General Enquiries


How we check and verify your bank account


When you first register at Yoco, we'll ask you to enter your bank account via the Business Portal, so that we can settle your funds. Once we've verified it, you can change it at any time. How do we check and verify your bank account? Here's how:

Yoco applications fall into one of two categories:

  1. Sole Proprietor - Individual
  2. Company - Registered Business

Bank Checks for both types:


  • Does the account exist? - This is to check the account number and bank selected are correct.
  • Is this account number listed against the details we have on your Yoco application? - This is to ensure if the account exists we are paying into the correct account and we can link it to your details.
  • Does the Account allow both Credits & Debits as stipulated in our Terms & Conditions? - This is a requirement for all bank accounts listed on Yoco profiles to effect a Chargeback or settlement error.

Sole Proprietor


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

If the bank account is not recognised on the Owner's ID then we will require the following.

If the account holder is a different individual:


  • A Proof of Account from either a Bank Statement or Account Confirmation Letter from their bank
  • A Letter of Authority from the account holder giving you permission to use their bank account for your settlement

If the account holder is a company:


  • A Proof of Account from either a Bank Statement or Account Confirmation Letter from their bank
  • A Letter of Authority from the business who is the account holder giving you permission to use their bank account for your settlement

Company


When a bank account is provided for a Company account we will check if the bank account is listed against the company's registration number.

If the bank account is not recognised on the registration number then we will require the following.

If the account holder is a Principal:


  • A Proof of Account from either a Bank Statement or Account Confirmation Letter from their bank
  • A board resolution from your company, confirming that you can use this Principal's bank account on your company’s Yoco profile.

  CHECK OUT our Board Resolution template.

If the account holder is a different Individual (not a listed Principal) or another Registered Business:


  • A Proof of Account from either a Bank Statement or Account Confirmation Letter from their bank
  • A Letter of Authority from the account holder giving you permission to use their bank account for your settlement. See below for templates
  • A board resolution from your company, confirming that you can use this individual's bank account on your Business' Yoco profile.

  CHECK OUT our Board Resolution template.

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