Card programs require account holders to pass an identity verification process before being allowed to transact. For example, if a card is reloadable, then identity verification is required because of regulatory mandates intended to prevent activities such as money laundering. This identity verification process is known as KYC (know your customer) and is performed on both the administrator and business resources.
To register the company, go to Penny Central and click on the register button.
Step One - Account Details
Begin by entering the administrator’s personal details including SSN and date of birth. The administrator will have full access to the administrator tools, including the desktop portal and the phone app.
Step Two - Business Details
Enter business details as directed including Company Registration Number and Tax ID.
Step Three - Bank Account Details
Once your registration has been submitted, we will make two small deposits (less than $1 in value) into your registered business bank account within 24 - 48 hours. We will withdraw the combined deposit amounts from your bank account immediately to net zero. Once you see these deposits in your bank account, you must log into the Penny Central Administration Account and enter these amounts where prompted, in the order that they appear on your statement. When your bank account has been verified you can proceed with the set up of your Penny Central Administration account.
Step Four - Summary
Company not approved automaticaly?
|BizTaxIDFailure||The business tax ID number (TIN) is incorrect.|
|AddressResidential||The address provided is registered as a residential address.|
|DBAFailure||The fictitious business name (DBA) is incorrect.|
|GoodStandingFailure||The business is listed as "not in good standing" by the Secretary of State in the business's registered state.|
|OFACFailure||The registered business location is on the international OFAC list.|
|WatchlistFailure||The registered business location is on another governmental watchlist.|
|BizInactive||The business is listed as inactive by the Secretary of State in the business's registered state.|
|OtherFailure||The business entity is not confirmed at the address provided.|
Should on the off chance your company not be approved you will be required to provide proof documents and a manual check will be performed by a Penny Inc compliance team member.
The following proof documents are required to approve account:
- ID of the account holder/administrator of the account. This information will be used to verify the account holder, with checks made against publicly available databases. Please note this is not a credit check.
- Proof of address. Please scan a document such as a utility bill or bank statement displaying your company name and address.
- Certificate of incorporation. Please scan a government issued document containing the details of your incorporated business.
Acceptable document formats include; bmp, gif, jpg, jpeg, png, tiff, doc, docx, rar, zip, and pdf.
Please note that you can save and exit the form at any time. Your data will be retained and when you return you can continue from where you left off. Once your company is approved your login will direct you to the company portals dashboard, where you can proceed with your account set up, including adding your employees, ordering cards and transferring funds.