diff --git a/packages/calypso-products/src/has-marketplace-product.ts b/packages/calypso-products/src/has-marketplace-product.ts
index c6fe83843dbdb9..ddc10280957891 100644
--- a/packages/calypso-products/src/has-marketplace-product.ts
+++ b/packages/calypso-products/src/has-marketplace-product.ts
@@ -1,20 +1,20 @@
-const cleanSlug = ( slug: string ) =>
-	slug && slug.replace( /_/g, '-' ).split( /-(monthly|yearly|2y)/ )[ 0 ];
-
 /**
- * Returns true if a list of products contains a marketplace product with the specified product slug.
+ * Returns true if a list of products includes a product with a matching product or store product slug.
  *
  * @param {object} productsList - List of products
- * @param {string} productSlug - internal product slug, eg 'jetpack_premium'
+ * @param {string} searchSlug - Either a product slug e.g. woocommerce-product-csv-import-suite or store product slug, e.g wc_product_csv_import_suite_yearly
  * @returns {boolean}
  */
 export const hasMarketplaceProduct = (
-	productsList: Record< string, { product_type: string; product_slug: string } >,
-	productSlug: string
+	productsList: Record< string, { product_type: string; billing_product_slug: string } >,
+	searchSlug: string
 ): boolean =>
+	// storeProductSlug is from the legacy store_products system, billing_product_slug is from
+	// the non-legacy billing system and for marketplace plugins will match the slug of the plugin
+	// by convention.
 	Object.entries( productsList ).some(
-		( [ subscriptionSlug, { product_type } ] ) =>
-			cleanSlug( productSlug ) === cleanSlug( subscriptionSlug ) &&
+		( [ storeProductSlug, { product_type, billing_product_slug } ] ) =>
+			( searchSlug === storeProductSlug || searchSlug === billing_product_slug ) &&
 			// additional type check needed when called from JS context
 			typeof product_type === 'string' &&
 			product_type.startsWith( 'marketplace' )
diff --git a/packages/calypso-products/test/has-marketplace-product.js b/packages/calypso-products/test/has-marketplace-product.js
index 86af83a2aead39..6161b50b31633d 100644
--- a/packages/calypso-products/test/has-marketplace-product.js
+++ b/packages/calypso-products/test/has-marketplace-product.js
@@ -5,14 +5,42 @@ describe( 'hasMarketplaceProduct', () => {
 		empty_product: {},
 		product_with_wrong_types: { product_type: 1, slug: 1 },
 		jetpack: { product_type: 'jetpack' },
-		woocommerce_bookings_monthly: { product_type: 'marketplace_plugin' },
-		woocommerce_bookings_yearly: { product_type: 'marketplace_plugin' },
-		woocommerce_bookings_2y: { product_type: 'marketplace_plugin' },
-		'woocommerce-subscriptions-monthly': { product_type: 'marketplace_plugin' },
-		'woocommerce-subscriptions-yearly': { product_type: 'marketplace_plugin' },
-		'woocommerce-subscriptions-2y': { product_type: 'marketplace_plugin' },
-		'woocommerce-test-plugin': { product_type: 'plugin' },
-		'woocommerce-test-plugin-advanced': { product_type: 'marketplace_plugin' },
+		woocommerce_bookings_monthly: {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'woocommerce-bookings',
+		},
+		woocommerce_bookings_yearly: {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'woocommerce-bookings',
+		},
+		woocommerce_bookings_2y: {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'woocommerce-bookings',
+		},
+		'woocommerce-subscriptions-monthly': {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'woocommerce-subscriptions',
+		},
+		'woocommerce-subscriptions-yearly': {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'woocommerce-subscriptions',
+		},
+		'woocommerce-subscriptions-2y': {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'woocommerce-subscriptions',
+		},
+		'woocommerce-test-plugin': {
+			product_type: 'plugin',
+			billing_product_slug: 'woocommerce-test-plugin',
+		},
+		'woocommerce-test-plugin-advanced': {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'woocommerce-test-plugin-advanced',
+		},
+		wc_store_products_usually_underscored: {
+			product_type: 'marketplace_plugin',
+			billing_product_slug: 'wc-billing-product-slug-can-differ',
+		},
 	};
 
 	test( "should return false when the product isn't in the products list", () => {
@@ -35,11 +63,13 @@ describe( 'hasMarketplaceProduct', () => {
 		expect( hasMarketplaceProduct( productsList, 'woocommerce-test-plugin' ) ).toBe( false );
 	} );
 
-	describe( 'product is a marketplace product', () => {
-		test( 'should return true when the product slug contains underscores', () => {
-			expect( hasMarketplaceProduct( productsList, 'woocommerce_bookings' ) ).toBe( true );
-		} );
+	test( "should return true when the billing_product_slug matches even when key doesn't match", () => {
+		expect( hasMarketplaceProduct( productsList, 'wc-billing-product-slug-can-differ' ) ).toBe(
+			true
+		);
+	} );
 
+	describe( 'product is a marketplace product', () => {
 		test( 'should return true when the product slug contains dashes', () => {
 			expect( hasMarketplaceProduct( productsList, 'woocommerce-subscriptions' ) ).toBe( true );
 		} );