Common question about registering your company with Penny.
We take your privacy and the security of your data very seriously. Penny uses 256-bit Secure Socket Layer (SSL) encryption to ensure your personal data is protected. Your personal information is stored in highly secure data centers, which utilize state-of-the-art electronic surveillance and multi-factor access control systems.
Penny is required to collect your social security number (SSN), date of birth, and other identifying information as part of our verification process. As required by our banking partners and in support of the USA PATRIOT Act*, Penny must verify that every applicant is a verifiable US business and represented by a qualified individual (not a criminal or on the US government terrorist watch list).
Please note: This is not a credit card. Penny DOES NOT run a credit check or access your credit report. Applying for a Penny account will NOT affect your credit score.
Restricted Business categories may be imposed through Network Rules or the requirements of our Issuing Bank. The following categories of businesses are restricted from using Penny’s services:
To complete your enrolment with Penny, you may be required to provide additional documentation relating to Business Verification, Personal Identification, and Address Verification. These documents include:
The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number (FTIN), is a unique nine-digit number assigned by the Internal Revenue Service (IRS) (format: XX-XXXXXXXXX) to business entities operating in the United States for the purposes of identification and employment tax reporting. Other commonly used terms for EIN are Taxpayer Id, IRS Number, Tax Id, Taxpayer Identification Number (TIN) etc.
A business needs an EIN in order to pay employees and to file business tax returns. To be considered a Partnership, LLC, Corporation, S Corporation, Non-profit, etc. a business must obtain an EIN. Also, financial institutions such as banks, credit unions, and brokerage houses will not open an account for a corporation without an EIN. Since all corporations - including ones with no income - must file at least a federal income tax return, a corporation operating or incorporated in the United States generally must obtain an EIN either before or after being issued its charter.