Frequently asked questions

Can Penny accept businesses in any part of the UK?


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




Do I need a limited company to use Penny?


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




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


The minimum invoice value is £500.




Who can I invoice with Penny?


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




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.




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


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




What happens if I have already invoiced a client myself?


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.




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.




Do you require accounts/bank statements?


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




Will you credit score me or my client?


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.




What contact information do you need for my client?


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.




My invoice has been approved, now what?


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.




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.




What are the Terms & Conditions of the 50% discount off first transaction discount?


50% discount is facilitated via cash back upon settlement of invoice. Refund of 50% of original fee will be processed on debtor settlement of invoice and must be requested in writing 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 50% of 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.




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


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.