Xero Gives UK Clients ‘Pay Later’ Option, Courtesy Of IwocaPay

by Liz Seyi Digital marketing manager

A “pay later” option has been added to Xero’s cloud-based accounting software for the first time, in the form of an integration with the invoice checkout solution, iwocaPay.

It is a development that promises to bring even more convenience and choice for those making use of Xero training in Plymouth or Wellington; indeed, it is presently only available to UK customers.

What is iwocaPay?

IwocaPay is a service that was introduced by European small business lender iwoca in June 2020, to assist small and medium-sized businesses with the management of their cash flow.

The principle of iwocaPay is that it allows small firms to have their invoices paid immediately, while presenting their customers with the choice of paying upfront or spreading the cost over 90 days.

At a time that has seen heightened financial challenges for businesses and customers alike, iwocaPay could therefore be an invaluable tool for both parties in their efforts to navigate pandemic-related uncertainty.

The past year has seen many ‘high-street’ businesses, for instance, move their operations largely or entirely online, leaving them having to explore new means of attracting and retaining customers.

Many customers and buyers themselves, meanwhile, have experienced greater pressure on their incomes, leading to more cost-conscious purchasing habits.

A service that could be key to “easing the burden”

The collaboration between Xero and iwocaPay will mean that the latter service becomes directly accessible in the cloud accounting platform. It will enable small businesses to give their business customers an easy-to-use ‘pay later’ option.

In the words of Lara Gilman, co-lead of iwocaPay: “We’re proud to be Xero’s first UK invoice checkout solution that offers a ‘pay later’ option. Having the flexibility to pay a supplier later is critical in helping small businesses manage cash flow and iwocaPay provides a better way to offer that flexibility.”

Director of partnerships for Xero UK and EMEA, Michael Green, stated: “Cash flow is the number one reason small businesses fail. Interruptions in payments can have a devastating impact on the survival of a business. So it’s great to see tools like iwocaPay easing the burden, especially at this difficult time.”

Could your firm stand to benefit from our digital bookkeeping services?

We’re in a fast-evolving economic landscape, especially as measures begin to be put in place to allow UK businesses to not only recover from the pandemic, but thrive in the months and years to come.

If one of the steps your Devon or Somerset business is considering is a switch to the latest cloud-based accounting software, don’t wait any longer to enquire to the Britebooks team. Call or email us now for a more in-depth discussion of the possibilities for QuickBooks or Xero training in Plymouth or Wellington.