iwoca has announced the integration of its B2B payment solution iwocaPay with WooCommerce.
WooCommerce holds 37 per cent 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 business customers.
This announcement comes just after iwocaPay launched its brand new B2B BNPL API solution, and WooCommerce is one of the first companies it has connected with. The new solution allows businesses to embed iwocaPay into their eCommerce checkouts, and makes iwocaPay the only UK-based B2B BNPL provider that is fully omnichannel, letting businesses offer B2B payment terms to their customers (whilst getting paid instantly themselves) anywhere they take payments – whether that’s in invoices, in person, or in their eCommerce checkout.
The global B2B eCommerce sector is expected to expand to over US$33 trillion by 2030, and growth in this market is a key tailwind for B2B BNPL – a market currently worth US$1 trillion. iwocaPay recently announced that it saw 250 per cent growth in Pay Later transactions over the past 12 months.
Lara Gilman, Co-lead of iwocaPay said: “We’re proud to be the only fully omnichannel B2B buy now, pay later provider in the UK, letting businesses offer payment terms in their invoice, their eCommerce checkouts, or anywhere they take payments. We’re delighted that WooCommerce users now have the option to include iwocaPay in their checkout, so they can offer business customers the extended payment terms they need, without carrying the credit or late payment risk.”