Spot Invoice Finance
Fed up with lengthy payment terms? Spot invoice finance could help. Submit your unpaid invoices,* receive payment in as little as 2 hours, and let us handle the rest.
What is spot invoice finance?
Spot invoice finance quickly releases money locked in unpaid invoices.*
Instead of waiting for lengthy payment terms to elapse, you can pass your customer invoices on to us and receive the money in as little as 2 hours.
Invoice factoring comes with the added benefit of professional credit control management.
After an invoice has been raised, verified, and advanced, we take responsibility for collecting payment from the customer, freeing up time and internal resources within your business.
Flexible finance for you
Get fast funding and leave the payment collection to us.
On-demand factoring
Accepting payment terms of up to 90 days, we factor invoices of £500 - £200K.
Invoice collection support
We collect and manage customer invoice payments on your behalf.
How spot factoring works
Built for simplicity, our spot invoice finance facility comes free from commitments.
Instead of handing over your complete debtor book, you can open a free Penny account and upload one or more invoices from your accounts that you need the funds for as and when needed.
Open an account
Sign up to create your free account in just a few minutes.
Submit your invoice
Upload your selected invoice for an instant quote.
Get paid
Once approved, receive the funds within as little as 2 hours.
Am I eligible for spot invoice factoring?
To be eligible for spot invoice finance with Penny, you must:
Have an invoice amount of £500.00 or more
Be a limited company, partnership, or sole trader
Be HMRC registered and based in England, Scotland, or Wales
Have B2B invoices for goods or services delivered
Why choose Penny?
Businesses spend 29% of the year chasing late payments.
We’re on a mission to get businesses paid faster.
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, choosing individual invoices to sell as and when needed.
When you're ready, all you have to do is upload and submit the selected invoices through the online portal. We'll quickly confirm the invoice details with your customer, and once verified, pay the agreed invoice amount to your account, within as little as 2 working hours.
After that, it's business as usual. Nothing else is generally required from your side, and we'll collect payment from your customer.
The benefits
Spot invoice finance offers a range of benefits that can help your business run smoothly, such as:
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.
Quick decisions
Track the status of your invoices in real-time in your account dashboard, with decisions in as little as 2 hours.
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 sign up and submit invoices 24 hours a day, 7 days a week.
Improved cash flow
Rather than waiting for customers to settle invoices, you can keep day-to-day operations running smoothly.
Unlock your cash flow today
Invoices from £500 to £250k
Free, quick and easy account setup
No-obligation quotes with Penny
Frequently asked questions
What are the advantages of spot invoice finance?
- Quick cash. Spot invoice finance lets you get money from your unpaid invoices* straight away instead of waiting for your customers to pay. This ensures you have cash on hand to run your business.
- Flexibility. You can choose which invoices to finance, so you only use it when you need it. There are no long-term commitments.
- No extra debt. This is not a loan, so you don't take on any debt to your business. You're just using your unpaid invoices* to generate funds.
- Help your business grow. With fast access to funds, you can invest in growth opportunities without waiting for your customers to pay to buy more stock, hire more people or expand your business
- Easier collections. Your dedicated account manager will collect payment from the customer, saving you time and effort.
- Better planning. Knowing you can get cash quickly helps you plan your finances better and reduces the stress of waiting for payments.
- Pay suppliers on time. Having cash on hand means you can pay your suppliers promptly, leading to better relationships and possibly better deals.
- Grows with your business. As your business grows and you have more invoices, you can sell more invoices. This makes it a good option for businesses that need flexible cash flow.
- No collateral needed. You don't need to put up assets like property or equipment for spot invoice finance. Your invoice itself is typically enough.
Get started with Penny
Over 10,000 business owners have already changed the way they manage their cash flow.
*Unpaid invoices refers to invoices within their agreed payment terms.