Pay Later helps your customers spread the cost and make bigger purchases more manageable.
A better service without the risk. Give flexible payment terms to suit your customers and build stronger relationships. We’ll never ask you for the money back if they don’t pay us.
How does it work?
When your customers click a pay link, they'll now get the option to either Pay Now or Pay Later. No matter what they choose, as soon as your customer checks out with iwocaPay you get the full amount paid instantly in your bank account.
If they Pay Later we handle all the monthly payments for that order. We also take on all of the credit risk - so we'll never ask you for a penny if they have trouble making payments, no matter what happens.
It’s always free for you and your customer if they Pay Now. If they Pay Later who pays what will depend on how you set up your iwocaPay account (head to your dashboard to check).
Here's how Pay Later works if you chose ‘Free for you’:
Your customer can split the cost of their purchase into 3 or 12 equal monthly payments.
They'll see their estimated payment schedule including monthly payments and how much interest they'd pay for the full time based on our representative rate.
They'll confirm their email, and give us a few details about them and their business.
If they're eligible we'll show them their actual payment schedule using the interest rate based on their business.
They'll confirm they're happy to go ahead, verify their identity and link a debit card - if we need them to sign a personal guarantee they'll do this now too.
We'll pay you instantly after they hit approve - they'll be taken back to their dashboard that shows them when their payments are due and lets them pay early whenever they like.
How much does it cost your customer to Pay Later?
Your customers will only ever pay for days they use at a 2.5% repr. Rate - they can make early payments or settle up at any time and save on interest for free.
Here's how Pay Later works if you chose ‘Free for your customer’:
Your customer can split the cost of their purchase into 3 or 12 equal monthly payments.
They'll see their payment schedule including monthly payments.
They'll confirm their email, and give us a few details about them and their business.
We’ll tell them if they’re eligible and show them their payment schedule to confirm.
Once they confirm they're happy to go ahead, they’ll verify their identity and link a debit card - if we need them to sign a personal guarantee they'll do this now too.
We'll pay you instantly after they hit approve - they'll be taken back to their dashboard that shows them when their payments are due and lets them pay early whenever they like.
How much does it cost you?
There's a fixed % for any order settled using Pay Later. There's no setup costs or on-going facility fees - you only pay the % if your customer chooses to pay using Pay Later, if they choose Pay Now it's totally free.
What you pay will depend on your business and account set up when you join us, speak to the team on 0203 778 0549 to find out how this might work for your business.
How long do customers get to pay?
They can spread the cost of a order with iwocaPay over 3 or 12 months.
When do I get paid?
As soon as your customer checks out you'll be paid by us via by Faster Payment.
Who handles payments from my customer?
Once your customer checks out with iwocaPay we handle all the monthly payments for that order. We also take on all of the credit risk - so if they have trouble making payments, we'll never ask you for the cash.
Which customers can use Pay Later?
Any UK Limited company can sign up to spread the cost of up to £30,000 with Pay Later.
What happens if our customer isn't eligible for Pay Later?
If we're not able to give your customer extra time to pay they can settle up via Pay Now. If they have a bank account they'll always be able to pay via Pay Now.
Can the customer use iwocaPay to finance future orders?
Yes - once they've paid, they can use iwocaPay to spread the cost of the next order.