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When will I get my money?

Unlike cash, digital payments take time. When will I get my money is a question many merchants ask before they join Yoco. Check out how we keep everything transparent in the Yoco app.
A screenshot of the Yoco Settlement screen in the app.

At the beginning it was probably very simple. You sold someone your widget, they paid you in cash and that was it. Money in the pocket for you to put into your bank account. When you start using other payment methods, things become a bit more complicated. Often the question we get is: When will I get my money?

One of biggest challenges for any small business is cash flow - it’s vitally important that you’ve got your finger on the pulse of what's going on at all times.

As a business, it’s important to put your customer first and this often means catering for various methods of payment. I recently walked into a takeaway restaurant the other day and I was confronted by a Yoco card machine, a Mr D terminal, a tablet to record cash and card sales, a tablet to record Uber Eats sales, Snapscan and a cash box. How do you keep track of it all? How do you easily reconcile all your sales for the day when there is cash received today, Yoco paying you out tomorrow, Uber paying you out at the end of the week, Snapscan in two days and so on.

We don’t have the answers on integrating other payment solutions into your business, but we can help you understand how Yoco fits into your cash flow picture. That’s why we have now included all of your payout information in your Yoco app, so that you can easily keep track of your fees and money coming in.

A gif showing where to find settlement information in the Yoco app.

How Yoco’s payment process works

Yoco currently operates a little like a bank – which means we use 19h00 as the end of the business day. All of your card transactions, processed in the last 24 hours, are added up at this time. At 05h00 the next business day, your payout amount is paid by Yoco. You should receive this amount in 1 – 2 business days.
 
Any card transactions you process after 19h00 are considered part of the next day’s transactions. These transactions will be included in the total for the next day.
 
Sundays and public holidays are not considered banking business days, so the payout process will only start on the next business day on those days. Here is an example of what that this process might look like for a pizza shop:
 

Monday

Sales for the day

11h00 3 Pizzas sold (R180)

13h00 4 Pizzas (R240)

15h00 1 Pizza (R80)

18h00 6 Pizzas (R460)

19h30 2 Pizzas (R120)

Monday

Monday at 19h00

Card sales for the day

Since the cutoff is 19h00 the only sales that count for the day amount to R1000. The R120 sale at 19h30 does not count.

Sales = R1000

The fee (with VAT) is deducted. 3.39% of R1000.

This means R966.10 is paid out by Yoco to the pizza shop.

Monday at 19h00

Tuesday

Card sales for the day

The sale after the last cutoff is included in the take for Tuesday. In this example, if it was the only sale then the fee for day is R4.06 (3.39% of R120).

So the payout would be R115.94

Tuesday

Wednesday

Money is paid to your account

Depending on your bank, money may take 1-2 days to reflect in your account. Unless there was a public holiday, the R966.10 (from Monday) will reflect in the pizza shop owner’s account by this day latest.

Wednesday

Thursday

Money is paid to your account

R115.94 (from Tuesday) reflects in the pizza shop owner’s bank account by this time.

Thursday

How to make your reconciliation process easier

Knowing when your money will be in your account is the first step to doing recon. Check out how Terrance Brummer from Toscanna Pizza in Newlands does his recon.
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