UK-based small business lender iwoca has integrated its B2B payment solution with Canada-based ecommerce platform Shopify . The integration facilitates B2B retailers operating on Shopify's platform to seamlessly incorporate iwocaPay, a trade credit solution, into their online checkout processes.

By offering iwocaPay at the point of checkout, Shopify's merchants can extend flexible payment terms to their business clientele without assuming any credit risk themselves. This means they can avoid making immediate payments while still receiving instant payments from their customers. Shopify stands out as a rapidly growing commerce platform that empowers retailers to establish their online stores without necessitating extensive technical expertise.

More information about iwocaPay According to the official press release, iwokaPay was launched in 2020, and it represents a Buy Now Pay Later B2B payment solution that has a user base of over 1,000 merchants. It also integrates with platforms such as Magento, WooCommerce, QuickBooks, and Xero, which positions it to potentially assist hundreds of thousands of businesses every year. The development of iwoca's integrated B2B payment solution was driven by the necessity for SMEs to provide their customers with flexible and user-friendly payment options, secure access to capital for facilitating growth, and reduce the administrative burden associated with trade credit.

By eliminating cash flow obstacles for SMEs, iwocaPay aims to foster business expansion. Official representatives from iwoca expressed their enthusiasm about the integration with Shopify, emphasising the opportunity it presents for businesses to offer an improved alternative to trade credit through iwocaPay. With the continuous growth of online B2B enterprises, there is a rising demand for tailored solutions related to purchasing and payment procedures.

iwocaPay enables Shopify's expanding B2B customer base to provide their trade partners with extended payment terms, all while avoiding credit or late payment risks. Other developments from iwoca Iwoca is dedicated to broadening financial possibilities for small business proprietors, contributing to the stimulation of economic growth. The organisation provides loans, payment solutions, and invoice services tailored to small businesses across various industries.

In February 2023, iwoca integrated its B2B payment solution iwocaPay with Quickbooks’ accounting software package, making this invoice checkout integration available across the UK. Quickbooks supports UK businesses with their accounting needs via a cloud-first approach that allows them to run their finances on the go from mobile devices. IwocaPay aims to make invoice checkout seamless, allowing buyers to settle via either Pay Now or Pay Later.

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