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Penny — Get your invoices paid instantly
Penny puts cashflow within your control, financing invoices fast, on-demand, while your client pays as normal - no minimum trading history, credit checks or turnover requirements, just accessible cashflow when you need it.
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Thanks so much for hunting us @paul_a_smith, and thanks for putting up with all my moaning that time I wasn't paid at Christmas! Good times.
As Paul says, I know all to well the anguish that's caused by not getting my invoices paid on time (and yes, I did drop my MacBook without insurance 🙈). Fortunately @colin_gunnell had a solution brewing in his mind. After lots of whiteboard sessions, late nights, coffee, and code we were ready to release Penny into the wild... and we couldn't be happier.
We're here all day to answer any questions!
This is a sweet idea. Before moving into building podcast SaaS I began my career as a freelancer and suffered at the hands of people simply paying late because they were bigger businesses and simply *could*.
Congrats to @adamfarah on this launch - I know it'll help so many freelancers to keep their finances on track without the fear that accompanies freelance billing.
Thanks @mrasquith! Your rants from back in the day have always been a guiding light :)
@diegotp Hi Diego, we really hope so. we're focusing on the UK at the moment but are looking to expand as soon as possible :)
@colin_gunnell great news! I would love to have you guys come on the podcast and introduce your product. I just sent over an email to hello@penny..
There is something I don't understand and nobody asked yet. What if one issues an invoice to a client and the client never wants to pay (the client is bad)? What if one issues an invoice to a fake client who doesn't even know about the issuer (issuer is bad)?
@fancsiki Hi, thanks for your question, it's a great one. Penny deploys robust systems to validate an invoices legitimacy via data sources and confirmation prior forwarding payment. This way we protect the supply chain and our users :)
Let's play this scenario : l have told to X to deliver me a fake invoice and l come to Penny to get paid .......How do you deal with this kind of scenario when two fraudsters are trying to scam Penny with a fake invoice ?
This is a great concept. It looks super easy to use and is such a straightforward implementation of invoice discounting!
How does it work for the client if you elect to get paid instantly through the software?
@cnndspnch Thanks for the question. The client pays the invoice when they normally would, it doesn't impact them at all. We simply ask them pay us as we've already paid the invoice to you.
@cnndspnch @colin_gunnell nice! And if they do not pay, Penny is fully responsible / goes after? Are you doing anything to mitigate risk of clients not paying, or verifying they are responsible and credible to pay the invoice?
Great idea. Love the product. Just checked out the website, very clear & easy to understand
Cheers, Adam. Have you checked out the video link above? Shows how easy it is to get started...
This sounds amazing! As an influencer I am forever waiting for brands to pay my invoices (longest I've waited is 3 months!) so defo gonna have a look at this. Is it any hassle to the client?
@helenajlc Hi Helena, thanks for the great feedback. it's no hassle for your clients at all as they simply pay your invoice when they normally would. You get your invoice paid instantly by Penny and don't have to wait or chase payments anymore :)
I’m Colin Gunnell and I am one of the founders of Penny. Thanks for hunting us @Paul_a_smith
If you’re a business owner or freelancer, we know waiting for invoices to be paid and managing payments is both painful and stressful.
Penny solves the problem by paying your invoices upfront while your clients and customers pay as normal..
Our mission at Penny is to give small businesses the power to control cash flow on their terms, through tech-based, on-demand invoice finance, think of us as a business partner, invoice software and your own back office finance team rolled into one.
We built Penny to be easy and inclusive for all businesses, including those who may find it difficult to get funding elsewhere, such as startups.
Penny has been specifically designed to put users in control and allows you to manage, fund and accelerate vital invoice cash flow on any device 24-7.
You can sign up with just an email address, there’s no subscription or tie-ins.
We’d love to hear your thoughts on the product and answer your questions!
Morning Joe, thanks for your question.
Yes, you sure can. We built Penny to be super inclusive so it is open to all sole traders and limited companies in the UK.
There are no contracts or tie-ins to please feel free to sign up for free and check us out:
http://pennyfreedom.co.uk/?utm_s...
@joe_taffurelli Morning Joe, thanks for your question. Yes, you sure can. We built Penny to be super inclusive so it is open to all sole traders and limited companies in the UK. There are no contracts or tie-ins to please feel free to sign up for free and check us out.
The sector I work in tends to result in a high volume of relatively low value (sub £1000) and I've found the usual financial instruments aren't able to offer the kind of flexible services I need.
As such I have a couple of questions.
Do you have a minimum value per invoice?
Is there a maximum number of invoices I can put through in a given period?
Would you require me to put through a minimum value or number of invoices over a given period?
@dom_zaz Hi Dom, thanks for your question. No, there are no hidden costs at all. Penny simply charges a fixed fee for instantly paying an invoice, this fee is shown clearly both as a percentage and in pounds in pence every time you want to use the service so you always know where you are with your money.
@dan_pearce1 Thanks for the feedback Dan. Typically users receive payment within 2 hours of creating an invoice.
Making getting paid easier and having reliable cash-flow is a great idea so more wind your sails, it is is critical to the small business, especially when you're just starting out. Are you charging a fee to the issuer or the invoicee or both?
@garry_haywood HI Garry, thanks for your question and feedback. We charge a fixed fee to the issuer only, there are no costs or impact the the invoice...the simply pay when they normally would
That looks amazing! Congrats guys. Are you planning on expanding to Canada soon?
Also a quick question. What if we subscribe to the service a few months after a payment is already late? Do you offer to cover past invoices?
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