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Single invoice factoring |

Product Features
If you're regularly chasing up money owed to your business, Penny's single invoice factoring solution could help.

Submit your invoice, receive payment with 24 hours of request and let us worry about the rest.
On-demand factoring

Invoices factored from £500 - £200k. Payment terms up to 90 days accepted.

Invoice collection support

Customer invoice payments managed and collected by Penny on your behalf.

Assets stay protected

Unsecured solution. No personal guarantees, debentures or property security.


Penny's approach to invoice factoring

Invoice collection shouldn't eat into your business' day-to-day operations.

With Penny, it's guaranteed not to.


Our invoice factoring solution is a model of selective invoice finance. Unlike full-book facilities that require you to raise your entire sales ledger, Penny offers an account that you can dip in and out of, selecting single invoices to factor as and when you need.


When you're ready to factor an invoice, all you have to do is upload and submit it through the online portal. We'll quickly confirm the invoice details with your customer, and once verified, pay the full invoice amount to your account within 24 working hours.


After that, it's business as usual. Nothing else is required from your side, and when the invoice is due, we'll collect payment from your customer.

Business entity

Limited Company or Sole Trader

HMRC registered

& based in England or Wales

B2B invoices

For delivered goods / completed work

What is invoice factoring?

Invoice factoring is a type of invoice finance that quickly released money locked in outstanding customer invoices.

Instead of waiting for lenghty payment terms to elapse, a business can use factoring to sell customer invoice/s and receive the billing amount in as little as 24 hours. Factoring invoices comes with the added benefit of professional credit control management. After an invoice has been raised, verified and advanced, the invoice factoring provider takes responsibility for collecting payment from the customer, freeing up time and internal resources within a business.

How does invoice factoring work?

Developed for simplicity, our invoice factoring facilities come free from commitments. 

Instead of financing your complete debtor book, you can open a free Penny account and flexibly factor single or multiple invoices from your accounts receivable when needed. 


Submit invoice

Upload an invoice for factoring through your account portal


Track status

Penny contacts your customer to validate invoice details


Withdrawal confirmed

Invoice verified with your debtor and factoring agreement approved


Get paid

Receive the total value* of your invoice within 24 working hours

*Total invoice value minus Penny's processing fee. Average fee on a 30-day invoice is 5.1% +VAT.

Discover the benefits of factoring invoices through Penny 

Customer relationships

Instead of waiting weeks or months for customer payments, you can receive money owed the next working day.

No commitment

No minimum invoice volumes, contracts or notice periods. You can use us as little or as much as you'd like.

3hr lending decisions

Track the status of submitted invoices in real-time through the Penny account portal. 

Invoice trading

Instead of waiting weeks or months for customer payments, you can receive money owed the next working day.

Credit control

With one of our account managers dealing with invoice collection, you can quickly reduce internal costs.

Easy access

We make it simple for you to signup and submit invoices. No PGs, no debentures and no property security.


Read more about small business invoice factoring, costs and fees:


Find out if spot factoring works for your UK business today

Invoices from £500 - £200K

Free account setup

No-obligation quotes


  • What types of businesses can use Penny?
    Sole Traders and Limited Companies registered in England and Wales.
  • Are my invoices eligible for financing?
    Your invoices could be eligible for financing if they meet the below criteria: B2B invoices for completed work and/or delivered goods Minimum invoice value of £500 Maximum invoice value of £200,000
  • Do you require accounts/bank statements?
    No, unlike the majority of other UK lenders, we do not ask for business account records or bank statements. Our model of invoice finance utilises technology to provide fast funding, and all we need from you is: Submitted invoice Debtor contact details (email or mobile) to verify the submitted invoice
  • What is the difference between a Penny and Penny Plus account?
    A Penny account is a free member profile that gives you complete access to our selective invoice finance product. You can register your profile online in just a couple of minutes, and after completing Identity Verification, you can begin submitting invoices for funding straight away. Penny Plus will become our paid monthly subscription service, however this is still under development and not currently available.
  • What is invoice finance?
    Invoice finance is an umbrella term for funding that enables businesses to borrow money against the amounts due from their customers. Lenders offering this model of finance advance a percentage of the requested invoice value, in return for a small fee. The main types of invoice finance include invoice factoring, invoice discounting and selective invoice finance.
  • How does invoice financing work with Penny?
    Penny offers selective invoice finance, driven by technology. Unlike traditional models of financing, our UK spot factoring solution offers businesses a streamlined experience without requiring long-term commitments or lengthy paperwork. Penny is unique in that it has been developed for inclusivity, helping traditionally underserved business types (sole traders, micro-businesses etc.) accelerate cash flow with payment terms that benefit their growth. With flexibility at the core, we give businesses a centralised platform to select and advance invoices with ease. Leveraging technology, we provide real time data so that Penny users can check the status of their invoices at any time, providing decisions in under three hours. Once the invoice details have been verified, Penny pays 100% of the invoice value into the registered business bank account, minus a small fee.
  • Who can I invoice with Penny?
    Penny advances B2B invoices to Limited Companies. In some circumstances we may be able to consider other business entities, please contact us to discuss your needs.
  • Can I retain credit control for submitted invoices?
    At Penny, we take responsibility for collecting payment from your customers. Relinquishing credit control enables you to receive the total invoice value upfront, and reduces time spent within your business on payment processes.
  • What happens if I have already invoiced a client myself?
    You will need to raise a new invoice through Penny. After setting up your account, your account manager will advise you on how to credit note the original invoice with your debtor.
  • Can I use Penny to pay my bills? (Also known as reverse invoice financing)
    No, we only facilitate forward invoice financing on goods / services supplied.
  • What contact information do you need for my customer?
    When you are completing your customer'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.
  • Can I invoice my own company, or a company within my group?
    No, you can not have any business interest in the company you are invoicing.
  • What is the Penny Quick Quote tool?
    Our Quick Quote tool is featured within your account dashboard under 'Get Started'. To use it, simply enter your customer's company name and we'll run a couple of quick checks to confirm whether they're eligible. Bear in mind that Penny's algorithm looks at the most recent data available, so even if we can't offer invoice factoring on an invoice for a particular company today, that could change in the future.
  • I got an approval with Penny Quick Quote, however my invoice has been rejected, why?
    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. Please get in touch with a member from our client support team for more details.
  • My invoice has been approved, what happens next?
    Once Penny has approved your invoice and it has been issued to your customer, a member of our team will quickly get in touch with them to validate the invoice and get your funds advanced. The wide majority of transactions are validated in under 3 hours, and paid out within 24 working hours.

Explore frequently asked questions about factoring invoices:

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