your profile that needs to be handled responsibly for your protection, and the flagged amount is therefore not available for Instant Payouts.
Why can’t I request two Instant Payouts of the same amount from two different Yoco profiles with the same bank account?
Sometimes it happens that a customer with 2 profiles with the same bank details attached and who requests the same Instant Payout amount from each profile's balance, gets their second Instant Payout request rejected. This is because our banking partners flag that bank account and amount as already having been paid in an Instant Payout on that day.
Not to worry, we can work around this thankfully. All you need to do is request a different amount from the second Yoco profile you use. This amount can be as little as R1 less or more, just so that the banking system doesn't flag it as a duplicate.
What does an Instant Payout reference look like on my bank statement?
In the past, an Instant Payout would reflect as YOCO INSTANT PAYOUT on your bank statement. That’s before we changed it to the following format: Yoco IP XXXXXX where IP stands for Instant Payout and the last six characters represent the unique number we assign to each business.
How will my Instant Payouts (and Yoco Capital deductions) reflect on my monthly invoice?
Both services will reflect as separate line items on your Yoco invoice. Each month, you’ll find totals for Instant Payout fees, Capital Plan deductions, and any other Yoco fees you’ve incurred.
How will my Instant Payouts (and Yoco Capital deductions) reflect on my monthly sales report?
Instant Payouts won’t reflect on your monthly sales report, so there won’t be any change to it.
Will withdrawing multiple Instant Payouts affect my chances of securing a future Yoco Capital Offer?
Don’t worry, you can request as many Instant Payouts as you like without impacting your chances of qualifying for a Capital Offer down the line. That’s because Instant Payouts don’t affect your credit rating which is what we look at when you apply for a Capital Offer.