Question 1

Can Penny accept businesses in any part of the UK?

Accepted Answer

Currently we can only accept companies registered in England and Wales.

Question 2

Who can I invoice with Penny?

Accepted Answer

Penny can advance invoices to Limited Companies. In some circumstances we may be able to consider other business entities, please contact us to discuss.

Question 3

Can I invoice my own company, or a company within my group?

Accepted Answer

No, you can not have any business interest in the company you are invoicing.

Question 4

Do I need a limited company to use Penny?

Accepted Answer

No, we can also help sole traders. Please contact the team for further information.

Question 5

What is the minimum invoice that I can advance with Penny?

Accepted Answer

The minimum invoice value is £500.

Question 6

Can I advance an invoice before work is completed or goods are delivered?

Accepted Answer

No - work or goods must be completed or delivered. Additionally we cannot advance invoices on retention fees.

Question 7

What happens if I have already invoiced a client myself?

Accepted Answer

You will need to raise a new invoice through Penny. A member of our team will advise you on how to credit note the original invoice with your debtor.

Question 8

Can I use Penny to pay my bills? (Also known as reverse invoice financing)

Accepted Answer

No, we only facilitate forward invoice financing on goods / services supplied.

Question 9

Do you require accounts/bank statements?

Accepted Answer

No, unlike the majority of other lenders, we do not ask for accounts or bank statements.

Question 10

Will you credit score me or my client?

Accepted Answer

No, we do not credit score either you or your client. We ask for identity documentation and carry out a “soft” check of your ID using data referencing companies. This does not leave any hard footprint on your credit record, or impact your credit profile.

Question 11

My invoice has been approved, now what?

Accepted Answer

Once Penny has approved your invoice and it has been issued to your client, a member of our team will promptly get in touch with the contact you have provided in order to validate the invoice and get your funds advanced. This is usually completed within 24 hours.

Question 12

What contact information do you need for my client?

Accepted Answer

When you are completing your client’s details, it is best to provide contact details of a member of the accounts team if possible, rather than a generic accounts email address. This expedites validation of the invoice, so you get paid faster.

Question 13

I got an approval with Penny Quick Quote however my invoice has been rejected, why?

Accepted Answer

The Penny Quick Quote tool only considers the invoice amount and the debtor (the company paying the invoice). However real-time decisions also look at other factors, including the terms and nature of the invoice.

Question 14

What are the Terms & Conditions of the Introductory Discount Offers?

Accepted Answer

The discount is facilitated via cash back upon settlement of invoice. Refund of original fee will be processed on debtor settlement of invoice and must be requested in writing by  email within 30 days of the invoice due date.   Invoices must complete the standard Penny administration process. Offer not valid in conjunction with any other promotion. Maximum refund is equal to the fee on the first £10,000 of the invoice, regardless of total invoice value. Offer limited to one time per user, not valid on multiple accounts. Refund will be made within 14 days of request. Invoices settled after the due date will render this promotion null and void.

Question 15

What are the Terms & Conditions of the £150 referral bonus?

Accepted Answer

The Referrer must request their bonus in writing within 30 days of completion of the Referred Party’s first successful invoice transaction. Upon this request we will process a payment of £150 into the Referrer’s business bank account. The Referred Party must confirm that they were referred to Penny by the Referrer.
 This offer cannot be used in conjunction with any other offer, discount or promotion.

Cash flow freedom.

Open a business cash advance account and withdraw from £500 to £500,000 by trading outstanding invoices for instant funds.

Award winning finance.

Superfast. Super simple.

Activate your account in less than 2 minutes and withdraw money by exchanging unpaid invoices for instant funds.

No credit checks. No personal guarantees. No hassle.

Withdraw 100% of your money in an average of just 12 hours*.

Upload invoice. Download money.

The sky's the limit.

Think of Penny like an unlimited overdraft that automatically manages your invoice admin.

The more you use Penny to accelerate your cash flow the more rewards are applied to your account**.

Security built in.

Over 10,000 businesses trust Penny with their cash flow.

Our unique technology verifies all transactions, making sure your hard earned money is with you quickly and securely.

Frequently asked questions.