Corporate expense and business travel management firm Penny, which gears its solution to small and medium-sized businesses, wants to help corporations manage employee spending on a broader scale and has enlisted MasterCard to do so.
Reports on Monday (Oct. 26) said Penny is rolling out the Penny Inc prepaid MasterCard, a prepaid card program that helps businesses gain visibility into and set controls over their employees’ spending. The solution is paired with a mobile app, allowing managers to access spend data and insights on the go.
“We’ve all experienced admin distracting us from creating value for our customers and bottom lines,” said Penny CEO John Battley. “Penny gives every employee their very own assistant. 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.”
According to Penny, the prepaid card does not charge usage or maintenance fees. The solution automatically reminds employees via the mobile app to take photos of receipts that correspond to their transactions made on the card, while managers can see how and where the card is used.
Businesses can set spending limits on the prepaid cards, while Penny accounts can integrate existing bank account numbers to automate fund reloading. The company added that all of the data that streams from the card and app can be integrated into existing corporate accounting software platforms, including Xero and QuickBooks.
The new prepaid card will precede an upgrade Penny will undergo next March as the firm plans to enhance capabilities related to hotel, car rental and flight booking for corporate users.
According to Penny, the new platform for the prepaid card is built on Marqeta technology, while the issuing bank of the cards is Sutton Bank.