How does the Yoco Go Starter work?
Once you sign up and receive your Yoco Go card machine, your first R5000 in transactions are free (within your first 3 months of signing up with Yoco).
For example, if you purchase a Yoco Go and you process R4000 worth of transactions before the end of your first month, Yoco will calculate your payout as R4000 less any fees due (zero). Since you would not have used up the R5000 free transactions, the full amount of R4000 will be settled into your account within 1-2 days. In the following month, you'll have R1000 worth of transactions for free.
Why did Yoco introduce the Go Starter Pack?
We designed the Yoco Go Starter to give new and emerging small businesses the edge in terms of getting started with our most affordable device, with R5000 worth of sales included for their first 3 months of trading.
What are transaction fees and how do they work?
Yoco transaction fees are applied as a percentage of each transaction/card payment that you process with Yoco. You only get charged these fees when you’re taking payments.
Note: By law, we must charge 15% VAT on our transaction fees. If you’re registered for VAT, you can claim this back from SARS.
You'll be charged fees on a per-transaction basis. After each sale made with Yoco, transaction and payout fees will be deducted from the total, before settlement is made to your bank account.
When do my 3 months of free transactions start?
From the date you purchased the Go Starter pack. You'll get 3 calendar months to reach your R5000 free sales. For example, if you buy the Yoco Go Starter Pack on any day in April 2024, you'll have until 30 June 2024 to reach your R5000 free sales total.
What happens if I reach R5000 in free Yoco transactions in the first 3 months?
You'll by default, stay on our Starter price plan (see details below). You may however choose to graduate (congratulations!) to our Core Fees package, and be eligible for a sweet discount on a card machine better suited to your growing business needs. When you reach R5000 in sales, we'll reach out via email with next steps and special offers.
Find out more about how our Core Fees work in the meantime, here.
Can I trade in my Yoco Go for a standalone/ better option?
Yes - we'll be happy to arrange a return of your card machine, with a substantial discount on an upgraded Yoco card machine.
What happens next, if I don't reach R5000 sales after the first 3 months?
Once you've transacted R5000 or your first 3 months with Yoco have passed, you'll get charged these transaction and payout fees.
The transaction fee is the same, whether the transaction was done online (using Yoco Online Payments) or in-person (using a Yoco card machine) which is at 2.95% (ex. VAT).
For international and AMEX transactions, the fee is 3.45% (ex. VAT).
You will also be charged a R2.50 (inc VAT) flat fee for each Yoco payout you receive.
What is a payout fee? How does it work?
This is a flat (or fixed) fee charged for every day that you trade, wherein we transfer funds that we collected from your customer, to your bank account.
After each transacting day, we deduct a R2.50 payout fee, and settle the balance (of your transactions less transactions fees) into your bank account.
Why the payout fee?
Yoco incurs costs and fees to process EFTs into your bank account.
Find out more about how Yoco payouts work here.