We’ve made iwocaPay free for small businesses during lockdown


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We’ve made iwocaPay free for small businesses during lockdown

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We’ve made iwocaPay free till 2021 - get invoices up to £15,000 paid today

We built iwocaPay to help businesses get their invoices paid. To support small businesses impacted by lockdown, we’ll be making iwocaPay free to use for all pay links paid between now and the 31st December 2020. You can see the full terms here.

1. Send your business customers a pay link with their invoice - any invoice up to £15,000, even ones which are already overdue.

2. Your customers apply to pay over up to 90 days - we’ve extended the usual 30 days interest free to cover the full 90 days.

3. You get paid by us as soon as they checkout - we’ve removed the 3% fee for invoices paid via iwocaPay.

How iwocaPay works

iwocaPay is available to all limited companies and sole traders in the UK for invoices up to £15,000. Suppliers get paid up front and their business customers can spread the cost over up to 90 days.

For suppliers:

All you need to do is add an iwocaPay pay link to your invoices – give your customers more flexibility and get paid up front all from one simple pay link.

You can send a pay link for invoices old and new – your customer has everything they need to get you paid on time, no matter what’s around the corner. You can even use it with invoices that are already overdue.

Once your customer checks out you get paid – we'll never ask you for the cash if your customer doesn't pay us.

For business customers:

Click your pay link – you can find this in the email with your invoice, if you don’t have one let your supplier know and they'll send one over.

Get flexible payment terms – there’s a quick 5 minute sign up.

Choose how you pay – once you’ve signed up for extended payment terms you control how and when you use them. Spread the cost over the full 90 days, pay off a chunk earlier or even the whole amount if you like; whatever works best for your business.

Why we're doing this

During the first lockdown . . .

  • 40% of B2B suppliers were owed more than £10,000 in outstanding invoices
  • a third of small businesses lacked any confidence that they would ever get paid (from our research in June)
  • a quarter of all UK businesses (of which SMEs represent the majority) ceased trading
  • over half of those that continued to trade saw a fall in turnover (according to ONS data)
  • the number of times small businesses offered iwocaPay to their customers (sharing a paylink) grew 700%
  • there was an 85% spike in the number of small businesses using iwocaPay.

We launched iwocaPay in June 2020 to make it easier for small businesses to get paid and to help both SMEs and their customers to manage cash flow. As the country enters a second lockdown, we’ve decided to make our product free to help SMEs stay in business and keep cash positive. Usual fees for sellers and interest charged over the 90 day duration of the product for buyers will be dropped. Sellers will get 100% of their cash upfront for their invoices whether they are new or outstanding.

We’re committed to helping businesses get paid on time

“We want to open up our product to help as many people as possible get paid during this time,” said Lara Gilman, Co-lead of iwocaPay. “We now know that lockdown has amplified the challenges SMEs have been battling such as low productivity and late payments, so removing all of iwocaPay’s fees will help ensure the same thing does not happen again.”

“Coronavirus can and should trigger a step-change for small businesses to become more efficient, productive and resilient. We want to help by doing our bit and being there for small businesses when they need us the most.”


Charlotte was a UK PR Manager at iwoca. She's been sharing news and insights about the finance industry for over four years.

Article updated on:
November 30, 2020

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