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iwoca gives UK businesses 12-month payment terms with new solution

By Gloria Methri

June 26, 2023

  • B2B Buy Now Pay Later
  • B2B Payments
  • BNPL
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iwocaPay, iwoca, UK, FinTech, BNPL, Pay in 12, B2B Payments, SaaS, Businesses in the UK can now give their trade customers up to 12 months to pay for products or services, with a new feature of iwoca’s integrated B2B payments solution iwocaPay. Building on a 3-month offering, iwocaPay has now added a second option allowing businesses to pay over 12 months.

iwocaPay’s ‘Pay in 12’ solution provides a new way to improve the cash flow tension between buyers and suppliers. Being able to offer a 12-month payment term means suppliers get paid upfront, and can re-invest funds back into the business immediately. For trade customers, a ‘Pay in 12’ option can mean a 70% lower monthly payment and more time to realise the returns of a purchase.

The new feature allows businesses to manage their payments like a SaaS subscription model; they can turn anything they would usually have to pay upfront into twelve monthly subscription payments.

Due to integrations with key industry players including Quickbooks, Xero, WooCommerce, and Magento, iwocaPay is now available to around one million businesses in the UK. The trade-credit alternative – offers a spending limit of up to £15k with an iwocaPay account

iwocaPay has launched a second new feature: a spending limit for businesses. Trade customers can access their own spending limit up to £15,000, to purchase goods and services from businesses accepting payments with iwocaPay. They can then use their approved limit to pay back monthly, over up to 12 months, across multiple purchases.

Where ‘Pay in 12’ solves the cash flow problem, the new spending limit feature solves another big problem – customer acquisition; nearly 30% of businesses said they’d consider not working with a supplier because of poor payment terms. By giving their trade customers an iwocaPay spending limit, businesses can provide the competitive terms their customers want, without taking on the credit management. iwocaPay takes care of the credit checking, onboarding, and repayments, so suppliers can focus on serving trade customers and closing deals.

A trade credit alternative, this new feature means customers can see their spending potential upfront before making their purchasing decisions. They can use their spending limit to buy services or products from multiple suppliers and settle payments fast with terms and spending limits built seamlessly into one checkout flow.

Lara Gilman, Co-lead of iwocaPay said, “We are proud to be launching new features to our payment solution so that we can make managing B2B payments easier for both trade customers and suppliers.  Twelve-month payment terms are unheard of in B2B payments, but transformative for suppliers and buyers. Business purchases rarely result in immediate revenue. ‘Pay in 12’ will help businesses manage their cash flow by ensuring they get paid upfront.

Our new spending limits will help them acquire and retain more customers. By offering customers spending limits and 12-month terms, businesses are providing their customers with increased purchasing power before they get to the checkout.”

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