Getting Paid

Includes how to ensure you receive your money into your chosen bank account.


How we check and verify your bank account


When you first sign up as a Yoco merchant, you will be asked to enter your bank details, this is so that your funds can be paid out to you. 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, the following checks are completed to verify the bank account:

  • Does the bank account exist? This is to check that the bank account number and bank selected are correct.
  • Does the bank account number in the bank confirmation letter match the account number used when you set up your account? This is to ensure that we pay into the correct linked account.
  • Does the bank account allow for both Credits & Debits?
    As stipulated in our Terms & Conditions, this is a requirement for all bank accounts listed on Yoco profiles, in order to effect a chargeback or payout.

Each Yoco signup then falls into one of four categories, and each category requires a specific set of bank account checks, or specific documentation, in order to be verified:

  1. A Sole Proprietor 
  2. A Registered Business 
  3. An Individual representing a Trust
  4. An individual representing a church, school, or club

Sole Proprietor


When a bank account is provided for a Sole Proprietor, we check if this account is listed against the owner's ID number or passport.

 
If the Sole Proprietor is using a personal bank account

  • The bank account details submitted to Yoco must match against the owner's ID/Passport number.

If the Sole Proprietor is using a registered business bank account

  • The business details (e.g. Business Name) submitted to Yoco during sign up, must match the official registered business's name (the business name must match the name of the business bank account).
  • A Proof of Account (Bank Statement or Account Confirmation letter from your bank).

    If funds were not paid into any prior bank account, and the Yoco applicant is not a registered principal of the business, then a Letter of Authority - Individual or Letter of Authority - Company is required. This is a letter authorizing the owner of a sole proprietor/directors to give a third party permission to sign up with the company's bank account. 

  Signed up and need to upload additional documents? Navigate to Business Portal > Bank Details to check if additional documentation is required from Yoco. Any required documents will be listed on this page. These documents can be uploaded to Yoco, from your Business Portal. 

 


Registered Business


When the bank account provided is for a registered business, the bank account must be listed against the company's registration number. If the bank account is not recognised on the registration number, the following is required:

If the bank account holder is an individual and is not the sole director of the registered business:

  • A Board Resolution from your company, signed by listed directors, acknowledging that this individual may use this bank account for this business's Yoco profile.
  • A Proof of Account (Bank Statement or Account Confirmation letter from your bank).

If the bank account holder is another registered business:

  • A Proof of Account (Bank Statement or Account Confirmation letter from your bank) is required.
  • If the directors are the same as the existing business, no additional documentation is needed.
  • If the directors are not the same as the existing business, a Transfer of Ownership is required.

  Signed up and need to upload additional documents? Navigate to Business Portal > Bank Details to check if additional documentation is required from Yoco. Any required documents will be listed on this page. These documents can be uploaded to Yoco, from your Business Portal. 



An individual representing a Trust


When an individual is signing up on behalf of a Trust, the following is required:

  Signed up and need to upload additional documents? Navigate to Business Portal > Bank Details to check if additional documentation is required from Yoco. Any required documents will be listed on this page. These documents can be uploaded to Yoco, from your Business Portal. 



An Individual representing a church, school, club or NPO


When an individual is signing up on behalf of a church, school, club, or NPO,  the following documents are required:

If you are a Signatory of the Bank Account

  • The Minutes of the Meeting for the appointment of the Treasurer. This must be signed by all the Committee Members.

If you are not a Signatory of the Bank Account

  •  A Letter of Authority to be completed by the Authorised Signatories, accompanied by the Minutes of the Meeting for the appointment of the Treasurer, signed by all Committee Members.
  • A Proof of Account (Bank Statement or Account Confirmation letter from your bank) displaying the Account holder details.

  Signed up and need to upload additional documents? Navigate to Business Portal > Bank Details to check if additional documentation is required from Yoco. Any required documents will be listed on this page. These documents can be uploaded to Yoco, from your Business Portal. 



  FIND OUT how to enter your bank details via the Business Portal, or more about our payout guidelines.

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