Iwoca Pay Blog
SINCLAIR DAY ACCOUNTANCY LTD
Making a positive impact on the lives of business owners by putting cloud technologies in place to free up time
For those of you who know us, you know we love a great app or system which makes our lives easier, particularly, the getting paid part!?Well, IwocaPay does just that and we love it!
One of the biggest frustrations any business faces is getting paid and the easier we can make it for clients to pay us, the better.?Whilst I love the Stripe integration with Xero, giving us the “Pay Now” button, there are charges deducted from the funds we receive and this can be quite costly, particularly on those larger invoices.
This is where IwocaPay comes into its own.?It links with Xero, so still giving you the “Pay Now” button, however, there are no fees deducted from the funds you receive and the money is received by you instantly!?You’re now thinking, but where’s the catch??The catch is simply in which of your clients can use the full functionality of IwocaPay.
One of the other benefits it provides is enabling your eligible business clients to split your invoice into 3 payments.?There is interest to pay with this option (this is where they make their money), however, you have a choice as to whether you cover the interest cost, thus providing your clients with an interest free option, or you can let them pay for it.?
If you decide to make the option interest free for your customers, there is a cost of 3% of the value of the invoice to you for your client using this option, however, you do receive full payment of the invoice immediately.
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In the event that your client defaults on the monthly repayments, you will not be asked to return the funds you have received.
Your non eligible clients can still pay via IwocaPay, they just have to pay the invoice in full.
Benefits are huge…funds received in full, immediately and your eligible clients get an option to split your invoice, without impacting your cashflow…what’s not to love?
If you’d like to learn more about Sinclair Day Accountancy or how we could help you achieve your dreams, please contact?[email protected]?or take a look at our website?www.sinclairday.co.uk