Resolve Pay vs Hokodo vs Invoiced

Selecting the right B2B payments platform determines how effectively your business can offer net terms, manage accounts receivable, and maintain healthy cash flow. While Hokodo operated as a European B2B BNPL provider before winding down in late 2025 and Invoiced serves as an AR automation software platform following its 2024 acquisition by Flywire, Resolve Pay delivers integrated net terms financing combined with comprehensive AR automation in a single solution. Understanding these fundamental differences helps mid-market manufacturers, distributors, and wholesalers select the approach that matches their cash flow needs, credit risk tolerance, and operational requirements.

When B2B sellers evaluate payment solutions, the choice between pure AR automation software and integrated financing platforms becomes critical. Three distinct approaches represent fundamentally different philosophies toward managing trade credit, cash flow, and accounts receivable. Hokodo operated as a European B2B BNPL platform before winding down in late 2025. Invoiced functions as AR automation software that helps businesses manage invoicing and collections workflows. Resolve Pay takes a different approach, combining non-recourse invoice financing with complete AR automation to help reduce credit risk while accelerating cash flow.

Key Takeaways

• Resolve Pay is the only active platform in this comparison offering integrated non-recourse financing with AR automation, while Hokodo wound down operations in late 2025 and Invoiced provides pure AR software with no financing component
• Resolve Pay can advance up to 100% of eligible approved invoice value, with advance levels depending on the transaction, while its non-recourse structure protects sellers from applicable buyer credit risk on covered advances
• Hokodo financed over €500M and served 100,000+ buyers before winding down, with founders citing product complexity and lack of customer focus as primary causes
• Invoiced was acquired by Flywire in August 2024 and now serves as an AR automation platform with global multi-currency support but no invoice financing or credit risk assumption capabilities
• Resolve Pay combines non-recourse net terms financing, credit decisioning, payments, and AR automation in a single platform, creating a differentiated approach for B2B suppliers
• Resolve Pay's AI-powered credit system can assess businesses using company name and address, generally delivering credit results within 24 business hours
• Resolve Pay serves US and Canadian B2B businesses with native integrations for Shopify, BigCommerce, WooCommerce, and Magento, along with ERP connections to QuickBooks, NetSuite, Xero, and Sage Intacct

Understanding B2B Payment Solutions and Net Terms Financing

The B2B payments landscape encompasses distinct solution categories, each serving different operational models and business objectives. Understanding these fundamental differences helps finance leaders select tools aligned with their growth stage and cash flow requirements.

What Are Net Terms?

Net terms represent deferred payment arrangements where business buyers receive goods or services today and pay at a future date, typically Net 30, 60, or 90 days. The U.S. Small Business Administration notes that payment terms can affect business cash flow and recommends evaluating customer credit before extending terms.

Traditional approaches to managing net terms include:

• Self-financing: Sellers fund the payment gap from their own capital, waiting 30-90 days for customer payment while tying up working capital
• Invoice factoring: Selling invoices to third parties at a discount, often with recourse arrangements that leave sellers liable if customers default
• Trade credit insurance: Purchasing separate policies to protect against buyer default while still waiting for payment

The Role of B2B BNPL and Financing Platforms

B2B Buy Now Pay Later platforms emerged to address the cash flow challenges inherent in trade credit. These solutions advance funds to sellers immediately while buyers pay on extended terms. The value proposition centers on converting receivables into immediate cash while transferring applicable credit risk.

Resolve Pay pioneered the integration of B2B net terms financing with comprehensive accounts receivable automation. Rather than offering separate tools for financing and AR management, Resolve Pay delivers a unified platform where credit decisioning, invoice advances, payment tracking, and collections operate together. This eliminates the need for multiple vendors and ensures seamless data flow across all receivables functions.

Key Benefits of Integrated Financing

The integrated approach offers compounding advantages:

• Faster cash flow: Receive funds from eligible approved invoices within days instead of waiting 30-90 days
• Credit risk protection: Non-recourse advances help protect sellers from applicable buyer default risk on eligible approved invoices
• Operational efficiency: Single platform handles credit checks, invoicing, payment tracking, and collections
• Faster sales cycles: AI-powered credit decisions generally available within 24 business hours remove friction from the buying process
• Customer relationship preservation: Professional, automated collections maintain positive buyer relationships

Resolve Pay: B2B Payment Platform and AR Automation

Resolve Pay operates as an integrated B2B payments platform enabling manufacturers, distributors, and wholesalers to offer net terms while receiving faster access to cash and reducing credit risk exposure. Resolve Pay was spun off from the B2B work associated with Affirm in 2018. Its team brings experience across B2B payments, credit, and financial technology, with Resolve highlighting experts who have worked at companies including Amazon, PayPal, and Fortune 500 firms.

The platform serves more than 15,000 businesses and won the 2025 BigCommerce Innovative Integration Award for its B2B ecommerce integration capabilities.

Credit Engine Capabilities

Resolve Pay's AI-powered credit system evaluates thousands of buyer data points alongside behavioral signals and credit expertise. Resolve can assess a business using its company name and address and generally delivers credit results within 24 business hours.

Key business credit check features include:

• Quiet credit checks: Resolve can perform discreet buyer credit assessments with minimal customer interaction
• Dynamic credit decisions: Resolve provides scalable credit recommendations based on its underwriting process
• Instant approvals: Some qualifying purchases can receive instant approval
• Fast decisioning: Credit results are generally available within 24 business hours

Automated Collections

Resolve Pay's agentic collections system uses multi-channel automated sequences across email, SMS, and voice AI for intelligent escalation. The system configures day thresholds automatically, pauses when payments or disputes are received, and logs all interactions to invoice records.

The collections approach preserves customer relationships through a professional, friendly tone rather than aggressive tactics. Resolve Pay handles buyer follow-ups directly, helping reduce AR workload while maintaining positive business relationships.

Seamless Integrations

Resolve Pay offers native integrations with major ecommerce and accounting platforms:

• Ecommerce: Shopify, BigCommerce, Magento 2, WooCommerce
• Accounting/ERP: QuickBooks Online, Xero, Sage Intacct, Oracle NetSuite
• Custom: REST API with webhooks and sandbox for custom implementations

Two-way sync ensures invoice and payment data flows automatically between systems, eliminating manual entry and reconciliation. Most teams launch in under one week with white-label deployment maintaining the seller's brand throughout the buyer journey.

Hokodo: Historical Context for European B2B BNPL

Hokodo operated as a Pan-European B2B BNPL platform from 2018 until it was wound down in late 2025. The company had raised $177M in equity and debt funding and served 10 European countries before ceasing operations.

Market Focus and Regional Presence

Hokodo focused exclusively on European markets, offering trade credit solutions to online B2B sellers through API integrations. The platform supported multi-currency transactions across the EU and UK with Lloyd's of London-backed credit protection.

Before winding down, Hokodo achieved significant scale:

• €500M+ in financed invoices
• 100,000+ business buyers served
• 10 countries coverage across Europe
• Pan-European regulatory compliance with EMI license

Why Hokodo Wound Down

Hokodo's founders explained the wind-down in a published post-mortem. The primary causes included taking too long to find their ideal customer profile, trying to serve too broad a range of customers from small marketplaces to large enterprise merchants, and building too much product complexity before validating core value propositions.

Hokodo was wound down in late 2025. Its website states that the company has ceased trading and directs customers with unpaid debts to the relevant debt collection agencies.

Migration Implications

For businesses previously using Hokodo or considering European B2B BNPL options, the wind-down creates an immediate need for alternatives. Resolve Pay serves as an option for suppliers targeting North American customers, though its focus remains on US and Canadian markets rather than European operations.

Invoiced: AR Automation Software Following Flywire Acquisition

Invoiced operates as an accounts receivable automation software platform following its August 2024 acquisition by Flywire. The platform specializes in billing, invoicing, and collections workflows rather than trade credit financing.

Core Invoicing Features

Invoiced provides comprehensive AR automation capabilities:

• Automated invoice generation and delivery
• Recurring billing and subscription management
• Customer payment portal
• Dispute management workflows
• Cash application and reconciliation
• Payment gateway integrations

The platform connects with enterprise ERP systems including NetSuite, Sage Intacct, Microsoft Dynamics 365, Workday, QuickBooks, and Xero. Following the Flywire acquisition, Invoiced gained access to 140+ currencies across 240+ countries.

Automated Payment Workflows

Invoiced delivers measurable AR improvements with reported metrics including average DSO reduction, time saved on manual tasks, and reduction in billing inquiries. The platform automates payment reminders, follow-up sequences, and collection workflows.

Key Distinction: No Financing Component

The fundamental difference between Invoiced and Resolve Pay lies in financing capabilities. Invoiced provides software for managing AR processes but does not offer:

• Invoice financing or cash advances
• Credit risk assumption or non-recourse protection
• Buyer credit decisioning or underwriting
• Working capital acceleration

Sellers using Invoiced still wait 30-90 days for customer payment and retain full credit risk exposure. The platform optimizes the collection process but does not address the underlying cash flow challenge of extended payment terms.

Post-Acquisition Positioning

Following Flywire's acquisition of Invoiced in 2024, Invoiced operates as part of Flywire's broader B2B payments offering. Its core focus remains accounts receivable automation, including invoicing, collections, cash application, reporting, forecasting, and global payment workflows.

Comparing Credit Risk and Non-Recourse Financing

The approach to credit risk represents a significant differentiator among B2B payment solutions. Understanding recourse versus non-recourse models helps sellers evaluate the true benefits of each platform.

Understanding Recourse vs. Non-Recourse

Recourse financing means the seller retains liability if the buyer fails to pay. Traditional invoice factoring typically operates on recourse terms, meaning the seller must repurchase unpaid invoices or accept chargebacks. The seller gains immediate cash but does not eliminate credit risk.

Non-recourse financing can transfer applicable buyer credit risk to the financing provider. Resolve Pay's advances are non-recourse on eligible approved invoices, so sellers retain covered advance payments if an approved buyer defaults, subject to the applicable financing agreement.

Impact on Seller Cash Flow

According to Federal Reserve research on accounts receivable management, extended payment terms significantly impact working capital for B2B businesses. The cash flow implications differ substantially across approaches:

With Resolve Pay:

• Receive funds from eligible approved invoices within days
• Retain covered advance payments subject to financing agreement
• Remaining balance released when buyer pays
• More predictable cash flow with protection from applicable buyer default risk on covered advances

With Invoiced:

• Wait for buyers to pay on their terms (30-90 days)
• Bear full credit risk on every invoice
• Chase payments through automated workflows
• Absorb losses when customers default

With Hokodo (historical):

• No longer available following wind-down
• Previously offered Lloyd's-backed protection
• European focus with multi-currency support

Risk Mitigation Strategies

Resolve Pay's non-recourse model helps sellers offer extended terms to qualified buyers while reducing their exposure to applicable buyer credit risk on covered advances. Customer case studies demonstrate this impact:

• Archipelago Lighting tripled revenue while offering higher credit lines after switching to Resolve Pay
• Shields Childcare Supplies won new business by offering Net 90 terms they could not extend independently

AR Automation and Collections: Reducing DSO and Manual Work

Efficient accounts receivable management directly impacts working capital and operational costs. Comparing automation capabilities reveals how each platform addresses the manual burden of managing business receivables.

Streamlining Invoice-to-Cash

Resolve Pay's AR automation platform handles the complete invoice-to-cash cycle:

• Invoice generation: Automated creation synced from ERP/accounting systems
• Payment tracking: Real-time dashboard showing DSO, aging, and portfolio health
• Reconciliation: ML-powered matching to reconcile payments automatically
• Bookkeeping sync: Automatic updates to QuickBooks, Xero, Sage Intacct, NetSuite

Customer results demonstrate significant efficiency gains:

• Trenchless Supply reduced AR workload by approximately 90% while achieving credit approvals within 24 business hours
• RentAll Construction reported quicker receivables directly contributing to healthier cash flow management

Automated Follow-ups and Escalations

Resolve Pay's agentic collections system delivers intelligent, multi-channel outreach:

• Email sequences: Professional payment reminders at configurable intervals
• SMS notifications: Mobile-friendly payment links and reminders
• Voice AI: Autonomous outbound calls with intelligent escalation
• Human oversight: Expert AR team handles complex situations

The system automatically pauses sequences when payments or disputes are received, preventing customer irritation from redundant messages. All interactions log to invoice records for complete audit trails.

Invoiced also provides collections automation with documented results. However, Invoiced's automation optimizes collection of payments the seller is still waiting to receive, while Resolve Pay's approach combines automation with faster access to cash.

Impact on Customer Relationships

Collections approach significantly impacts ongoing business relationships. Both Resolve Pay and Invoiced emphasize professional, relationship-preserving approaches.

Resolve Pay's advantage lies in reduced collection intensity when sellers have already received their advance. With non-recourse financing, the urgency shifts from the seller to Resolve Pay, enabling more patient, customer-friendly follow-up approaches that protect ongoing business relationships.

Integration and Ecosystem: Connecting Your Business Operations

Seamless integration with existing business systems determines how quickly teams can implement new solutions and whether data flows smoothly across operations.

Ecommerce Platform Compatibility

Resolve Pay offers native ecommerce integrations enabling net terms at checkout:

• Shopify: Embedded checkout for B2B stores
• BigCommerce: 2025 Innovative Integration Award winner
• Magento 2: Enterprise ecommerce support
• WooCommerce: WordPress-based B2B commerce

These integrations enable credit decisions during the checkout process, removing friction that causes cart abandonment. Buyers see available credit limits and payment terms before completing orders.

Invoiced focuses on invoice delivery and payment portal capabilities rather than embedded checkout financing.

Accounting System Integration

Both platforms connect with major accounting systems:

Resolve Pay:

• QuickBooks Online
• Xero
• Sage Intacct
• Oracle NetSuite
• Two-way sync with automatic reconciliation

Invoiced:

• NetSuite
• Sage Intacct
• Microsoft Dynamics 365
• Workday
• QuickBooks
• Xero

Invoiced's enterprise ERP connections are extensive following the Flywire acquisition, particularly for large organizations using Dynamics 365 or Workday. Resolve Pay's integrations serve mid-market businesses with strong QuickBooks, Xero, and NetSuite coverage.

Custom API Development

Both platforms provide API access for custom implementations. Resolve Pay offers REST API with webhooks and sandbox environment, with documentation available. Invoiced provides Integration Studio with API capabilities.

Resolve Pay's white-label payment portal maintains seller branding throughout the buyer journey, enabling seamless customer experiences without third-party branding intrusion.

Target Markets and Use Cases: Who Benefits Most

Different platforms serve different business profiles. Understanding ideal customer alignment helps organizations select solutions matching their specific needs.

Industry Specializations

Resolve Pay targets:

• Manufacturing companies needing working capital
• Wholesale distributors managing large invoice volumes
• HVAC, electrical, and plumbing supply businesses
• Industrial equipment and hardware suppliers
• Building materials and construction suppliers
• Medical device and pharmaceutical distributors
• Foodservice and commercial kitchen equipment

Notable customers include ConEquip (construction equipment), Trenchless Supply, SS&SI Dealer Network, Archipelago Lighting, and DocShop Pro. These businesses share common characteristics: substantial invoice values, extended payment terms, and need for both cash flow acceleration and credit risk protection.

Invoiced serves:

• Businesses with recurring billing needs
• Global operations requiring multi-currency support
• Companies focused on AR process optimization
• Organizations already in the Flywire ecosystem
• Businesses without financing requirements

Company Size Focus

Resolve Pay focuses on mid-market B2B sellers, typically with over USD 1M in annual revenue, seeking to scale net terms programs without proportional credit risk. The platform handles online, offline, field rep, and embedded checkout transactions across diverse sales channels.

Invoiced serves a range from small businesses to enterprises, with particular strength in organizations managing complex subscription billing or international invoicing.

Specific Business Scenarios

Resolve Pay is particularly relevant for businesses that:

• Want faster cash flow from eligible approved invoices
• Want protection from applicable buyer default risk through non-recourse advances
• Need integrated financing and AR automation
• Sell through ecommerce, offline, field sales, or other B2B channels
• Require embedded net terms at checkout
• Want automated credit, invoicing, reconciliation, and collections workflows

Value Proposition for B2B Suppliers

Resolve Pay brings credit decisioning, non-recourse invoice advancement, payment workflows, AR automation, and collections into one platform. This integrated structure helps B2B suppliers reduce the operational complexity of managing separate systems for trade credit, receivables, and cash flow.

For manufacturers, distributors, and wholesalers, the value centers on receiving faster access to cash from eligible approved invoices while maintaining extended payment terms for qualified buyers. Resolve Pay also helps automate receivables processes and reduce applicable buyer credit risk through its non-recourse model.

Customer results demonstrate the operational value of this approach. Elston Materials increased margins from 25% to 30%, while other Resolve Pay customers have reported improvements in revenue growth, receivables workload, and credit-management efficiency.

Real-World Results: Customer Success Stories

Documented customer outcomes demonstrate how integrated financing and AR automation translate to business results.

Revenue Growth Impact

• SS&SI Dealer Network: Achieved significant revenue growth through expanded net terms offerings
• ConEquip: Experienced year-over-year growth in construction equipment sales
• Archipelago Lighting: Tripled revenue while reducing net terms approval time from 10 days to 24 hours
• Nandansons: Achieved approximately 75% growth through partnership with commerce agency

Operational Efficiency Gains

• Trenchless Supply: Reduced AR workload by approximately 90% with credit approvals within 24 business hours
• TrueCable: Response times within 24 business hours on credit approvals
• Marshall Wolf Automation: Streamlined B2B payments enabling scaled operations

Cash Flow Improvements

• RentAll Construction: Quicker receivables directly contributing to healthier cash flow management
• Elston Materials: Increased margins from 25% to 30% through optimized receivables

Competitive Wins

• Shields Childcare Supplies: Won new business by offering Net 90 terms they could not extend independently, gaining competitive advantage through expanded credit offerings

These results share common patterns: rapid implementation, improved cash flow, reduced manual workload, and growth enabled by confident credit extension.

Why Resolve Pay Fits B2B Suppliers

Resolve Pay is designed for B2B suppliers that want to combine net terms, faster access to cash, credit management, payments, AR automation, and collections in one connected platform.

Resolve Pay's Integrated Approach

Resolve Pay brings several connected capabilities into one platform for B2B suppliers:

• Connected workflows bring credit, financing, payments, and receivables management together
• Unified data flow supports more efficient credit, invoicing, reconciliation, and collections processes
• Non-recourse advances help reduce applicable buyer credit risk on eligible approved invoices
• Fast implementation with Resolve Pay stating that most teams launch in under one week
• Strong customer feedback with Resolve Pay maintaining a 5.0/5.0 G2 rating based on its current reviews

For manufacturers, distributors, wholesalers, and other B2B suppliers seeking to offer competitive net terms while improving cash flow and streamlining receivables, Resolve Pay provides an integrated approach that combines financing, credit management, payments, and AR automation in one platform.

Frequently Asked Questions

How Does Resolve Pay's Non-Recourse Financing Work?

Resolve Pay provides non-recourse advances on eligible approved invoices. Sellers can receive funds before their buyers' payment terms expire while Resolve Pay assumes applicable buyer credit risk on covered advances, subject to the financing agreement.

Can Resolve Pay Integrate With Existing Accounting or Ecommerce Systems?

Yes. Resolve Pay supports major ecommerce platforms including Shopify, BigCommerce, WooCommerce, and Magento 2, as well as accounting and ERP systems including QuickBooks Online, Xero, Sage Intacct, and Oracle NetSuite. APIs and webhooks are also available for custom implementations.

How Quickly Can Businesses Implement Resolve Pay?

Resolve Pay states that most teams can launch in under one week. Implementation timing depends on the systems, integrations, and workflows involved.

How Fast Are Resolve Pay Credit Decisions?

Resolve Pay supports fast AI-powered business credit decisions. Its streamlined credit assessment can use a customer's business name and address, with results generally available within 24 business hours and some qualifying transactions receiving faster decisions.

What Types of Businesses Use Resolve Pay?

Resolve Pay is designed for established B2B businesses such as manufacturers, distributors, wholesalers, and suppliers that want to offer net terms while improving cash flow, automating receivables workflows, and reducing applicable buyer credit risk.

This post is to be used for informational purposes only and does not constitute formal legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Resolve assumes no liability for actions taken in reliance upon the information contained herein.