iwoca announces its buy now pay later service will be free during the UK’s second lockdown

Small business lender iwoca has will offer its invoice payments product iwocaPay for free throughout the UK’s second national lockdown to support small businesses impacted by coronavirus.

Like most installments solutions – like the ones offered by Klarna, AfterPay and PayPal – iwocaPay allows small businesses to be paid upfront while letting their customers spread their costs over 90 days. iwocaPay is available to all limited companies and sole traders in the UK for invoices between £150 and £15,000.

iwoca 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

“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.”

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