One million businesses can now get 12 month payment terms

• B2B BNPL payment solution iwocaPay – currently available to one million businesses thanks to integrations with Quickbooks, Xero, WooCommerce, and Magento – has launched two new features:
• First – ‘Pay in 12’: twelve month payment terms for SMEs, designed to solve cash flow problems.
• Second – a trade credit spending limit for businesses to use with multiple suppliers, designed to help customer acquisition. 

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 12 month payment term means suppliers get paid up front, and can re-invest funds back into the business immediately – while still giving eligible trade customers the option to spread their purchases even further. 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.¹

The new feature allows businesses to manage their payments like a SaaS subscription model; they can turn anything they’d usually have to pay up front for into twelve monthly subscription payments. 

Thanks to integrations with key industry players including Quickbooks, Xero, WooCommerce and Magento, iwocaPay is now available to around one million businesses in the UK.² 

The trade credit alternative – offer a spending limit 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.³ 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’re 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.”

iwoca is the only UK-based B2B BNPL provider that’s fully omni-channel: available wherever businesses take payments, whether that’s invoices (like QuickBooks and Xero), ecommerce checkouts (like WooCommerce and Magento), or in person. 

iwocaPay is calling for more partnerships and integrations to bring this effortless solution to more users; its aim is for its digital B2B payment solution to be accessible to the entire business ecosystem, whether that’s through accounting platforms, ecommerce sites or somewhere else; for goods, services or SaaS subscriptions. 

Businesses can sign up to offer Buy Now, Pay Later over 12 months to their trade customers here, or apply for a BNPL spending limit here. 

Footnotes

1. Comparing the monthly repayments of a £10,000 purchase spread over 3 months vs 12 months with iwocaPay
2. According to BEIS there are 5.5m SMEs (less than 250 employees). Roughly 20% are B2B (iwocaPay’s own analysis) = 1m businesses. 
3. iwoca's own research: 'Levelling the paying field'

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