Today, renowned Buy Now, Pay Later (BNPL) service provider Hokodo unveiled a new plug-in for Shopify, a global e-commerce platform. With the help of this integration, B2B merchants with a Shopify webstore will be able to give limited company and sole trader customers quick credit terms while receiving upfront payment and being safe from the danger of non-payment and fraud.
The first of its type integration makes Hokodo the only practical option for B2B businesses using Shopify who want to give clients a 60-day payment grace period. Shopify business owners in the UK, France, Spain, Belgium, and the Netherlands can use the plug-in.
“Our new Shopify integration has been designed with the merchant experience in mind, and can be installed in just a few steps with no development work required”, “This will be welcome news to SME merchants who don’t have the technology resources to spare for several weeks long integration.”
Sami Ben Hatit, Hokodo’s co-founder and CTO.
Offering Hokodo’s postponed payment option at the checkout has increased conversion rates by 40% and basket sizes by 30% for sellers. Business clients gain from the ability to “buy now, pay later” on their purchases, which eventually helps both parties’ cash flow.
What it does
1 A Shopify seller instals the Hokodo plug-in to offer credit terms to their corporate clients.
2 The client goes to the merchant’s Shopify store.
3 They decide to pay later at the register.
4 Real-time eligibility checks on the buyer’s credit score and fraud risk are performed by Hokodo’s customised APIs.
5 After deciding on their desired payment terms and method (credit card, direct debit, bank transfer, etc.), the customer confirms their order.
When delivery of the items is confirmed, the consumer pays Hokodo back in accordance with their payment conditions, and the merchant receives an upfront payment. Due to support from Lloyd’s of London, Hokodo manages the collections process, and merchants are always protected against non-payments.