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 invoice amount paid instantly in your bank account.

If they Pay Later we handle all the monthly payments for that invoice. 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 spread the cost of their invoice over up to 90 days - split into 3 equal monthly payments.

  1. They'll see their estimated payment schedule including monthly payments and how much interest they'd pay for the full 90 days based on our representative rate.

  2. They'll confirm their email, and give us a few details about them and their business.

  3. If they're eligible we'll show them their actual payment schedule using the interest rate based on their business.

  4. 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.

  5. 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 1.5% 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 spread the cost of their invoice over up to 90 days - split into 3 equal monthly payments.

  1. They'll see their payment schedule including monthly payments.

  2. They'll confirm their email, and give us a few details about them and their business.

  3. We’ll tell them if they’re eligible and show them their payment schedule to confirm.

  4. 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.

  5. 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 3% for any invoice settled using Pay Later. There's no setup costs or on-going facility fees - you only pay the 3% if your customer chooses to pay using Pay Later, if they choose Pay Now it's totally free.

Here’s an example to give you an idea of how much it might cost you if your customer chose to Pay Later:

If your customer paid a £2500 invoice using Pay Later it would cost you £75 - it’ll never cost you a penny more, even if they never pay us. You’re always paid the full invoice value instantly as soon as your customer finishes check out and we’d invoice you for the fee at the end of the month.


How long do customers get to pay?

They can spread the cost of an invoice with iwocaPay over up to 90 days - split into 3 equal monthly payments.

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 iwocaPau we handle all the monthly payments for that invoice. 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 an invoice up to £15,000 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.

What's the Net Term period?

The Net Term period is the 30 days after iwocaPay has settled an invoice with the Seller. This works like normal net payment terms in that the Buyer has this period to settle the original invoice amount to iwocaPay, for free.

What's the Extended Term period?

The Extended Term period is a further period over which the invoice cost can be spread, usually up to 90 days. The cost of repaying in this period will be clearly outlined in advance.

Can the customer use iwocaPay to finance future orders?

Yes - once they've paid their invoice, they can use iwocaPay to spread the cost of the next invoice. 

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