Sep 11, 2026
Selecting the right B2B payment platform can determine whether your business thrives with healthy cash flow or struggles with receivables tied up for 30 to 90 days. While Hokodo once served European merchants with trade credit solutions and Two continues to operate across Nordic and European markets, Resolve Pay delivers comprehensive net terms financing combined with full accounts receivable automation specifically built for US mid-market suppliers. Understanding these fundamental differences helps manufacturers, distributors, and wholesalers choose the platform that matches their geographic focus, operational needs, and growth objectives.
When B2B suppliers evaluate net terms financing platforms, the choice between defunct providers, regional European solutions, and comprehensive US-focused platforms becomes critical. Three distinct approaches represent fundamentally different philosophies toward B2B payment automation. This comparison reveals why Resolve Pay's integrated platform delivers superior results for US mid-market manufacturers and distributors who need actual cash flow improvement, not just another payment tool.
Key Takeaways
- Hokodo ceased operations in April 2026 after eight years and approximately $177 million in total funding, leaving European merchants seeking replacement solutions
- Resolve Pay combines non-recourse advances on approved invoices with AR automation in a single platform, offering up to 90% upfront on approved invoices within 24 hours while supporting invoicing, collections, and reconciliation workflows
- Two operates across 19 European and Nordic markets with bank partnerships including DNB, Santander CIB, and ABN AMRO, serving European B2B merchants with payment and order-to-cash capabilities
- Resolve Pay integrates with major accounting, ERP, and commerce systems including NetSuite, QuickBooks Online, Xero, Sage Intacct, Shopify, BigCommerce, Magento 2, and WooCommerce
- With 15,000+ businesses actively using the platform and SOC 2 Type II certification, Resolve Pay provides enterprise-grade security and proven scale for mid-market B2B suppliers
- Resolve Pay's agentic collections technology automates multi-channel follow-up sequences across email, SMS, and voice AI, reducing manual AR workload significantly
- For North American B2B suppliers evaluating an active net terms platform, Resolve Pay combines financing, credit management, payments, and AR automation within one supplier-focused platform
Understanding the B2B Payment Landscape: Regional Players vs Integrated Platforms
The B2B payment technology market encompasses distinct categories, each serving different operational models and geographic markets. Understanding these fundamental differences helps finance leaders select tools aligned with their business location and execution requirements.
European B2B payment platforms like Two combine net terms and credit decisioning with order-to-cash capabilities. Two publicly described automated invoicing, reminders, payment collection, dunning, and reconciliation alongside its checkout and direct-sales payment workflows. These platforms provide value within their specific geographic coverage areas and market focus.
Pan-European trade credit providers like Hokodo historically attempted to serve multiple countries with unified solutions. Hokodo financed over $590 million in invoices across 100,000+ buyers in 10 countries before ceasing operations. The company's founders acknowledged they "took too long to narrow focus, scaled before earning it, and built too much product complexity." This market exit demonstrates the challenges of building sustainable B2B payment businesses across fragmented regulatory environments.
Integrated net terms and AR automation platforms like Resolve Pay bring multiple receivables functions together. Resolve Pay combines proprietary AI credit decisioning, non-recourse advances of up to 90% on approved invoices within 24 hours, invoicing, payment workflows, collections, and reconciliation. Resolve Pay addresses many of the same receivables needs while combining net terms financing, credit management, payments, AR automation, and collections for North American B2B suppliers.
The Evolution of B2B BNPL: From Checkout Tools to Revenue Operations
The spectrum of B2B payment solutions spans multiple approaches, while the Federal Reserve highlights significant opportunities to improve end-to-end efficiency across B2B invoicing, payments, and remittance processes.
Checkout and Credit Decision Capabilities
B2B payment platforms can combine checkout financing with broader receivables workflows. Two supports rapid credit decisions through its Delphi engine and also provides invoicing, payment collection, reminders, dunning, and reconciliation capabilities.
Resolve Pay similarly extends beyond the point of sale, combining net terms financing with credit management, invoicing, reconciliation, payment workflows, and AR automation. For US and Canadian manufacturers, distributors, and wholesalers, this integrated supplier-focused model keeps cash flow and receivables workflows within one platform.
Comprehensive AR Automation Platforms
Resolve Pay delivers comprehensive accounts receivable automation alongside net terms financing. The platform includes:
- AI-powered credit engine that evaluates buyer data points including cash flow trends, payment history, and behavioral signals for real-time decisioning
- Non-recourse financing that advances up to 90% of eligible approved invoice value within 24 hours, with Resolve assuming the associated approved buyer credit default risk
- Automated invoicing synced directly from ERP and accounting systems
- Smart payment reconciliation using machine learning to match invoice-to-cash automatically
- Multi-channel collections through agentic collections technology that sequences outreach across email, SMS, and voice AI
The automation advantage compounds across multiple dimensions: sellers can receive up to 90% of eligible approved invoice value within 24 hours rather than waiting for the buyer's payment term to mature, Resolve assumes credit default risk on eligible approved invoices through its non-recourse advance structure, and finance teams report significant reduction in manual AR work after implementation.
Resolve Pay
Resolve Pay's Approach to Integrated Net Terms and AR Automation
Resolve Pay operates as a B2B payments platform specifically built for US mid-market manufacturers, distributors, and wholesalers. The platform announced $60 million in combined equity and asset financing in 2021 after launching as a spinout from Affirm, bringing experience from the BNPL sector into B2B commerce.
The platform combines multiple functions that competitors typically offer separately:
Net Terms Financing
Sellers can offer Net 30, 60, or 90 day terms to approved buyers while Resolve Pay can advance up to 90% of eligible approved invoice value within 24 hours. The remaining balance releases when buyers pay. Resolve's non-recourse structure means it assumes the associated approved buyer credit default risk.
AI Credit Engine
Resolve Pay's proprietary AI evaluates buyer data points including cash flow trends, payment history, and behavioral signals. The system delivers credit decisions quickly with instant approvals available for some purchases. Resolve's credit checks do not notify buyers or impact their credit scores.
AR Automation Platform
The platform automates:
- Invoice generation synced from ERP systems
- Smart payment reconciliation using ML to match payments automatically
- Real-time AR dashboards showing DSO, aging, and portfolio health
- Automatic bookkeeping sync to major accounting platforms
Agentic Collections
Resolve Pay's agentic collections technology automates multi-channel sequences across email, SMS, and voice AI outbound calls. The system features intelligent escalation based on buyer response and payment history, configurable day thresholds, automatic pausing when payment or disputes are received, and complete interaction logging to invoice records.
White-Label Payment Portal
Buyers access a branded dashboard showing all invoices, credit lines, and payment history. Payment options include ACH, wire transfer, credit card, and check through a mobile-responsive checkout experience.
Deep Integration Ecosystem
Resolve Pay connects with major accounting, ERP, and ecommerce systems:
- Accounting and ERP Systems: Resolve Pay supports QuickBooks Online, Xero, Sage Intacct, and Oracle NetSuite, with integration capabilities varying by connected system
- E-commerce Platforms: Direct integration with Shopify, BigCommerce, WooCommerce, and Magento 2, enabling embedded checkout for online B2B transactions
- Implementation Speed: Most teams launch in under one week with REST API, webhooks, and sandbox available for custom integrations
Enterprise Compliance and Security
Resolve Pay maintains SOC 2 Type II certification, supporting deployments in regulated industries. The platform handles transactions across online, offline, field rep, and embedded checkout channels while maintaining security standards.
When Resolve Pay Fits Best
Resolve Pay serves mid-market B2B suppliers who:
- Operate primarily in the US and Canada
- Need both net terms financing and comprehensive AR automation
- Require integration for existing financial systems
- Want to reduce approved buyer credit exposure through non-recourse financing
- Seek to reduce manual AR workload significantly
- Value a unified platform for net terms financing, credit management, payments, and AR automation
Hokodo
Hokodo's Historical Position and Market Exit
Hokodo operated as a pan-European B2B BNPL provider from 2018 until ceasing operations in April 2026. The company raised approximately $177 million in equity and debt financing, including roughly $108 million from Viola Credit.
During its operational period, Hokodo financed over $590 million in invoices across 100,000+ buyers, operated in 10 European countries, offered instant credit decisions and non-recourse financing, and provided support for omnichannel transactions including online, telesales, email, and in-store.
Why Hokodo Shut Down
The company's founders publicly acknowledged strategic missteps that led to the closure: attempting to serve too many markets and use cases simultaneously, expanding operations before proving sustainable unit economics, and building features across multiple countries and products that proved difficult to execute.
The wind-down began in November 2025 when Hokodo stopped accepting new business. All APIs and dashboards shut down permanently in March 2026.
Two
Two's European and Nordic Market Focus
Two operates as a B2B BNPL platform headquartered in Oslo, Norway, with backing from Sequoia and partnerships with major financial institutions including Santander CIB, Allianz Trade, ABN AMRO, and DNB. The platform serves merchants across 19 European and Nordic markets.
Key characteristics of Two's platform include:
Credit Decision Speed
Two's Delphi AI engine delivers credit decisions in under 2 seconds. This speed suits high-volume checkout scenarios where rapid approval can support conversion.
Guest Checkout Model
Buyers can complete transactions without creating accounts, reducing friction at the point of purchase. This approach focuses on checkout conversion.
Fraud Prevention
Two's Frida AI engine prevented approximately $76 million in fraud during 2023, demonstrating capabilities in risk management within European markets according to company reports.
Payment Flexibility
The platform offers Net 14-90 day terms plus installment options spanning 3-36 months, providing payment structure variety beyond traditional net terms alone.
Bank Distribution Partnerships
Partnerships with DNB, ABN AMRO, and Santander CIB enable distribution through existing banking relationships, particularly valuable for European merchants already working with these institutions.
Two's Platform Scope
Two focuses on B2B payment and order-to-cash workflows across its supported markets, including credit decisioning, invoicing, payment collection, dunning, and reconciliation. Its commerce capabilities support several common ecommerce environments including Shopify, WooCommerce, Magento, and CraftCMS.
Two's Current Market Position
Two remains an active B2B payments provider serving multiple European markets. Its platform includes rapid credit decisioning, net terms, invoicing, collections, reconciliation, and payment workflows. Two's geographic focus centers on European and Nordic merchants operating within those regions.
Why Resolve Pay Stands Out for North American B2B Suppliers
For manufacturers, distributors, and wholesalers operating in North America, Resolve Pay combines net terms financing, credit management, payments, reconciliation, and AR automation in a platform designed around supplier cash flow and receivables operations.
Resolve Pay's Integrated Approach
Resolve Pay brings approved buyer credit decisions, non-recourse advances, payment workflows, AR automation, and collections into one connected platform. This structure is particularly relevant for North American B2B suppliers that want to extend terms while accelerating their own cash flow.
US and Canada Operations
Resolve Pay specializes in the North American market, with credit decisioning, buyer evaluation, payment workflows, and receivables tools designed around U.S. B2B suppliers.
Connected ERP and Accounting Workflows
Resolve Pay integrates with supported systems including QuickBooks Online, Xero, Sage Intacct, and Oracle NetSuite. Flexible REST APIs are available for other ERP, OMS, and ecommerce environments.
Non-Recourse Risk Protection
Resolve Pay provides non-recourse advances on eligible approved invoices, meaning Resolve assumes the associated approved buyer credit default risk rather than requiring the seller to repay the advance because of that default. This structure helps reduce seller exposure to approved buyer credit defaults while accelerating cash flow.
Manufacturing and Distribution Focus
Purpose-built for HVAC parts distributors, electrical supplies, plumbing supplies, industrial equipment, medical devices, and similar B2B product categories.
Real-World Results: Resolve Pay Customer Outcomes
Customer results demonstrate the measurable impact of Resolve Pay's integrated approach to net terms and AR automation.
Revenue and Growth Impact
- SS&SI Dealer Network achieved 5x revenue growth after implementing Resolve Pay's net terms solution
- ConEquip (construction equipment) reported 30% year-over-year growth enabled by expanded buyer payment options
- Archipelago Lighting tripled revenue while reducing net terms approval time from 10 days to 24 hours and offering significantly higher credit lines to buyers
- Nandansons achieved 75% growth through partnership implementation
Operational Efficiency Gains
- Trenchless Supply reduced AR workload significantly with credit approvals now completing in under 24 hours
- Elston Materials (concrete supplier) increased margins from 25% to 30%, a 5-point improvement through optimized payment terms
- RentAll Construction reported "quicker receivables directly contributing to healthier cash flow management"
Cash Flow Acceleration
- TrueCable experiences credit approval response times under 24 hours, enabling faster deal closure
- Marshall Wolf Automation streamlined B2B payments and scaled operations through integrated net terms
- Shields Childcare Supplies won new business by offering Net 90 terms they could not extend independently
These outcomes share common patterns: rapid implementation (typically under one week), immediate cash flow improvement through accelerated advances, and significant reduction in manual finance team workload.
Migration Guidance for Former Hokodo Customers
The Hokodo shutdown created immediate replacement needs for merchants across Europe. Understanding migration paths helps affected businesses minimize disruption.
Migration Timeline
- November 2025: Hokodo stopped accepting new business
- November 2025 to March 2026: Wind-down period with reduced operations
- March 23, 2026: All APIs and dashboards shut down permanently
- April 2026: Public closure reporting
Migration Considerations for North American Suppliers
Net Terms and Financing
Resolve Pay combines approved buyer net terms with non-recourse invoice advances to help suppliers preserve cash flow during a platform transition.
AR Workflows
Resolve Pay supports credit management, invoicing, payments, collections, and reconciliation within a connected receivables workflow.
Implementation
Standard deployments can typically launch in under one week, although timing varies with integration complexity, customization, and the merchant's existing systems.
Key Migration Considerations
When transitioning from Hokodo or evaluating new B2B payment platforms:
- Platform stability: Verify funding status, market focus, and sustainable business model
- Geographic alignment: Ensure primary operations match platform coverage
- Integration requirements: Assess ERP and e-commerce connector availability
- AR automation scope: Determine whether point-of-sale or comprehensive AR management is needed
- Commercial requirements: Review implementation, financing, integration, and operational requirements before selecting a platform
Hokodo's Status in This Comparison
Hokodo is included for historical context because it is no longer an active platform. Businesses evaluating a current net terms solution should assess active providers based on geographic coverage, financing structure, integration requirements, and receivables workflows, with Resolve Pay positioned for North American B2B suppliers.
Why Resolve Pay for US Mid-Market B2B Suppliers
Resolve Pay combines net terms financing and AR automation for North American manufacturers, distributors, and wholesalers, including:
- Approved buyer credit decisions
- Non-recourse advances of up to 90% within 24 hours
- Automated invoicing and collections
- Smart reconciliation
- Deep ERP integration
The platform is used by 15,000+ businesses and holds SOC 2 Type II certification. Standard deployments can typically launch in under one week, though timing varies by integration and customization needs.
For US suppliers replacing Hokodo or evaluating alternatives after its shutdown, Resolve Pay offers non-recourse financing, AR automation, and connected ERP workflows in one North American platform.
Frequently Asked Questions
What happened to Hokodo and why did they shut down?
Hokodo ceased operations in April 2026 after eight years and approximately $177 million in total funding. The founders acknowledged taking too long to narrow focus, scaling before proving sustainable unit economics, and building excessive product complexity. The wind-down began in November 2025, with all APIs and dashboards shutting down permanently in March 2026.
How does Resolve Pay's coverage compare to Two's European focus?
Resolve Pay specializes in the US and Canadian markets with domestic buyer data, US-focused credit decisioning, and support infrastructure aligned with North American business practices. Two operates across 19 European and Nordic markets with partnerships including DNB, Santander CIB, and ABN AMRO. Resolve Pay provides purpose-built solutions for US-based manufacturers and distributors.
What makes Resolve Pay's AR automation comprehensive?
Resolve Pay delivers comprehensive accounts receivable automation alongside net terms financing. The platform includes AI-powered credit decisioning, non-recourse advances of up to 90% on approved invoices within 24 hours, receivables workflows, payment reconciliation, and agentic collections. Two also provides invoicing, reminders, payment collection, dunning, and reconciliation, while Resolve Pay's positioning is particularly aligned with North American B2B suppliers seeking net terms financing and connected AR operations.
Which systems does Resolve Pay integrate with?
Resolve Pay integrates with QuickBooks Online, Xero, Sage Intacct, and Oracle NetSuite. Integration capabilities vary by connected system, and Resolve also provides REST APIs for custom ERP, OMS, and ecommerce workflows. E-commerce integrations include Shopify, BigCommerce, WooCommerce, and Magento 2. Most teams launch in under one week.
How does non-recourse financing protect sellers?
Resolve Pay provides non-recourse advances on eligible approved invoices, meaning Resolve assumes the associated approved buyer credit default risk rather than requiring the seller to repay the advance because of that default. This structure helps reduce seller exposure to approved buyer credit defaults while accelerating cash flow.
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.
