You asked, and we listened. Instant Payouts gives you instant access to your money – seconds after making a sale.
Business doesn’t wait (and Underdogs don’t either).
You know the drill: Your rent is due. Your shelves need to be restocked. Your staff need to be paid. But your bank balance says otherwise. Regardless of how many sales you’ve made in the day, red tape (ahem, banks) means that you have to wait two business days (or more*) until your money lands in your bank account.
Instead of making a plan that you might end up regretting, use Instant Payouts to get your money instantly, whenever you need it, whatever you need it for.
Here’s a behind-the-scenes look at how we process your transactions – from the moment you make a sale, right up until that sweet, sweet sound of a payment notification.
- You do what you do best: sell products and services like the superstar you are. Once you’ve processed a sale (more like many sales – you’re an Underdog after all) on one of our card machines or online payment products. Then, it’s over to us.
- Once the business banking day ends at 7 pm, we add up all of your transactions processed since the previous banking day ended at 7 pm. (Any transactions that are processed after 7 pm will form part of the next day’s batch of transactions).
- We EFT your settlement amount at 2 pm the next day.
NB deets to bear in mind:
- EFTs take 1-2 business days to reflect in your account. (As do refunds).
- Sundays and public holidays are non-banking days.
For example, if Monday is a public holiday, your transactions from 7 pm on Saturday until 7 pm on Monday, will be paid out on Tuesday and show in your account by Wednesday or Thursday (depending on your bank).
You can view your payouts any time to see when and how much you’re getting paid. Learn more here.
You request an Instant Payout – this can only be done on the Yoco App.
We do an immediate EFT.
The money reflects in your bank account immediately. (Yay!)
Instant Payouts – the fine print:
- Instant Payouts are limited to a maximum total of R10 000 per day.
- You can only request one Instant Payout per day.
- You must have at least R50 in your available balance to request an Instant Payout.
- Instant Payouts are not available while/if you have a Capital plan open.
- Instant Payouts are not available while we’re processing normal payouts between 5 – 7 am.
- Instant Payouts are available for these banks: ABSA Bank, African Bank, Access Bank, Bidvest Bank, Al Baraka Bank (AKA El Baraka in some cases), Capitec Bank, Discovery Bank, First National Bank, HBZ Bank, HSBC, Investec Bank, Mercantile Bank, Nedbank, Sasfin Bank, Standard Bank, Standard Chartered, Tyme Bank, Finbond Mutual, Rand Merchant Bank (RMB), FirstRand Bank (owners of FNB, WesBank and RMB).
- You must be using version 3.43 (or newer) of the Yoco App to access Instant Payouts. Update your App now to unlock this great new tool!
- If you’re new to the Yoco fam, your Yoco profile must be completed and verified in order for you to receive payouts. Learn how, here.
Using Instant Payouts is completely optional.
You will only be charged an additional fee if you use this feature. You can continue to transact and receive your funds within the normal timeframe (i.e.: two business days) at no extra fee.
Congrats on making it through a tough week 💙— Yoco (@Yoco_ZA) February 17, 2023
Is an Instant Payout… instant?
Yep (the longest it’ll take is a few minutes).
How much do I pay for an Instant Payout?
- Instant Payouts less than R1 500 are charged at an extra R15 excluding VAT (R17.25 including VAT).
- Instant Payouts over R1 500 cost an extra 1% excluding VAT (1.15% including VAT) of the payout amount.
Why do I pay for an Instant Payout?
Just like you’d pay a fee to do an immediate EFT from your bank account into someone else’s account, we incur a fee when we do an immediate EFT into yours. To recuperate interbank charges and processing fees we charge a small fee. (While we charge a small fee for using Instant Payout, we are one of the few payment companies that don’t charge for standard payouts 😬).
How much of my available balance can I request in Instant Payouts?
Like all financial institutions, Yoco is legally required to monitor the flow of money. If a portion or all of your available balance has been flagged, it means that we’ve detected activity on your profile that needs to be handled responsibly for your protection, and the flagged amount is therefore not available for Instant Payouts.
TL;DR? Here’s what you need to know about Instant Payouts:
|Instant Payouts||Standard Payouts|
|How long ‘till I get my money?||Within minutes – if not seconds||1 – 2 business days|
|When can I use it?||365 days a year (except between 5 – 7 am)||Every day (except for Sundays and public holidays)|
|How much does it cost?||For Instant Payouts less than R1 500 cost R17.25 (includes VAT) Instant Payouts over R1 500: 1.15% (includes VAT) of the payout amount||It’s free!|
|Who can use it?||All Yoco merchants, except for those making use of Yoco Capital||N/A|
When you need cash like, yesterday – we got you. And if we’ve missed one of your burning questions about using Instant Payouts, we’re 99.99% sure that our Help Centre will have the answer. Here’s to your money, when you need it!
If you’ve used Instant Payouts, let us know what your experience was like over in our socials. (And if you haven’t, it’s all good too).