Your Frequently Asked Questions

  • What is the Penny service?

    Penny is a unique platform which allows small businesses, freelancers and the self-employed to create, send and finance invoices. Users can easily invoice their clients for free, with the option of getting their invoice payment advanced within 24 hours (from invoice validation). Penny then “owns” the invoice – no more chasing payments and zero risk.

  • What type of company of Penny?

    Penny is essentially an invoice funding service. It allows freelancers and contractors to sell their invoices in order to get paid faster. It is a fairly simple financial arrangement – Penny buys your invoice for slightly less than the invoice total and pays you straight away (within 1 business day and subject to validation of invoice). Penny then owns that invoice so you don’t have to chase for payment or deal with late payers.

  • Can anyone use Penny?

    Penny is built to provide simple invoice financing for small businesses, SMEs, freelancers, contractors and gig workers. Accounts subject to passing ID Checks and service is only available in the UK (England and Wales).

  • How easy is Penny to use?

    Using Penny couldn’t be simpler. Create an account with just a few details, easily add clients, create and send invoices and if you need to, use the Penny finance option to get your invoice paid within 24 hours.

  • What does "paid instantly" mean?

    Penny lets you get paid straight away rather than waiting 30 or 60 days, or your client’s usual invoice terms. However we still need to very quickly check the invoice amount with your client, but as soon as we’ve done that we’ll process your payment. This is usually within 24 hours or less.

  • How much of my invoice will i get paid?

    Unlike other providers penny funds 100% of your invoice every time, the only thing you’ll ever pay is a small admin fee. 100% invoice funding relates to the amount financed and received per invoice, Penny does not guarantee to finance all invoices.

  • When will money be in my account?

    When you opt to get paid early with Penny, the team at Penny HQ will touch base with your client just to confirm the invoice amount. Once done, your hard-earned cash will be in your account within 24 hours (even as quickly as 6 hours).

  • What documents do I need to provide?

    Before we finance your first invoice, we just need to make sure you are who you say you are. We’ll ask you to upload a copy of your passport or driving license and take a quick selfie video on the Penny app.

  • How much does it cost?

    Penny fees start from just 2.5%. You will receive 100% of your gross invoice value minus our administration fee.
    We’ve structured our fees so they are tax deductible making Penny a smart and efficient way to fund your business.

  • Do I have to pass a credit check?

    Absolutely not. Your client doesn’t have to sign anything or change their payroll processes or systems whatsoever. We’ll just contact them to confirm the invoice amount and then they pay us on their original terms, simple.

  • What happens if my client doesn't pay the invoice?

    If you’ve had your invoice funded by Penny, don’t worry we have bad debt insurance! Our credit control team chase up late payments and we carry special trade insurance to cover the rare event of a bad debt situation. In some very rare situations such as fraud by you we may come back to you – this is all fully explained in the Standard Terms.

  • Where can I get help?

    The Penny team are a friendly bunch of experienced financial professionals who are there to support both you and your clients. Pick up the phone, send us an email or jump onto live webchat if you’ve got a question.

  • What if I can't find my client on the app?

    If you can’t find your client on the Penny app, the most likely reason is that they are not a limited company. Penny is integrated with the Companies House register so the app will only be able to find UK limited companies.

  • Does Penny work with my public sector clients?

    Yes, if you are working through a recruitment agency, but unfortunately not if you are working directly for a public sector body. We are are working on it though, so watch this space.

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