The new product from iwoca supports small businesses to be paid upfront while letting their customers spread their costs over 90 days, according to the official press release. iwoca launched iwocaPay in June 2020 to support small businesses to get paid and to help both SMEs and their customers to manage cash flow.
As the UK enters a second lockdown, iwoca has decided to make its 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.
iwocaPay is available to all limited companies and sole traders in the UK for invoices between GBP 150 and GBP 15,000.
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