San Francisco-based Penny has launched the Penny Inc prepaid MasterCard card program 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.
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.