Leading B2B Buy Now, Pay Later (BNPL) provider Hokodo has today announced a new plug-in for multinational e-commerce platform Shopify.
This integration will enable B2B merchants with a Shopify webstore to offer instant credit terms to their limited company and sole trader buyers, while getting paid upfront and remaining protected from the risk of non-payment and fraud.
This integration is the first of its kind, positioning Hokodo as the only viable choice for Shopify’s B2B merchants who want to offer customers the ability to defer payment by up to 60 days. The plug-in is available to Shopify merchants operating in the UK, France, Spain, Belgium and the Netherlands.
“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,” says Sami Ben Hatit, Hokodo’s co-founder and CTO. “This will be welcome news to SME merchants who don’t have the technology resources to spare for a several weeks long integration.”
Sellers who offer Hokodo’s deferred payment solution at the checkout have seen an uplift of 40% in conversion rate and a 30% increase in basket size. Meanwhile, business customers benefit from the opportunity to ‘buy now, pay later’ on their purchases, ultimately promoting healthier cash flow for both parties.
How it works
1. A Shopify merchant instals Hokodo’s plug-in to make credit terms available to their business customers.
2. The customer visits the Shopify store of the merchant.
3. At the checkout they choose to pay later.
4. Hokodo’s bespoke APIs run real-time eligibility checks on the buyer’s credit score and fraud risk.
5. The buyer selects their preferred payment terms and settlement method (credit card, direct debit, bank transfer etc.), and confirms their order.
The customer pays Hokodo back in line with their payment terms, while the merchant receives up front payment when delivery of the goods is confirmed. Hokodo handles the collections process, and thanks to backing from Lloyd’s of London, merchants are always protected against non-payments.