In a nutshell, how does iwocaPay work?
iwocaPay is a finance solution that allows businesses to offer their customers more time to pay an order. iwocaPay settles an invoice with the Seller, and the Buyer agrees to pay iwocaPay later. The Seller invites the Buyer to use iwocaPay to spread the cost of an invoice using a PayLink.
What is the minimum and maximum amounts that can be financed?
The minimum amount is £150 and the maximum is £15,000.
How long do Buyers get to pay?
Buyers can spread the cost of an invoice with iwocaPay over up to 90 days. They can make early repayments or settle up at any time for free - we don't charge any fees.
What is 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.
What is 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 Extended Term will start automatically on the 30th day after we've settled the invoice. The cost of repaying in this period will be clearly outlined in advance.
How does the Buyer get approved to use iwocaPay?
The Seller will invite the Buyer to sign up with iwocaPay using a ‘PayLink’.
What’s a PayLink?
When a Seller refers their customer to iwocaPay, they’ll generate a unique PayLink for the invoice. Their customer can use this link to sign up for iwocaPay and apply for finance.
Can the customer use iwocaPay to finance future orders?
Yes, but the Buyer can only have once invoice outstanding at any time. Once an invoice is repaid then they can ask iwocaPay to finance the next invoice.