How To Opt In and Out of Yield
- Overview of the Yield Feature
Interest Rate: Earnipay provides a 7% annual interest rate on eligible balances.
Eligible Accounts: Interest is earned on the combined balances of primary and expense accounts. (PS: Yield is not generated on Collection accounts)
Minimum Balance Requirement: To qualify for yield, businesses must maintain a minimum sitting balance of Ten Thousand Naira (₦10,000).
Accrual and Payout: Interest accrued is credited into the business’s primary account at the end of every month. Businesses can monitor their daily accrued interest through the Yield report screen.
How to Opt-In for Yield
Yield is not automatically applied after creating an account; businesses need to manually opt in to start earning interest. Follow these steps to activate the Yield feature:
- Step 1: Log In to Your Business Account
Start by logging into your Earnipay business account using your credentials.
- Step 2: Navigate to the Yield Menu
On the sidebar, locate the “Account” menu. Under this, find the sub-menu labeled “Yield.”
Click on the “Yield” sub-menu to proceed.
- Step 3: Opt-In for Yield
On the Yield screen, look for the “Opt-In for Yield” button. Click on this button to start the process.
A modal will appear, outlining the terms and conditions of the Yield feature.
- Step 4: Agree to the Terms and Conditions
Read through the terms and conditions provided in the modal. These terms will detail how the interest is calculated, the minimum balance requirements, and other relevant information.
After reading, check the checkbox to confirm that you agree with the terms and conditions.
- Step 5: Confirm Opt-In
Click on the “Opt-In” button to activate the Yield feature for your business account.
Once completed, you will start earning interest on your eligible balances. You can now sit back and watch your money grow.
Monitoring Your Yield - Yield Report Screen: You can track the daily accrued interest on your Yield report screen. This feature provides a clear overview of how much interest you are earning each day.
- Monthly Payout: All accrued interest will be credited into your primary account at the end of each month, boosting your business’s financial growth.
How to Opt-Out of Yield
If, for any reason, you decide that you no longer wish to earn interest on your balances, you can easily opt out of the Yield feature. Please note the following: - Forfeiture of Interest: Opting out will result in the forfeiture of all accrued interest for that month.
- Steps to Opt-Out: Navigate back to the Yield menu and look for the “Opt-Out” option. Follow the on-screen instructions to complete the opt-out process.
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