While you're completing your Yoco profile, you'll be asked to enter your bank account details so that we can verify them and start paying you out. Most accounts are verified instantly. Here's an overview of the checks we do, for all merchants and per business type.
Checks for every business
Are the bank and account number correct? The bank you select must be the exact bank the account is held at (for example, Capitec and Capitec Business are different banks), and the account number must be your account number, not your card number.
Is the account open and active? Closed or dormant accounts can't be used.
Can the account make and receive payments? We pay your payouts into the account and recover chargebacks from it, so it must be transactional. Cheque, current and savings accounts are accepted if they can make and receive payments. Fixed deposits, notice deposits and savings pockets can't be used.
Does the account belong to the right account holder? For a business, the account holder at your bank must match the business you signed up. For a sole proprietor, the account holder must be the person who will complete the identity verification. See the checks per business type below.
Checks per business type
In addition to the checks above, we check the following per business type.
Sole proprietor (self-employed individual or sole trader)
Sole proprietor (self-employed individual or sole trader)
The bank account is in your own name. A personal account is fine.
The person who verifies their identity in the next step is the owner of the bank account. We match their ID number with the account holder at the bank.
Private Company (Pty) Ltd
Private Company (Pty) Ltd
The bank account was opened with the company's CIPC registration number. The company's name on the account isn't enough on its own.
The account holder name matches the company's name registered on CIPC.
Personal accounts, including a director's or shareholder's own account, aren't accepted.
Close Corporation (CC)
Close Corporation (CC)
The bank account was opened with the CC's CIPC registration number. The CC's name on the account isn't enough on its own.
The account holder name matches the CC's name registered on CIPC.
Personal accounts, including a member's own account, aren't accepted.
Non-Profit Company (NPC)
Non-Profit Company (NPC)
The bank account was opened with the NPC's CIPC registration number. The NPC's name on the account isn't enough on its own.
The account holder name matches the NPC's name registered on CIPC.
Personal accounts, including a director's own account, aren't accepted.
Partnership
Partnership
The bank account is in the name of the partnership.
The account details match the partnership.
Non-Profit Organisation (NPO)
Non-Profit Organisation (NPO)
The bank account is in the name of the organisation, and that name matches the organisation name you entered.
Registered NPOs (with the Department of Social Development): the account is linked to the same NPO registration number (for example 123-456-NPO).
Trust
Trust
The bank account is in the name of the Trust and linked to the same Trust registration number.
You are a trustee of the Trust.
If we can't verify your account automatically
Some banks can't be checked automatically, so we'll ask for a bank confirmation letter instead. This applies to:
Capitec Business
Mercantile Bank
Al Baraka Bank
HBZ Bank
Old Mutual
We may also ask for a letter for other banks if we can't confirm your details automatically. The letter must:
Be an official letter issued by the bank, not a screenshot of your banking app or an informal letter
Be dated within the last 3 months
Show the account holder, account number, branch code and account type, matching what you entered
Be a JPG, JPEG, PNG or PDF file under 5 MiB, and not be password protected
If we need to check your details manually, it can take up to 7 working days – including after you've uploaded your letter. You'll see the expected time in the Yoco App (mobile or web).
Why bank details aren't accepted
What you see | What it usually means |
The account belongs to another person or business | The account isn't in the name of, or wasn't opened with the ID or registration number of, the business you signed up. |
Account can't receive payments | It's a fixed deposit, notice deposit or savings pocket, not an account you can pay into and out of. |
Account number or bank not valid | A typo, a card number instead of an account number, or the wrong bank selected (for example Capitec instead of Capitec Business). |
Account not open | The account is closed or dormant. |
Changing your bank account after sign-up
Once your account is verified, you can change it at any time in the Yoco App (mobile or web). The new account goes through the same checks before we pay into it.
Find out how to change your bank account details.
Need more help?
Start a conversation with a Yoco Support consultant via our in-app chat.