Getting your hands on a much-needed cash injection is one of the biggest hurdles entrepreneurs face. Finding a lender, preparing pages (and pages) of paperwork, and then untangling the legal jargon and terms and conditions that go with it is not a vibe. We got you fam.
Yoco Capital is a simple, fast cash advance that you can use to grow, run, or whatever else it is that you want to do in your business. Best of all, it works for you – so you can focus on the hustle instead of stressing about the fine print. Here’s what you need to know…
Who can use Yoco Capital?
We use several factors to determine whether a Yoco merchant is eligible for Yoco Capital. These include:
- Have used Yoco for three months (or more)
- Have processed a minimum of 18 card transactions with their Yoco device in the last 90 days, and
- Have an average Yoco monthly turnover of more than R3 000 per month
As well as additional factors dependent on your unique business model and needs.
Where do I find my Yoco Capital offer?
If you meet the above criteria, your Yoco Capital offer will be available in your Yoco App or in the Yoco Portal.
App
Portal
Can I select a different offer amount?
Yip, yebo, ya. When you’re ready to use your Yoco Capital cash advance, you’ll be presented with two sliders. These enable you to select the amount you’d like – from a minimum of R3000 to a maximum amount of your average monthly turnover.
You’ll also be able to select your preferred repayment period, from a minimum of 3 months to a maximum of 12 months.*
* This is dependent on the amount, and other factors.
When will I get the money?
The million rand question. Your Yoco Capital cash advance will be in your bank account sharp sharp. In fact, the money is paid into your bank account as quickly as 1 business day.
What can I use Yoco Capital for?
There are no restrictions! Just like each of our merchants are unique, with their own challenges, customers, and plans for world domination, so too are the potential uses of your Yoco Capital cash advance. From buying more stock, hiring additional staff, and investing in equipment, to upgrading or opening a store and upskilling staff, our current merchants have put their cash advances to work in myriad, equally important ways.
Growing Unique Driftwood Creations with Yoco Capital
“I apply eco-friendly principles in my work process as I do not work with any freshly cut trees. The first capital advance helped me to buy raw materials and prepare for an exhibition in the UK. It also made it possible to stock up for the coming summer busy season.”
Will applying for Yoco Capital affect my credit score/rating?
Nope. Applying for Yoco Capital doesn’t have any bearing on your credit score.
What does ‘flexible repayments’ mean?
Unlike traditional business financing which typically entails fixed (i.e: the amount does not change) repayments that must be repaid within a specific period, Yoco Capital takes the fluctuating nature of sales into account. Your cash advance is repaid with a percentage of your Yoco card sales (as per the agreed *holdback rate.) The higher your sales, the faster you repay. Importantly, when sales slow down or stop completely, your repayments do too. There are also no fixed terms within which you need to pay.
What does ‘holdback rate’ refer to?
The holdback rate is the fixed percentage of your daily Yoco sales that is automatically deducted to pay back your advance. The holdback rate is determined when you select the terms of your advance.
* Figure for illustrative purposes only:
What is the total cost of the cash advance?
We’ll never blindside you with hidden fine print or costly surprises. The total amount you owe is the loan amount plus a flat fee. That’s it – there are no other fees (like compound interest or late fees).
Can I pay off my advance earlier?
Of course you can! If you’d like to pay off your cash advance sooner than the agreed term, you can make lump sum payments or you can settle your advance in full.
Are there any late fees?
Nope – the only fee attached to your cash advance is the flat fee that’s determined when you apply for your advance.
If we’ve missed something, get in touch with our super helpful Capital support team on +27 87 551 7008 or email us on capital@yoco.com.
