iwoca, one of Europe’s largest small business lenders, has integrated its B2B payment solution iwocaPay with eCommerce software WooCommerce. According to industry analysts Statista, WooCommerce holds 37% market share of eCommerce software platforms worldwide. iwocaPay’s new extension will provide tens of thousands of eCommerce businesses with the option to offer buy now, pay later to their business customers.
New B2B BNPL solution for eCommerce
This announcement comes just after iwocaPay launched its brand new B2B BNPL API solution. WooCommerce is one of the first companies it has connected with the application. The new solution allows businesses to embed iwocaPay into their eCommerce checkouts.
The company says it makes iwocaPay the only UK-based B2B BNPL provider that is fully omnichannel. The facility lets businesses offer B2B payment terms to their customers (whilst getting paid instantly themselves) anywhere they take payments. This includes invoices, in person, or in their eCommerce checkout.
iwoca calls for more plugin partners
Leading the way in embedded finance, iwoca is calling for more partners to integrate with their B2B payments solution. Lara Gilman, Co-lead of iwocaPay said: “We’re proud to be the only fully omni-channel B2B buy now, pay later provider in the UK. Enabling businesses to offer payment terms in their invoice, eCommerce checkouts, or anywhere they take payments.
“We’re delighted that WooCommerce users now have the option to include iwocaPay in their checkout. They can offer business customers the extended payment terms they need, without carrying the credit or late payment risk.
“We welcome more companies to integrate with iwocaPay. We can help both buying and selling businesses grow and manage cash flow with our digital B2B BNPL payment solution.”
Enterprise Times: What this means for business.
The global B2B eCommerce sector is expected to expand to over $33 trillion by 2030. Consumers expect to make purchases with their preferred payment method. Growth in this market is a key tailwind for B2B BNPL – a market currently worth $1 trillion.
Last year, Marqeta released a report highlighting the increased popularity of credit cards and flexible payment options. This includes options such as Buy Now Pay Later (BNPL). Hence iwoca’s new extension, iwocaPay built for WooCommerce using its new eCommerce API solution for B2B customers.
The company recently announced that it saw 250% growth in Pay Later transactions over the past 12 months. It will be interesting to see if other providers will take up iwoca’s call to action for more integrations to help eCommerce businesses offer B2B buy now, pay later from their online stores.
With a recession on the horizon, increased energy costs and the continued impact of the Ukraine, businesses, particularly SMEs, will be looking for any means to improve cash flow and grow their business.
