We spoke with Albie Attias, Ecommerce Director at IT Bay, about how they serve more trade customers by offering flexible payment terms while also reducing credit risk.

IT Bay is an online technology shop selling electronics and IT products in the UK. They sell to both individual consumers and trade customers through their website, which is their primary route to market. 

With high-ticket items and a fast-moving market, trade credit is a must
In the IT and electronics space, offering credit isn’t just a nice-to-have – it’s an industry expectation.

“A lot of our customers are resellers,” explains Albie. “They’re selling the products to their own customers and in many cases they’re not getting paid straight away either. Finance is absolutely essential.”

Before using iwocaPay, IT Bay had only one credit facility for trade customers. While they offered Klarna and PayPal for consumers, there wasn’t a suitable solution for trade customers needing to split payments.

“For some time we were on the lookout for a finance company to help us cater to our trade customers,” says Albie. iwocaPay filled that gap, enabling IT Bay to offer flexible payment terms to trade customers without taking on additional risk.

“With iwocaPay we can close more sales,” says Albie.

Win more businesses without worrying about the risk

Some customers were already familiar with iwocaPay. Others who were new to it found the sign-up process quick and seamless. “We position it as our finance partner,” Albie explains. “It’s an easy conversation.”

With iwocaPay, IT Bay can say yes to more customers, leading to more closed sales while also reducing risk. It’s also a way to reach new customers, especially small business customers, who are often declined by traditional insurers. “The beauty of iwocaPay is that once the customer is approved, the risk passes entirely to iwocaPay,” says Albie. “We can relax knowing that once that decision's been made, all the risk passes to iwocaPay, which is brilliant.”

In one case, a long standing customer wanted to improve their cash flow. Before, they were required to pay on a card in full before the order could be dispatched, but since using iwocaPay, they’ve been able to split payments across 3 or 12 months. That flexibility eased their cash flow and helped them take on more business, while IT Bay got paid upfront.

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