How does iwocaPay work for small businesses?

We’re super excited to announce that we’ve partnered with iwocaPay, who are improving small businesses cash flow by making it simpler for their customers to pay invoices.

What is iwocaPay?

Gone are the days where you wait for your customers to set up a new payee, type in all your bank details, reference and amount, in order to transfer the money to pay your invoice.

With iwocaPay, your customers can pay with no hassle, quickly and easily.

IwocaPay is a payments platform that can be added to your invoices, which allows your customers to choose to Pay Now in just a few clicks, or Pay Later and spread the cost over 90 days.

It’s completely free to use and you get paid instantly, no matter what option the customer chooses.

How does iwocaPay work?

Signing up with iwocaPay is quick and easy and once you’re signed up, you can link it to Xero and add an iwocaPay payment link to your invoices.

When your customers receive their invoice from you, they’ll have the option either pay now or pay later:

Pay Now

This is an alternative to card payments and is completely free for you and your customers.

Once your customer decides to pay now, they will need to select which bank they’re with, and they’ll be directed to their bank where they can either scan a QR code to open their banking app on a phone, or log into online banking on their desktop.

From here, they will see a confirmation of the bank transfer they’re making and once they hit confirm, iwocaPay will process the payment and you will get the money into your bank account straight away.

Pay Later

This lets your customers spread the cost of an invoice over 90 days, into 3 equal monthly payments.

You get the invoice amount instantly and in full, with iwocaPay taking on all the credit risk – so you’ll never be asked for a penny if your customer misses a payment.

There’s a 1.5% rep rate charge for any invoices settled using Pay Later. When you’re setting up iwocaPay, you can decide whether you pay the interest or your client pays the interest. Understandably, most businesses pass this charge on to their customers.

Even if your customer never pays iwocaPay, you’ll never need to pay anything.

Any UK limited company can sign up to spread the cost of an invoice up to £15,000 with Pay Later.

Here’s what it’s like paying with iwocaPay:

Try out iwocaPay for yourself:

If you’re ready to sign up, click on the link (you’ll even get a £100 voucher for signing up). Their helpful onboarding team will assist in getting everything set up for you!


Picture of Anousheh Borji

Anousheh Borji

Anousheh is a partner at Quay Accountants and specialises in small business accounting, helping make accounting as stress free as possible!