- Yoco has launched a new feature for customers called Instant Payout.
- It allows merchants to immediately transfer funds into their personal accounts as soon as a sale is completed.
- The feature is designed to assist those who need quick access to money in an emergency.
Local payment facilitator Yoco has launched a new feature for customers in need of quick access to funds. It is called Instant Payout, and as the name suggests, allows customers to immediately transfer funds from their business account into their personal one the moment a sale has been successfully completed.
This feature is specifically aimed at micro and small businesses, many of which do not necessarily have cash reserves to fall back on should there be an issue needing immediate attention.
“Customers using Yoco payment tools (card machines or online payments) can transfer their funds from sales to their bank account within minutes using Instant Payout. It provides a solution to one of the biggest pain points for small businesses: intermittent cash flow. The ability to access funds immediately serves as a critical lever in business continuity yet has remained inaccessible to many small businesses – up until now,” explains Yoco in a press release sent to Hypertext.
Instant Payouts are charged through a fee structure starting at R15 per payout, Yoco continues. It is important to note that Instant Payout is also an optional feature, so customers can continue to transact and receive their funds within the normal one to two-business day time frame at no additional cost.
“Instant Payout is all about liquidity. Business doesn’t wait, and for small businesses, the difference between being able to access earned money in minutes instead of days is significant – playing a critical role in their success. We’ve seen business owners use Instant Payout at all hours of the day, from paying staff wages to buying stock. We’re excited to see how this feature empowers our customers to grow their businesses,” adds Michael Bouwer, Group product manager for Yoco Payments Experience.
The company notes that this new feature is available to most of its active trading customers, and it can be found exclusively in the Yoco App.