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Recruitment invoice finance |

Product Features
Long payment cycles, invoice delays and contractor payments make managing inflows and outflows a constant struggle in the staffing and recruitment sector, which is where Penny can help. 

Our recruitment factoring solution provides on-demand access to money owed to your agency, paid within 24 working hours of request. 
Free factoring facility for recruitment firms

No account setup costs or ongoing commitments. When you need us, we'll be here.

Professional invoice collection support

Save time and money on credit control and collections. Invoice payments managed by Penny on your agency's behalf.

Fast decisions and next-day payments

Submitted recruitment invoices verified in three hours and paid out via Open Banking within 24hrs.


Penny's approach to recruitment invoice factoring

The recruitment sector contributes a huge £43 billion to the UK economy. However, with weekly payables and 30 to 60-day average invoice terms, maintaining healthy cash flow is one of this industry's biggest challenges.

And with 79.5% of recruitment enterprises operating as micro-businesses, the majority of the UK's invoice finance services remain largely inaccessible.

Penny's model of selective invoice finance has been specifically developed to serve the underserved micro and small biz community. 


Our approach is simple. We don't ask for ongoing commitments, and recruitment businesses don't need to finance their full sales ledger to open an account.

After registering a free profile, our recruitment factoring solution gets the total value of submitted invoices paid out within 24 working hours of request.

Business entities

Limited companies and sole traders in the staffing and recruitment sector

HMRC registered

& based in England or Wales

Outstanding invoices

Transactions from £500 - £200k for completed work, terms up to 90 days

What is recruitment invoice finance?

Recruitment invoice finance is a type of commercial funding designed to help staffing and recruitment companies improve their cash flow.

Unlike traditional finance, recruitment factoring offers an unsecured solution that leverages outstanding invoices for fast access to working capital.

Since factoring advances money already owed to a business for completed work, no additional debt gets added to the balance sheet. As a result, this accessible alternative to recruitment loans and overdraft facilities provides small agencies with significantly less risk.

How does invoice finance for recruitment companies work?

At Penny, we offer a flexible recruitment factoring facility that provides instant access to cash withheld in unpaid invoices.  

Your recruitment agency can fund its outstanding invoices on-demand with a free Penny account.


There are no setup costs, interest fees or monthly subscription payments. Just one small processing fee each time you raise an invoice for next-day payment.


Submit invoice

Upload an invoice for recruitment factoring through your account portal


Track status

Penny contacts your client to validate the submitted invoice details


Withdrawal confirmed

Invoice is verified and a no-obligation quote with processing fee is offered


Get paid

Accept the fee and receive the total invoice value* 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 recruitment finance with Penny 

Meet payroll obligations

Bridge the gap between paying temporary / contract workers and receiving client invoice payments.

Outsource collections

Spend more time focusing on your core recruitment activities and building your business.

Scale with factoring

As your agency grows, the amount of funding available through Penny's recruitment finance grows with it.

Strengthen cash reserves

Bolster your recruitment business's savings cushion without taking on costly debt.

Work around payment cycles

Instead of waiting weeks or months to get paid, utilise Penny to receive money owed the next working day.

Acquire new clients

Provide services to more businesses without being held back by insufficient working capital.


Find out if Penny's recruitment factoring is right for your business:


  • 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 recruitment invoice finance:


Discover Penny's invoice finance for recruitment agencies today, it's free 

£500 - £200K transactions

Invoice collection support

No-obligation quotes

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