FAQ

Getting started

What is Penny?

Penny is a reloadable prepaid Debit Corporate MasterCard, integrated with an expense management app (mobile and desktop). Businesses sign up to Penny and order Penny Cards for their employees to use for business related expenses.

How do I sign up my business for a Penny Inc?

To register your business and order cards for yourself and your employees go to www.thepennyinc.com and select free sign up. You will need to enter and upload some simple information about your business so we can verify you.Once verified (in many cases this is instant), your cards will be delivered to you within 10 business days.

You must verify your business bank account information before you can load funds or use your card.  You will need your bank routing and account numbers located at the bottom of your check. Within 2-3 days we will deposit two small amounts that are less than $1.00 each into your bank account.  We will withdraw the combined deposit amounts from your bank account immediately to net zero. Once you see these deposits in your bank account, you must log into the Penny Central Administration Account and enter these amounts.  This will verify your bank account and you can then load funds from your business bank account into your Penny Administration Account. It may take up to 3 business days for amounts debited from your bank account to be added to your Penny Administration Account.You can also set up “auto-reload” to automatically load funds to your Penny Administration Account, from your business bank account, with a preset amount when it reaches a specified low balance.

How long does it take to sign up?

The online registration takes just a few minutes to complete. Just be sure to have your basic business documents ready to be uploaded.We will then verify your company information (in many cases this is instant), and provided we have all the information we require, your cards will be delivered within 10 business days.Contact Customer Support at 415 871 0896 or via email support@thepennyinc.com if you requested your cards more than 10 business days ago and still have not received them.

What information do I need to provide to sign up?

You will need to enter basic business details and upload copies of the following documents:ID of account holder (Government issued ID document containing your photograph, i.e. passport or driving license).Proof of address (Utility bill or bank statement containing your company name and address). Certificate of incorporation (Government issued document containing the details of your incorporated business). Acceptable document formats include: bmp, gif, jpg, jpeg, png, tiff, doc, docx, rar, zip, pdf There is also an E-Communications Disclosure, Cardholder Agreement and Privacy Statement for you to read and agree to. To load funds into your Penny Administration Account, you will need to enter your bank routing and account numbers.  

Are there any fees or costs associated with Penny?

The Penny Inc desktop application, cardholder mobile app, MasterCard debit cards and Virtual cards are all free.

There are;
No monthly subscription fees
No transaction fees
No fund transfer fees
No annual fees
No cancellation fees
Foreign currency attract a third party fee of 3%.
Some other third party fees may apply.

Where is Penny Inc based?

Registered Office:
297 Kingsbury Grade, Suite 100, Lake Tahoe
Nevada 89449-4470

Head Office:
600 California Street San Francisco
CA 94108

Is Penny available to businesses outside of the U.S?

Penny is currently only available to business and their employees within the U.S. We do not offer Penny to business and residents of Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa, or other U.S. territories.

Will there be a credit check?

No, there is no credit check. Penny Cards are Prepaid Debit MasterCards.The credit rating of your employees will not have any impact on using the prepaid debit card you allocate to them.

My business was not approved, what do I do now?

Please make sure the registration information you provided is correct and resubmit your information.  If you continue to have issues signing up for Penny, please contact Customer via email support@thepennyinc.com for assistance.

What is the minimum age to sign up for Penny?

When you sign up your business for Penny, you will be able to order cards for yourself and your employees. All cardholders must be at least 18 years of age (or older if residing in a state where the majority age is older).

Why haven’t I received my Penny Cards yet?

There are three reasons why you might not have received your Penny Card/s yet:The address you provided is incorrect.You were not successfully verified during the application process.You have not yet linked your bank account information to your card. Contact Customer Service at 415 871 0896 - 24 hours a day/ 7 days a week, excluding Federal holidays or via email support@thepennyinc.com if you requested your card more than 10 business days ago and still have not received it.

Phone App

Why do I need a password to login?

A password helps protect your account security when you log into your account.

What if I forget my password?

You can reset your password by clicking “Forgot Password?” at the login screen and following the instructions.

How do I change my Penny App password?

You can change your password once you are logged into the app, within the profile section.

Card Basics

What is the Penny Card?

A reloadable Prepaid Debit Corporate Mastercard, integrated with an expense management app (mobile and desktop). Businesses sign up to Penny and order Penny Cards for their employees to use for business related expenses.

Is the Penny Card a credit card?

No, it’s a prepaid, reloadable debit card.Businesses sign up to Penny and order the desired number of Cards to allocate to their employees. To load the Cards with money, the business transfers funds from their business bank account into a Penny Administration Account. Funds can then be allocated from the Administration Account onto that business’s prepaid cards.There are no lines of credit or finance charges associated with Penny Card. No credit checks are required.

Do I press debit or credit to make a purchase?

You use “CREDIT” to process your transactions. If you are prompted for a PIN number, you press “OK” to bypass this step.

Can I set limitations on where the card is used?

Limitations and restrictions can be placed on the card by the administrator of your company’s Penny account. The settings are managed within the Penny Central Administration site.

Is the Penny Card a credit card?

No, it’s a prepaid, reloadable debit card.Businesses sign up to Penny and order the desired number of Cards to allocate to their employees. To load the Cards with money, the business transfers funds from their business bank account into a Penny Administration Account. Funds can then be allocated from the Administration Account onto that business’s prepaid cards.There are no lines of credit or finance charges associated with Penny Card. No credit checks are required.

How do I check the balance of my Penny Cards?

To check the balances of your Penny Cards, login to your Penny Central Administration Account and go to the cards tab. Card holders can check the balance on their individual card by opening the Penny App

How do I order more cards for my business?

You can order more Penny Cards via your Penny Administration account by selecting “order new cards” from the Cards tab. Alternatively, contact Customer Support at 415 871 0896 hours a day/ 7 days a week, excluding Federal holidays or via email support@thepennyinc.com for assistance.

What is a Virtual Card?

A virtual card is an online card that is not physically issued by the card provider. A virtual Penny card is the same as a normal Penny prepaid debit MasterCard, but you don’t receive the physical plastic. It is designed to be used for online purchases to provide an additional level of security. It cannot be used for in-person point of sale transactions. Virtual cards can be ordered, assigned, activated and deleted through the Penny Central Administration site on the Cards tab. Restrictions can be applied to the Virtual cards to limit the merchant, and spend limits within a specified time frame.

What can a Virtual Card be used for?

Virtual cards can be used for online payments or recurring payments. Virtual cards can be set up for one-time payment when purchasing online, as well as the application of merchant and spend restrictions. This is designed to protect the cardholder from becoming a victim of online card fraud.

For questions in regards to your account, card, or program specific questions contact Customer Service by phone at 415 871 0896 - 24 hours a day/ 7 days a week, excluding Federal holidays. You may also contact Customer Service via email at support@thepennyinc.com.

Activation + Loading

How do I activate my Penny Card?

Once you receive your card you can activate it through the Penny App. The app can be downloaded from both the Apple App Store and Google Play. Alternatively, you can activate by the automated customer service line 24 hours a day at 415 871 0896

How do I load funds onto my business’s Penny Cards?

You must first link your bank account information to your Penny Central Administration Account.  You will need your bank routing and account numbers located at the bottom of your check. You must verify your bank account information before you can load funds.  Within 2-3 days we will deposit two small amounts that are less than $1.00 each into your bank account. We will withdraw the combined deposit amounts from your bank account immediately to net zero.  Once you see these deposits in your bank account, you log in to the Penny Central Administration Account and enter these amounts. This will verify your bank account and you can then load funds into your Penny Account. It may take up to three business days for amounts debited from your bank account to be added to your Penny Account.You can also set up “auto reload” to automatically load funds to your Penny Central Administration Account, from your business bank account, with a preset amount when it reaches a specified low balance.

What is "auto reload?

When auto reload is ON, you set a specified amount of money to be automatically transferred from your linked business bank account to your Penny Central Administration Account when the balance drops below the specified amount you set. The person in your business with Administration access can set auto reload ON and OFF from the Penny Central Administration Account.

Can I use cash to load funds to my Penny Administration Account?

No, the account must be linked to your business bank account.

How long does it take for money to transfer from my business bank account to my Penny Account?

Allow at least two business days for the money to be transferred from your business bank account to your Penny Central Account.Once visible in your Penny Central Account, money can be instantly loaded onto your Penny Cards and used to make payments immediately.

How many bank accounts can I link to my Penny Administration Account?

Five. If you have specific business requirements for more accounts, please contact us by phone at 415 871 0896 - 24 hours a day/ 7 days a week, excluding Federal holidays. Or send us an email at support@thepennyinc.com.

Using the Card

Where are Penny Cards accepted?

Once you activate your card and load it with money, you can use it everywhere worldwide, where MasterCard is accepted.Your business’s Penny Administrator could have also added additional restrictions to where and how your card can be used, e.g. daily spend limits or blocked merchants. Please check with your business’s Administrator to see if there are any additional restrictions on your card.You may not use your Penny Card for cash withdrawal or cash back transactions, online gambling or illegal transactions.

Can I use my card to shop and pay bills online?

Yes, you can use your card to shop and pay bills on any website that accepts MasterCard. You cannot use your Penny Card for online gambling or illegal transactions.Your business’s Penny Administrator could have also added additional restrictions to where and how your card can be used, e.g. daily spend limits, blocked merchants, no online purchases. Please check with your business’s Administrator to see if there are any additional restrictions on your card.

Can I use my Penny Card to “pay at the pump”?

When purchasing gas we strongly recommend paying inside at the cashier. If you choose to pay at the gas pump terminal outside (pay at the pump) you must have at least a $100 balance to cover the merchant holding a pre-authorization amount on the card. If you don’t have at least a $100 balance your purchase may be declined.

Can I use my Penny Card at restaurants, hotels or rental car companies?

Yes. Please be aware that when the total amount due is unknown (for example when checking in to a hotel), merchants have the right to pre-authorize the purchase, which puts a hold on the funds. A restaurant, for example, might hold up to 20% or more to cover whatever you tip. To avoid any problems, we recommend that you call hotels and rental car companies first to inquire about their prepaid card policy, and ensure you have sufficient money loaded onto you Penny Card.

Can I get cash back with my Penny Card?

No, you cannot get cash back with the Penny Card or use it at an ATM.

What is the ZIP code of my card?

You may be prompted to enter a ZIP code when using your card. The ZIP code of your Penny card will be the ZIP code of your registered company address.

Can I use my Penny Card for personal spending?

The Penny card is designed for business related expenses only. The funds loaded on the Penny prepaid debit Mastercard are funds from the business's bank account.

How do I obtain my transaction history?

You may view your transaction history by logging into your Penny app.

Can I use my Penny Card at an ATM?

No, the Penny Card cannot be used at an ATM or for cash back transactions.

My transaction shows it’s “Pending”? Are these funds available to me?

A purchase transaction may read as “pending” until the merchant sends the final transaction amount. Pending funds are not available.

What happens if I don’t have enough funds on my card to process a transaction?

You can request more funds to be loaded onto your Penny Card via the app. The request will be sent immediately to your business’s Penny Administrator. Fund loads to your card from the Penny Central Administration Account are instantaneous.If you do not have sufficient funds available on your Penny card to process a transaction, you can request that the merchant charge a part of the purchase to your card and pay the remaining amount with cash or another card.  These are called “split transactions.” Some merchants do not allow cardholders to conduct split transactions.If an authorization request for more than the available balance on your card is received, it will be declined.

What happens if I return merchandise or cancel a transaction?

If a merchant gives you a credit for merchandise returns or adjustments, the merchant may do so by processing a credit adjustment, which will be credited to the available funds on your Penny Card.Penny Inc are not responsible for the delivery, quality, safety, legality, or any other aspects of goods and services that you purchase with your Card.

How do I can cancel my Penny Card?

Firstly, use the Penny App to deactivate your card. Then hand your card back to your employer’s Penny Administrator. They will then remove you as the card’s owner.  You can also ask your business’s Penny Administrator to deactivate the card on your behalf.If you change your mind and want to reactivate your Penny Card you can do so via the Penny app.

How do I dispute a transaction

If you suspect an error or want to dispute a transaction, contact us as soon as possible either by phone at 415 871 0896 or at support@thepennyinc.com.

Are there any limits to how much money I can load into my Penny Administration Account?

For business owners, there is no minimum amount of funds that you are required to load into the Penny Administration Account. The maximum amount of funds that may be loaded to your card is $5k per load or reload.

Are there any limits to how much money I can have loaded onto my Penny Card?

Your business’s Penny Administrator could have put restrictions on your card, for example daily spend limits or blocked merchants. Please check with your business’s Administrator to see if there are any restrictions on your card.