Consumers are always looking for ways to simplify their lives and make purchases more convenient. That’s why IwocaPay, an innovative payment solution, is quickly gaining popularity among businesses and consumers alike.
In this blog, we’ll explore the reasons why IwocaPay is becoming a go-to payment option and why your business should offer it.
What is IwocaPay?
IwocaPay is a payment solution that allows consumers to Pay Now in just a few clicks, or Pay Later to spread the cost over a number of instalments. This Pay Later payment option is beneficial to customers who may not have the funds to make a full payment at the time of purchase and to B2B businesses who want to help their trade customers to spend more. IwocaPay takes care of the payment processing and assumes the risk of default, making it a win-win for both sides.
Payment is made via a unique Buy Now Pay Later link in an email or an invoice which offers the customer the option to spread the cost over 90 days – with a clear payment schedule provided to your customer. It is worth noting that it is not compulsory for your customers to pay in instalments, and so any customers wishing to settle the balance in one go – either immediately, or on a set date – are able to do so, with interest only incurred to the payment date.
If you are currently incurring transaction charges through other payment services, the Pay Now button can be a huge advantage in its own right. The Pay Now feature incurs no charges at all for either you or your customer.
Would IwocaPay work for my business?
IwocaPay is best suited to businesses operating in the B2B space, particularly those that sell products or services with high order values or longer payment terms. It can suit a whole range of industries, from Manufacturing to Professional Services. IwocaPay can also be particularly useful for businesses that have seasonal fluctuations in sales or those that rely heavily on imported goods and long delivery times.
Benefits of offering IwocaPay
1. Increased sales
By offering IwocaPay, your business can attract customers who may not have been able to afford the full payment upfront. The payment option enables your customers to make purchases in more manageable portions, leading to increased sales and revenue for your business. In fact, according to IwocaPay, 57% are more likely to purchase when given the option to Buy Now Pay Later.
2. Reduced risk
One of the significant benefits of IwocaPay is that it allows businesses to reduce the risk of non-payment or payment delays – your business will receive the full funds as soon as the customer checks out. By taking care of the payment, your business is free to focus on other aspects of their operations.
3. Cost
IwocaPay can be setup so that there are no costs or charges incurred by your company for the lending facility. Your customers have the option to spread the cost of purchases over 90 days. Details of the anticipated interest charge are provided to your customer at the initial checkout, showing the nominal interest rate, and there are no penalty charges incurred to them for early settlement.
As mentioned previously, the Pay Now function can also be a cost-saver for your company, with no fees incurred for either you or your customer.
4. Customer Experience
The IwocaPay payment platform is designed to reduce the ‘clicks to pay’ process to aid the checkout and overall experience for your customers. It takes just 3 clicks to pay with IwocaPay.
5. Improved customer loyalty
Customers appreciate businesses that provide flexibility and convenience, and they are more likely to return to a business that offers these benefits thereby improving customer loyalty.
How can we help?
As consumers continue to seek out convenient payment options, IwocaPay is quickly becoming a popular choice and, by offering IwocaPay, your business can stay ahead of your competitors while helping to maintain a positive cashflow for your business.
To discuss payment solutions in more detail, contact our digital advisory team by emailing fintech@haroldsharp.co.uk, call 0161 905 1616 or contact Ryan below.
Ryan Alderson, Lead cloud specialist
T: 0161 905 1616
DD: 0161 926 0512
E: ra@haroldsharp.co.uk