Penny Avis 107

Great team, helpful and efficient. Kirsty was a great helping to get funding on my last request. Cash flow is king for my business.

We initially approached Penny to provide spot invoice financing to support our cash flow as a small business.
From the outset, the customer service was very good and the sales pitch was great, leading to us making the decision to go for Penny over other competitors, and this is where the issues began.

The set-up process to get clients set up through Penny's 'procedure' is overburdensome and unnecessarily complex. Our clients were given an approved limit for funding invoices and that is where the set up should have been complete, however, when sending an invoice through penny they then ask for you to upload a copy of your own invoice to 'prove' the invoice is valid, ask for the client to confirm the invoice and then question the person confirming as to whether they are even approved to confirm it which seems to be an unnecessary request when the confirmation is coming directly from the accounts email for the client, and then eventually release funds once all hoops have been jumped through.

The information contained on the Penny website leads one to believe that the process is 'Raise an invoice, Get paid instantly, We collect payment'. This is fundamentally not true.

When raising an invoice, it has taken up to 3-4 days for the invoice to be sent out to the client from the penny's system after 'processing'. Once confirmed, the invoice was often finally paid the same day if not the next day. However, this is not 'instant' payment after raising and invoice as advertised on the Penny website.

Furthermore, we were at the mercy of the system when Penny's whole system crashed and was out of action for almost 2 weeks. During that time, there was no information relating to how long the system outage would last and nothing that could be done with regards to processing invoices. For a service which is there to support business cash flow and is used by businesses who need faster access to invoices than standard payment terms, this is a major issue and red flag with regards to the reliability of the system.

Another issue experienced in the short time we used Penny was with regards to 'holds' being put on our account and the sceptical approach from Penny with regards to clients paying them. One of our clients is a small business who was approved with a good limit for invoices and a credit score of 100 as a business. They make manual payments of their invoices every week and do not send out any prior remittance or payment advice like a big corporate company would do. Because of this, Penny were very sceptical with regards to receiving payments and placed premature holds on our account, chased the client before the due date of the invoice and contacted the client via call and email. The client was not impressed with being chased by Penny for payment BEFORE the invoice was even due.

The last and most recent issue is that Penny have now decided to 'decline' our invoices through their credit team with no information as to why. Nothing has changed within either business, we have invoices outstanding but all within their respective due dates, there hasn't been a single late payment or missed payment of their invoices and our total invoiced amount is less than half of our approved limit for the client, however Penny have now decided that they will no longer fund. No explanation. No warning. 'Out of our hands'.

This has had a significant detrimental impact on our business and cash flow.

One extremely disappointed and now stressed and frustrated customer who would strongly advise looking to more reputable and professional invoice factoring services such as main banks and lenders.

Do not get drawn in by the false promises of 'simple' and 'instant' access to invoice funds as it will ruin relationships with clients and there will be issue after issue trying to use this service.

Worst company
Dont waste your time in applying and submitting invoices.

Scam. They are a loan broker. They don't provide loans. This was never disclosed to me. They say their loans are income based. Not true. I make an exception six figure income and they told me no loans were available. Yet I just took out a $20K loan to pay off a higher interest debt. And one of my credit card companies just doubled my credit limit (5 figures) due to exceptional payment history. During my call with their representative he sent me a link that had multiple loan companies included and now I'm getting spammed by them. He also did a "soft" credit pull. Time will tell if it shows up on my credit report, which it's not supposed to.

Kamran was super patient with me and talked me through how the service worked, fees and structure. I didn't feel like I was asking stupid questions at any point and he was rapid to follow up!

Since we started using their facility with Sebastian everything has been easy and efficient would defo recommend

I was working with Kamran Hasan, great guy! It's my first time working with any form of invoice financing company and he explained everything to me as simply as possible and made my first steps with Pennyfreedom a breeze!

Looking forward to continuing work with the company!

Efficient , friendly and uncomplicated
uploaded invoice 15:00 pm
Funds on our account at 17:15 pm same day

Seb has done a great job :)

I can wholeheartedly recommend

We have used Penny for over 2 years and put through over 150 transactions with them. They simply do what they say and turn invoices into cash within 24 hours. Their team are incredibly helpful and look expedite the process as quickly as possible. Sebastian has been a particular star over the years. They are now a valuable partner in our business and we love the fact that we can pick and chose which invoice to put them and also they respect our client relationship when it comes to collection. We would recommend them with out reservation to any business who are looking to improve their cashflow.

We needed some short term funding and Nick Godward at Penny sorted it all out very quickly and very efficiently. The process is all automated and easy to follow. If you need Single Invoice/Spot Financing with a quick turn around and want to maintain client confidentially then these are the guys to use.

We have been working with Penny for the past few months and we have been very happy with the service provided.
Eve Clayton has been very helpful and always goes above and beyond to assist. Thanks Eve and well done!

Eve was amazing, excellent service, hassle free and prompt payment.
pleasure to work with, highly recommended.

Great service, Jazmine helped us a lot. Thanks guys.

I recently used Penny for invoice financing, and I couldn’t be more impressed! The entire process was seamless from start to finish. They were incredibly prompt, easy to work with, and paid out quickly, exactly what you need when managing cash flow.
A special shout-out to Nick and Skye, who went above and beyond to make everything smooth and stress-free. Their professionalism, clear communication, and genuine care for the customer experience, both to myself and my customers truly stood out.

We used Penny Freedom for a weeks to help with our cash flow and Nick ad the team were very helpful throughout the whole time and was always able to help. We would definitely recommend and will be using in the future if we need to!

Penny Freedom have been incredible in helping us manage our cashflow. Sometimes our average invoice would have been around 60 days, but for a fair price (lower than many others) the factoring service is really simple to not only onboard, but to also get invoices submitted, approved and then paid. Our account manager Kirsty has been really great at responding to our requirements, going above and beyond and helping us do whatever it takes to get invoices paid out and into our account. Highly recommended and would be happy to speak about Penny to anyone. It's actually been such a great experience.

We have had a good experience with Penny so far. They are easy to work with, especially Sebastian Falcucci.

Once i was set up on the system, seamless experience, staff and Directors very helpful and the ability to cherry pick my own invoices to factor works well for me

Nick and Jodie have been a great help with assisting my business when we landed some big contracts, all payments were made very quickly and Nick and Jodie were very professional and communicative through everything for us, highly recommend Nick and his team at Penny

I wouldn't recommend Penny to anyone. Invoice finance is supposed to be a tool to help with cash flow...however, the process caused more stress than anything else. Their lack of knowledge about the products they are selling is deeply concerning