These are the very words our client said to me, after their automated payment had failed. We were able to arrange payment in 3 instalments, and your customers can also pay you in 3 instalments, provided by IWOCAPay.
More and more business owners are coming to us saying they’re struggling to get their customers to pay. And although most of our payments are collected automatically, sometimes our clients can’t manage that payment, and are looking for an alternative.
Therefore it’s crucial to have a solution that you can offer to your customers, but also to look out for when arranging payment to your suppliers too.
Your customers are struggling to pay you
Most likely you have payment terms already agreed with your customers. You may even have an automated payment collection in place, but sometimes this isn’t enough. There are lots of reasons why cashflow might be tight for your customer, but being able to offer them 3 instalments to pay is great customer service to provide to them, and also means you’ll still get paid.
All you need to do is send them a payment link, with the amount due and invoice reference, and they can choose whether to pay now, or in 3 instalments.
IWOCAPay pays you straight away, and handles the payment collections from your customers, so there is no admin on your side.
You are struggling to pay your suppliers
Now that you know what a great solution IWOCAPay is, you can suggest the same solution to your suppliers!
They may be in the same position as you, closely watching their bank balance, so imagine if you bring them a solution that allows them to get paid immediately, and helps their cashflow, while allowing you and their other customers to pay over 3 months?
How does it work?
We’ve worked closely with IWOCA for several years, offering funding solutions to business owners.
Their newer solution IWOCAPay is already a life saver for many businesses, enabling faster payments into your bank account, and allowing your customers instalment payments over 3 months.
All you do is send a paylink to your customer, and once they sign up, IWOCAPay pays you straight away, and manages the payment collection from your customer.
How can you use it?
Once you’ve set up your account with IWOCAPay, there are 4 main ways to offer payment instalments to your customers.
1. Send custom paylinks:
Enter the invoice reference and amount before sending the paylink to your customer.
Each custom link can only be used once.
2. Reuseable paylink:
Set up a link with a custom amount to be used multiple times. This works well for a product or service that always has the same details and payment amount.
3. Universal paylink:
You will have a paylink that you can send to your customers for any payment amount.
Your customer adds the amount they’re paying, and the reference before making payment.
4. Add as a payment service to your Xero accounting software
Set up IWOCAPay as a payment service in your Xero account. Info here from IWOCAPay on how to do this.
Once you link Xero and IWOCAPay, you won’t need to send customers a paylink, as they will see IWOCAPay when they click the big Pay Now button on their online invoice.
How much does it cost?
You can decide whether it’s free for you, or free for your customers:
- Free for you: Your customer will pay 2.5% interest on the full balance, spread over the 3 months
- Free for your customer: You will pay a fixed 4% on the total invoice value at the end of the month
What are you waiting for? IWOCAPay is such a great solution, so all you need to do is sign up, and IWOCAPay will get in touch with you to get you up and running. They have loads of resources and FAQs and the team are super helpful.
Here’s our referral link for you to get started.
If you’d like our support to help you improve your profits and cash, please complete our Get To Know You Form and we will be in touch 🙂
Please do also check out our blog on getting paid faster, and where has all the cash gone.