Hokodo , a leading provider of B2B Buy Now, Pay Later (BNPL), today announced a new plugin for the multinational e-commerce platform Shopify . This integration will enable B2B merchants with a Shopify web store to offer instant credit terms to their LLC and sole proprietor buyers, while receiving payment up front 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 option for B2B Shopify merchants who want to offer customers the ability to defer payment for up to 60 days. The plugin is available to Shopify merchants operating in the United Kingdom, France, Spain, Belgium, and the Netherlands.
“Our new integration with Shopify has been designed with the merchant experience in mind, and can be installed in just a few steps with no development work required,” said Sami Ben Hatit , Co-Founder and CTO of Hokodo. “This will be good news for SMB merchants who don’t have the technology resources for a weeks-long integration.”
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Sellers offering Hokodo’s deferred payment solution at checkout have seen a 40% increase in conversion rate and 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 does it work
- A Shopify merchant installs the Hokodo plugin to make credit terms available to their merchant customers.
- The customer visits the merchant’s Shopify store.
- At the checkout, they choose to pay later.
- Hokodo’s bespoke APIs run real-time eligibility checks on a buyer’s credit score and fraud risk.
- The buyer selects the payment terms and the settlement method that he prefers (credit card, direct debit, bank transfer, etc.) and confirms his order.
The customer pays Hokodo according to its payment terms, while the merchant receives payment in advance when the delivery of the goods is confirmed. Hokodo takes care of the collection process and, thanks to the backing of Lloyd’s of London , merchants are always protected against defaults.
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