What is Instant Payout?
Yoco is proud to be the first payments provider in South Africa to offer this special speedy service! Instant Payout pays you out within minutes (if not seconds) from the sales you’ve made – simply request a payout through the Yoco App. Now you can 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)
When can I use Instant Payout?
It’s totally up to you! Think of Instant Payout as another great tool in your belt which you can use if you need it — and when you do, is a real lifesaver! Instant Payout is available for your eligible balance 24/7, 365 days a year through the Yoco Mobile App and Yoco Web App.
💡 Tip: If you run a late-night business and think you’ll need cashflow in the early hours of the morning, remember that your balance resets at midnight – so grab your Instant Payout before the clock strikes twelve! 👸🏽
How much can I request as an Instant Payout?
You can request one Instant Payout per day through the Yoco Mobile App/Web App. Each request must be a minimum of R50 and a maximum of R10 000 and 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 as an Instant Payout will be deducted from your available balance as soon as it's 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 you get your Instant Payout before the clock strikes twelve.
What are the fees for an Instant Payout?
An Instant Payout under R1 500 is billed at R15.00 excl. VAT (R17.25 incl. VAT).
An Instant Payout over R1 500 is billed at 1% excl. VAT (1.15% incl. VAT) of the payout amount.
Note: This is an extra once-off fee and will not affect your ongoing Yoco transaction fees.
Some simple examples:
For a R1 500 Instant Payout request, you’ll pay (minimum flat rate) R17.25 incl. VAT in fees and receive R1 482.75 in your bank account.
For a R5 000 Instant Payout, you’ll pay (5000 x 1.15%) R57.50 in fees (incl. VAT) and receive R4 942.50 in your bank account.
How much must I request to cover Instant Payout fees?
The amount you choose as an Instant Payout through the Yoco Mobile App or Yoco Web App includes the fee (1% excl. VAT). When requesting an Instant Payout, you’ll receive the amount listed as the ‘Total’ in your bank account – the rest will be deducted as fees.
So, whenever you request an Instant Payout, remember:
For amounts under R1 500, request the amount you need + R17.25 (IP fee).
For amounts between R1 500 and R10 000, request the amount you need x 101% (to include the IP fee).
How do I check my eligible balance?
You can view your balance on the Yoco Mobile App home screen and the Yoco Web App Money tab. 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 on the Yoco Mobile App and the Yoco Web App. When you request an Instant Payout, you’ll see your eligible balance while choosing the payout amount.
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 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.
The amount you request as an Instant Payout is removed from your available balance and immediately paid into your bank account. Whatever remains of your available balance will be paid out as usual, according to our standard payout schedule.
Get more details about how payout timing works here
How will 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 Instant Payouts (and Yoco Capital) deductions reflect on my monthly sales report?
Instant Payouts and Capital deductions 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.