First Penny Inc offering aims to bring every employee their very own assistant for business payments, and expense and travel management
October 26, 2015 11:30 AM Eastern Daylight Time
LAS VEGAS--(BUSINESS WIRE)--Penny Inc, which provides payments and expense and travel management solutions for small to medium-sized businesses, today announced the launch of the Penny Inc prepaid MasterCard® card program (“Penny”) virtually connected to a mobile app. Built on the open API payment innovation platform of Marqeta, Penny monitors and manages employee expenditures, significantly reducing the time spent on expense tracking and administration processes.
“We’ve all experienced admin distracting us from creating value for our customers and bottom lines. Penny gives every employee their very own assistant,” stated John Battley, CEO, Penny Inc. “Whether it’s booking company travel or purchasing a business meal, with Penny, you hand an employee a card, download the mobile app, and let them get on with their job.”
Features of Penny include:
No maintenance or usage fees: Penny prepaid MasterCard® cards have no monthly, annual, transaction, withdrawal or cancellation fees. Penny comes with four free Penny prepaid MasterCard® cards, and the Penny mobile app is free to download on the App Store or Google Play.
Expense tracking reminders: Penny’s mobile app prompts the purchaser to photograph corresponding receipts at the time of sale and attaches it to the transaction, instantly stored for the company administrator to access.
Control of business expenses: The company administrator oversees where and how each Penny card can be used -- including blocking merchants and / or setting daily spending limits. Alerts can be set to flag when an abnormal transaction occurs.
Fast and easy set-up: Online registration takes less than ten minutes, and Penny cards are delivered within seven days. Items needed to sign-up for Penny include documentation of account holder identification, proof of address, certificate of incorporation, and corporate structure.
Auto re-load capabilities: Bank routing and account numbers are linked to the Penny administration account. Settings can be configured to transfer money to the administration account when the account balance drops below a specified amount.
Alignment with accounting software: Transaction data on the Penny card can be exported to various accounting programs including Quickbooks, Xero and MYOB.
“In today’s 24/7 professional world, business travelers, executives and managers have more competing pressures than ever before,” notes Jason Gardner, founder and CEO of Marqeta. “With the application of Penny’s fast and streamlined approach to tracking expenditures, today’s employees can focus on what’s really important—creating value for customers and clients.”
An updated version of Penny will be released in March 2016 with increased functionalities, including the ability to book flights, hotels and car rentals. This card is issued by Sutton Bank, member FDIC, pursuant to a license by MasterCard® International Incorporated.
About Penny Inc
Penny is every employee’s very own assistant. A smartphone app to manage your business expenses and travel seamlessly integrates with a prepaid debit MasterCard®. Penny has no maintenance or usage fees and keeps things simple by only featuring essential functionality. Built with small and medium business in mind, sign up online in minutes and cards are delivered within days. Then it’s just a case of handing cards to employees, loading funds and downloading the free app. To keep things secure, click to apply a budget or restriction (e.g. gas stations only, daily limit) to all or individual cards. Penny is available on the App Store and Google Play. Penny Inc’s founders are Australians based in San Francisco. Penny is available in the US from October 2015. Find out more at www.thepennyinc.com.
Founded in 2010, Marqeta has re-engineered how payment cards, virtual cards and mobile authorization products should be developed and deployed. The Marqeta Platform, built from the ground up with no legacy infrastructure, provides the world’s first fully documented, open API issuer processor platform. Companies can build, issue and deploy innovative payment, finance and commerce solutions with enormous control over what, where, and how purchases are authorized. Engineered in California, the Marqeta Platform integrates with the major networks such as Visa, MasterCard and Discover and makes it easier than ever to make payments, receive payments, reward customers and create more efficient business processes. Learn more at http://www.marqeta.com.
Money20/20 is the largest global event enabling payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000 CEOs, from over 3,000 companies and 75 countries, expected at its 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money. The next Money20/20 will be held in Las Vegas, October 25-28, 2015, followed by Money20/20 Europe in Spring 2016. For more information about the Money20/20, visit www.money2020.com