What do I need to know about getting my company approved

Common question about registering your company with Penny.

Why does Penny need to identify me?

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 also refer to the Privacy Policy for more information about the information we collect and how we keep your information secure.

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.

  • IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT:  To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.  What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents.

What is a restricted business?

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:

  • Adult content and services companies
  • Unregistered hedge funds
  • Unlicensed and/or unregistered MSBs
  • Bearer Share companies
  • Marijuana related businesses (includes marijuana-related legitimate businesses)
  • OFAC-sanctioned individuals, entities, countries, and/or governments
  • Shell banks and foreign shell companies
  • Legal entities whose Ultimate Beneficial Owners (or UBOs) cannot be verified
  • Unlawful/unlicensed Internet gambling organizations
  • Unregulated domestic/foreign casinos
  • Unregistered/unregulated charitable organizations
  • Virtual currency companies
  • Drug paraphernalia companies
  • Penny auction companies

What documents may I need for verification?

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:

ACCEPTED BUSINESS VERIFICATION DOCUMENTS
LLC/Corporation
  • Articles of Organization
  • Articles of Incorporation
  • Certificate of Good Standing
Non-Profit
  • Business License
  • Certificate of Assumed Name
  • Organization/Association Articles/Bylaws
  • Certificate of Good Standing
  • Certificate of Organization
Sole Proprietorship
  • Certificate of Assumed Name / DBA
  • Business License
  • Registration of Trade Name
  • Sales & Use Tax Permit/Certificate
Partnership
  • Partnership Agreement
  • Fictitious Name Certificate or Statement
  • Business License
ACCEPTED ADDRESS VERIFICATION DOCUMENTS
  • EIN Document
  • Executed Lease
  • Recent Bank Statement (within 30 days)
  • Utility Bill  (within 30 days)
ACCEPTED PERSONAL IDENTIFICATION DOCUMENTS*
  • Valid Driver's License
  • Valid Passport
  • Select other forms of government-issued photo identification are accepted

What is a EIN?

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.