Integrating iwocaPay – iwoca’s invoice checkout – into Xero’s platform, will “for the first time provide small businesses with a Pay Later option for their business customers,” according to a release shared with CI.
iwocaPay – a new invoice payments product from iwoca that was introduced in June of last year – helps small businesses and their clients with managing their cash flow. It allows SMBs to get paid “immediately” while giving their clients the option to either pay upfront or spread the cost over a 90 day timeframe.
As part of this integration, iwocaPay will be “directly accessible in Xero.” Small business owners may choose to add this new feature to their Xero invoices and “by doing so get them easily and digitally reconciled, whilst at the same time offering attractive payment options to their customers.”
As mentioned in the announcement;
“Leading the way in embedded finance, iwoca is calling for more partners to integrate with their invoice payments product. Further collaborations will help bring the finance ecosystem together and make it easier for small businesses to recover and get back on track. The ability for the industry to offer this flexibility to their customers will create a powerful support tool for small businesses, enabling them to stay agile and get what they need quickly.”
Lara Gilman, Co-lead of iwocaPay noted that they’re proud to be Xero’s first UK invoice checkout solution that provides a Pay Later solution. Gilman also mentioned that “having the flexibility to pay a supplier later is critical in helping small businesses manage cash flow and iwocaPay provides a better way to offer that flexibility.”
“We’re delighted that Xero customers now have the option to include iwocaPay on any invoice. Suppliers can more easily offer business customers the extended payment terms they need, without carrying the credit or late payment risk. We welcome more partners to integrate with iwocaPay so that we can get invoices paid. The vision is for our invoice checkout solution to be available to the entire ecosystem of fintechs, brokers, accountants and bookkeeping platforms.”
Michael Green, Director of Partnerships, Xero UK & EMEA, pointed out that cash flow is “the number-one reason small businesses fail.” Green explained that “interruptions in payments can have a devastating impact on the survival of a business,” which is why “it’s great to see tools like iwocaPay easing this burden, especially at this difficult time.”
SMBs may begin adding iwocaPay to their Xero invoices via iwoca’s portal.