As a business owner in South Africa, navigating the world of payment processing can be complex, especially when choosing a card machine that offers appropriate transaction fees and online payment options.
Yoco, a user-friendly and affordable payment solution, has established itself as a popular choice for South African businesses by ensuring transparency in their fees and providing discounts on their card machines like Yoco Neo, Yoco Go, and Yoco Khumo.
This guide will discuss Yoco’s pricing model, transaction fees, and the benefits of Yoco’s payment solutions for your growing business.
Key Takeaways:
- Yoco offers competitive transaction fees ranging from 2.6% to 2.95% (excluding VAT) and 2.99% to 3.39% (including VAT), depending on transaction volume.
- Special discounts of R100 off retail prices are available on the latest Yoco card machines as of November 2023.
- Yoco’s pricing model is simple and transparent, with fees based solely on transaction volume and no hidden costs.
- In addition to card machines, Yoco offers online payment solutions, including Yoco Gateway and Yoco Link.
- Yoco card machines accept all major credit and debit cards, making payment processing seamless for business owners and customers.
- Yoco doesn’t require contracts or monthly fees, providing a flexible and cost-effective payment solution for small businesses.
- Yoco Capital offers cash advance solutions for businesses in South Africa, supporting them through immediate funding when necessary.
Understanding Yoco’s Pricing Model
Yoco’s pricing model is designed to be transparent and simple, allowing businesses to manage transaction costs effectively. With a focus on fair and consistent pricing, Yoco’s fee structure ensures that South African entrepreneurs can confidently transact, knowing they are charged based on a fixed percentage of their gross monthly transaction volume.
For businesses with a transaction volume of less than R20,000 per month, the transaction fee starts at 2.95%, excluding VAT (3.39% including VAT). As your business grows and your transaction volume increases, you may qualify for more competitive Yoco rates to help you save on processing costs.
- Consistent per-transaction fees
- No hidden costs for card machines or POS tool usage
- Fee percentages adjusted according to transaction volume
One of the key advantages of Yoco’s fee structure is that it does not incorporate additional charges when there’s no use of their card machines or POS tools. This means you are only ever charged for the transactions you process, allowing optimal flexibility and business growth.
| Monthly Transaction Volume | Transaction Fee (Excluding VAT) | Transaction Fee (Including VAT) |
|---|---|---|
| Less than R20,000 | 2.95% | 3.39% |
| R20,000 – R80,000 | Reduced Rate | Reduced Rate |
| Over R100,000 | Custom Negotiation | Custom Negotiation |
By understanding the Yoco pricing model and how it impacts your transaction fees, you can make informed decisions about the most effective way for your South African business to get paid and transact. Whether you’re a small-scale entrepreneur or a growing enterprise, Yoco’s rates are designed to support your success.
An Overview of Yoco Card Machines
Yoco offers a range of card machines designed to cater to various business requirements. Let’s explore the features and benefits of three popular Yoco card machines: Yoco Go, Yoco Neo, and Yoco Khumo.
The Affordability of Yoco Go for Startups
Yoco Go is designed for startups and small businesses, offering an affordable card machine option. Priced at R599, with an additional R100 discount, it is an accessible solution for emerging entrepreneurs. The machine operates via Bluetooth, connecting with smartphones or tablets and using the free Yoco app for seamless transactions.
Seamless Transaction with Yoco Neo: Features & Benefits
Yoco Neo is a sleek, standalone card machine that boasts a touchscreen interface for effortless use. It comes packed with valuable features like ultra-fast 4G connectivity through a complimentary SIM card with unlimited data. The device is priced at R899 before discounts and integrates seamlessly with the Yoco POS system for smooth transactions.
Advanced Connectivity with Yoco Khumo
For businesses needing advanced connectivity options and higher transaction volumes, Yoco Khumo delivers an ideal solution. The card machine boasts a Full HD touchscreen interface, dual 4G SIM cards for reliable connectivity, and the versatility to connect to any WiFi network. It is priced at R1199 before the discount and offers a high-performance payment processing solution.
- Yoco Go – an affordable card machine option tailored for startups and small businesses
- Yoco Neo – a sleek, standalone card machine with a touchscreen interface and ultra-fast 4G connectivity
- Yoco Khumo – a high-performance card machine with advanced connectivity options suitable for businesses with higher transaction volumes
| Model | Price (before discounts) | Main Features |
|---|---|---|
| Yoco Go | R599 | Bluetooth connection to smartphones/tablets, Free Yoco App, Affordable for startups |
| Yoco Neo | R899 | 4G connectivity, Touchscreen interface, Free unlimited data, Yoco POS integration |
| Yoco Khumo | R1199 | Advanced connectivity options, Dual 4G SIM cards, WiFi connection, Full HD touchscreen |
Understanding the features and benefits of Yoco’s card machines can help South African entrepreneurs decide which option best suits their business requirements, ensuring ease of transactions and customer satisfaction.
Yoco’s Online Payment Solutions
In addition to Yoco’s card machines, Yoco offers online payment solutions designed to cater to businesses with an online presence. By providing secure and convenient e-commerce options such as Yoco Gateway and Yoco Link, merchants can ensure seamless online transactions and optimized customer experiences.
Enhancing E-Commerce with Yoco Gateway
Yoco Gateway is a secure and reliable payment gateway for online stores, streamlining the checkout process and ensuring efficient payment processing. With Yoco Gateway, businesses can enhance their e-commerce platform by integrating Yoco’s services in payment processing, reducing customer friction and making online purchasing a seamless experience.
Streamlining Payments with Yoco Link
Yoco Link simplifies payment collection by allowing businesses to send invoices and payment requests through a secure link, making online transactions more convenient and faster for the merchant and the customer. By utilizing Yoco Link, businesses can ensure faster, more efficient checkout processes, improving customer satisfaction and increasing the likelihood of repeat business.
Key Benefits of Yoco Online Payment Solutions:
- Secure and reliable payment processing
- Streamlined checkout processes for customers
- Efficient collection of online payments
- Increased customer satisfaction and repeat business
| Payment Solution | Description | Benefits |
|---|---|---|
| Yoco Gateway | Secure and reliable payment gateway for online stores | Seamless checkout process Efficient payment processing Enhanced e-commerce experience |
| Yoco Link | Sends invoices and payment requests through a secure link | Streamlined payments Convenient online transactions Increased customer satisfaction |
Breaking Down Yoco Transaction Fees
Understanding the Yoco transaction fees is crucial for businesses in South Africa looking for a transparent and cost-effective card payment processing solution. This section provides a comprehensive breakdown of fees based on transaction volume and the Yoco rates for transactions, both ex VAT and incl VAT.
The primary factor impacting Yoco transaction fees is the transaction volume. Smaller businesses with a gross monthly transaction volume of less than R20,000 will have a flat transaction fee rate applied. To ensure clarity, here is a table presenting the rates for businesses in this category:
| Transaction Volume | Fee (ex VAT) | Fee (incl VAT) |
|---|---|---|
| Less than R20,000 | 2.95% | 3.39% |
Yoco’s fees are designed to be competitive, allowing businesses to manage their expenses more effectively. These fees are automatically deducted from each transaction, thus preventing any unexpected charges for merchants.
Businesses need to know the fees they can expect when using Yoco’s card payment processing services. By providing transparency regarding transaction fees, merchants can make informed decisions about their payment processing, ultimately contributing to the growth and success of their businesses.
Remember that Yoco offers a sliding scale for transaction fees based on monthly turnover, with potential reductions for higher sales volumes. This structure incentivizes businesses to expand their customer base and increase sales, allowing them to negotiate customized discounts and enjoy lower rates as their business grows.
Transactional Volume: How It Affects Yoco’s Fees
Yoco offers a unique and attractive fee structure tailored to suit the needs of businesses of all sizes. The key factor affecting Yoco fees is your business’s transactional volume or monthly sales. Yoco provides lower transaction fees based on a sliding scale as your business turnover increases, which helps accommodate your business growth.
| Monthly Turnover | Fees Excluding VAT | Fees Including VAT |
|---|---|---|
| Under R20,000 | 2.95% | 3.39% |
| R20,000 – R80,000 | 2.85% | 3.28% |
| Above R80,000 | 2.6% | 2.99% |
If your business enjoys a sales volume above R80,000, the fees can be reduced to as low as 2.6%, excluding VAT. For companies with an even higher monthly turnover (>R100,000), Yoco extends the opportunity to negotiate customized discounts, allowing for even lower transaction rates as your business grows.
By offering competitive transaction fees based on your sales volume, Yoco ensures that its pricing structure caters to businesses of all sizes. With reduced transaction fees, your business can enjoy higher profit margins and succeed in the market.
So, whether you own a small pop-up store or manage a well-established business, Yoco’s fee structure is designed to help you grow your business and succeed in the competitive South African market.
Advantages of Choosing Yoco for Your In-Person Sales
Yoco offers a range of benefits to businesses looking to streamline their in-person sales process, particularly regarding real-time performance tracking and ease of card acceptance. By choosing Yoco as your payment processing partner, you can experience a seamless and efficient sales experience for you and your customers.
Real-Time Business Performance Tracking
One of the key advantages of Yoco is its ability to provide real-time business performance tracking through the Yoco app and portal. With up-to-date insights into your sales and transactions, you can make informed business decisions that help you grow and succeed.
This functionality allows you to monitor your sales effectively, track trends over time, and optimize your revenue generation strategy.
Accept All Major Cards with Ease
Yoco card machines are designed to accept all major credit and debit cards, including Visa and Mastercard. This means you can offer your customers a convenient and hassle-free payment experience, which ultimately helps to boost your in-person sales and build customer loyalty.
By providing ease of use and catering to various card types, Yoco card machines are a valuable asset for small businesses and entrepreneurs looking to offer a seamless transaction process to their clientele.
Through real-time business performance tracking, easy card acceptance, and integration with point of sale (POS) systems, Yoco can help streamline your in-person sales process while maximizing efficiency and optimizing your overall business performance.
Special Discounts and Offers Available with Yoco
Emerging South African businesses must find cost-effective payment solutions that help them grow. Yoco understands this need and offers special discounts and promotions to make their card machines more accessible.
To keep Yoco pricing competitive and appealing to businesses of all sizes, the company provides an R100 card machine discount on popular models such as Yoco Neo, Yoco Go, and Yoco Khumo. These machines come with advanced features like a touchscreen interface, ultra-fast 4G connectivity, and the ability to accept all major credit and debit cards, making them a valuable investment for any South African business.
| Card Machine | Regular Price | Discounted Price | Savings |
|---|---|---|---|
| Yoco Neo | R899 | R799 | R100 |
| Yoco Go | R599 | R499 | R100 |
| Yoco Khumo | R1199 | R1099 | R100 |
By taking advantage of these Yoco promotions, businesses can save money on the initial cost of obtaining a card machine, allowing them to allocate resources to other growth-related activities. As the company expands and transaction volumes increase, additional discounts and offers may be available to help reduce transaction fees even further, making Yoco an attractive option for businesses seeking growth and success in today’s competitive market.
Yoco Capital: A Cash Advance Solution for Businesses
Yoco Capital is a financial product designed specifically for Yoco merchants in South Africa. It offers a cash advance solution that allows businesses to access immediate funding to help grow their business or cover unexpected financial needs.
By taking advantage of Yoco Capital, small businesses can easily tackle various challenges and seize growth opportunities.
Yoco Capital comprises various features to ensure user convenience:
- Fast approval and disbursement of funds
- No need for collateral
- Repayment based on a percentage of daily card sales
- No fixed term for repayment
Eligibility criteria for Yoco Capital include:
- Being a registered Yoco merchant with an active card machine for at least 3 months
- Averaging a minimum monthly card transaction volume
- Maintaining a stable and regular transaction history
Yoco Capital caters to businesses in various industries, such as retail, hospitality, and services. The cash advance solution empowers businesses to expand their customer reach, purchase new equipment, refurbish premises, or invest in marketing and promotions.
| Advantages | Disadvantages |
|---|---|
| Immediate funding to help grow your business | Available only to Yoco merchants |
| No collateral needed | Repayment based on daily card sales, which may cause cash flow issues |
| Flexible repayments tied to your daily card transactions | Requires a stable and regular transaction history |
| Fast approval process | Not suitable if card transactions aren’t a significant part of your business |
Yoco Capital is an excellent financial product for small businesses in South Africa that helps to support business growth and overcome financial hurdles. Its cash advance solution enables entrepreneurs to make the most of available opportunities within their respective industries, making Yoco Capital a popular choice among South African business owners.
Integrating Yoco with Point of Sale (POS) Systems
Modern businesses demand efficient and seamless sales processes to meet customer expectations. One way to achieve this is by integrating Yoco’s card machines with your existing Point of Sale (POS) systems. As a robust business tool, Yoco’s POS integration enables the synchronization of sales and transaction data, minimizing errors and streamlining daily operations.
Tailoring Your Business with Yoco’s POS Integration
Yoco’s POS integration empowers you to customize your business operations by working in harmony with various POS systems in the market. This flexibility allows for a personalized approach to managing transactions, enhancing the overall experience for both merchants and customers. Critical Benefits of Yoco’s POS Integration:
- Seamless integration with leading POS systems
- Improved transaction efficiency and accuracy
- Automatic synchronization of sales data
- Real-time business insights and reporting
Finding the right POS system that complements your business requirements is essential to optimizing the benefits of Yoco’s POS integration. To help you make an informed decision, here is a comparison table of popular POS systems compatible with Yoco’s card machines:
| POS System | Industry | Key Features | Platform Compatibility |
|---|---|---|---|
| Vend | Retail | Inventory management, flexible payment methods, real-time reporting | PC, Mac, iPad |
| Gaap | Restaurant, Hospitality | Table management, menu customization, stock control | Windows |
| igs-POS | Retail, Restaurant | Stock control, reporting, offline mode | iPad, Android tablets |
| Tillpoint | Multi-industry | CRM, E-commerce, Accounting, Inventory management | iPad |
| Kounta | Hospitality, Retail | Table management, menu updates, customer database | iPad, Android tablets, Mac, API |
Integrating Yoco’s card machines with the right POS system can make your sales process more efficient, allowing you to focus on other aspects of growing your business.
The Importance of No Contracts or Monthly Fees with Yoco
Yoco’s payment solutions offer significant benefits to freelance professionals and small business owners, thanks to their straightforward and flexible approach to pricing. Without contracts or monthly fees, merchants can enjoy hassle-free payments and maintain better control over their expenses.
Typically, payment processing companies require lengthy contracts or impose recurring monthly fees, which can deter small businesses and freelancers from adopting their services. However, Yoco eliminates this burden, making it an attractive option for those seeking more agility and autonomy in managing their finances.
To illustrate the advantages of Yoco’s pricing compared to traditional payment processors, let’s look at a comparison table.
| Features | Yoco | Traditional Payment Processors |
|---|---|---|
| No Contracts | Yes | No |
| No Monthly Fees | Yes | No |
| Transparent Pricing | Yes | Varies |
| Volume-based Discounts | Yes | Varies |
| Business Support Tools | Yes | Varies |
As the table illustrates, Yoco’s pricing model offers distinct advantages over traditional payment processors, providing more transparency and flexibility in managing your finances. With their commitment to eliminating contracts and monthly fees, Yoco empowers businesses to grow at their own pace without being restricted by financial obligations.
In conclusion, Yoco’s approach to pricing caters to the specific needs of small businesses and freelancers in South Africa who require a payment solution that adapts to their evolving needs. By eliminating the hassles of contracts and monthly fees, Yoco ensures merchants have access to payment processing and financial freedom.
Comparing Yoco Rates to Other Card Machines in South Africa
To determine how competitive Yoco’s rates are within the South African market, it is essential to examine how they stack up against other popular card machine providers. This comparison will provide valuable insights into the potential cost savings and benefits of choosing Yoco as your payment processing solution.
Examine How Yoco Stacks Up Against Competitors on Fees
The table below illustrates a brief comparison of the transaction fees charged by Yoco and its competitors, enabling you to decide when selecting a card machine provider in South Africa.
| Provider | Transaction Fee (excl. VAT) | Transaction Fee (incl. VAT) | Contract Required |
|---|---|---|---|
| Yoco | 2.6% – 2.95% | 2.99% – 3.39% | No |
| ZipZap | 2.75% – 3.25% | 3.16% – 3.73% | No |
| iKhokha | 2.75% – 3.5% | 3.16% – 4.02% | No |
| Paycorp | 3.0% – 3.5% | 3.45% – 4.02% | Yes |
In the card machine fees comparison above, Yoco displays a competitive edge over its rivals, offering competitive transaction fees with the added advantage of volume-based discounts and no contracts. This transaction fee analysis showcases the potential cost savings as your business grows, making Yoco an attractive option for South African entrepreneurs needing a flexible, easy-to-use card processing solution.
To sum up, Yoco’s commitment to providing cost-effective rates, transparency, and flexibility allows them to stand out among their competitors. By comparing Yoco against other payment processors in terms of fees, it becomes evident that choosing Yoco for your South African business can be a wise decision, leaving you more room to focus on growing and expanding your enterprise.
FAQ
What are Yoco’s transaction fees for South African businesses?
Yoco’s transaction fees range from 2.6% – 2.95% excluding VAT to 2.99% – 3.39% including VAT, depending on the volume of transactions processed.
Are there any special discounts for Yoco card machines?
Yoco offers a R100 discount on card machines, such as Yoco Neo, Yoco Go, and Yoco Khumo, making them more affordable for South African businesses.
How does Yoco’s pricing model work?
Yoco’s pricing model is simple and transparent, charging businesses a consistent per-transaction fee based on turnover with no hidden costs or additional charges.
What are some features of Yoco’s card machines?
Yoco card machines offer features such as touchscreen operation, 4G connectivity, Bluetooth pairing, and built-in printers, depending on the model the business owner selects.
Which online payment solutions does Yoco provide?
Yoco offers Yoco Gateway, an online payment solution for e-commerce businesses, and Yoco Link, a tool that simplifies sending secure invoices and payment requests.
How do transactional volumes affect Yoco’s fees?
Yoco reduces its transaction fees based on the monthly turnover, reaching as low as 2.6%, excluding VAT for businesses with sales exceeding R80,000. Customized discounts are available for turnover higher than R100,000.
What advantages does Yoco offer for in-person sales?
Yoco provides real-time business performance tracking, seamless integration with POS systems, and the ability to accept all major credit and debit cards, making it an ideal solution for in-person sales.
Can Yoco’s card machines be integrated with Point of Sale (POS) systems?
Yes, Yoco’s card machines can be integrated with various POS systems, allowing a tailored approach to business transactions and a seamless sales process for merchants and customers.
Are there contracts or monthly fees associated with using Yoco?
Yoco does not require contracts or charge monthly fees, providing a hassle-free financial commitment for freelance and small business owners.
How do Yoco’s rates compare to other card machines in South Africa?
Yoco’s fees and rates are competitive compared to other card machines in South Africa, offering volume-based discounts and a no-contract approach to make it a cost-effective choice for businesses.
Conclusion
Opting for Yoco transaction fees and their range of card machines, South African businesses can benefit from a cost-effective payment processing solution that caters to their specific needs. With a straightforward and transparent pricing model, Yoco enables merchants to anticipate and manage their fees while promoting business growth easily.
Yoco is an ideal South African business choice due to its competitive rates, volume-based discounts, and no hidden costs. The company offers a selection of Yoco card machines tailored to various business requirements, making it easy for entrepreneurs to find the best fit for their operations.
Moreover, Yoco empowers businesses with tools such as Yoco Capital, providing financial support for expansion and unexpected expenses. By choosing Yoco, South African merchants can enjoy numerous Yoco benefits, reinforcing their path towards success and growth in an increasingly competitive market.
