When you finish Yoco signup, you'll be asked to enter your bank details so we can get you verified and eligible for settling your Payouts. Once we’ve verified your bank account, you can change it at any time via the Yoco Business Portal or the Yoco App.

How Yoco checks and verifies your bank account

For every Yoco Signup, we perform these checks to verify the bank account:

Does the bank account exist and is it open? This is to check that the bank account number and bank selected are correct, and that the account is active.
Does the bank account allow for both Credits & Debits (transactional)? As stipulated in our Ts & Cs, this is a requirement for all Yoco profiles, so they can receive chargebacks or payouts.
Is the bank account owned by the same person signing up? We don’t allow third party bank accounts for the safety of everyone in our ecosystem. You must own or be a signatory of the bank account you use to receive your payouts.
Do the account details entered during Yoco profile setup match the bank account? This is to ensure that we’re activating payouts to the correct bank account.

Depending on which business structure you signed up as, different checks and/or details for account holder verification (AHV) may apply:

1. Self-employed person/ Sole Trader

For a self-employed person or Sole Trader, we check that you're listed as the owner of the bank account, and have consistent identification details.

What do we check?

The bank account details (e.g. account name) must match the owner's original ID details and number.
(Note: If you bank with Finbond, you'll also need to provide a Bank Letter as proof of account).

2. Private Company (Pty) Ltd

For a Private Company (Pty) Ltd, we check that you're listed as a signatory of the bank account, which must be in the name of the Company, and that your CIPC details are consistent.

What do we check?

The bank account must be in the name of the Company, and linked to the same CIPC business registration number.
(Note: If you bank with Finbond, you'll also need to provide a Bank Letter as proof of account).

3. Partnership/ Many co-owners

For an unregistered partnership, we check that you're listed as a signatory/ co-owner of the bank account, which must be in the name of the Partnership/ all owners. We’ll also need copies of all the co-owners’ IDs and proof of bank account by Bank Letter.

What do we check?

The bank account must be in the name of the Partnership/ all owners, and must match the ID details and numbers of all partners/ co-owners.

4. Close Corporation (CC)

For a registered Close Corporation, we check that you're listed as a signatory of the bank account, which must be in the name of the CC.

What do we check?

The bank account must be in the name of the Corporation, and linked to the same CIPC business registration number.
(Note: If you bank with Finbond, you'll also need to provide a Bank Letter as proof of account).

5. Non-Profit Organisation

For a Non-Profit Organisation, we check that you're listed as a signatory of the bank account, which must be in the name of the Organisation.

What do we check?

The bank account must be in the name of the Organisation, and proof of bank account by Bank Letter is required.
- For unregistered NPOs: must match the ID details and numbers of all members
- For Registered NPOs: must link to the same NPO registration number
- For Registered NPCs: must link to the same CIPC registration number

6. Trust

For a Trust, we check that you're listed as a signatory of the bank account (a trustee), which must be in the name of the Trust. We’ll also need copies of the Trust Deed and Trust Letter of Authority and proof of bank account by Bank Letter..

What do we check?