Frequently Asked Questions
We're here to help, find answers to your questions via our FAQ.
General
What is Penny?
Penny is a global payments platform specialising in virtual credit card (VCC) issuance and real-time payment automation. We help businesses streamline payments, optimise cash flow and gain complete control over their spend through smart, configurable virtual cards and automated settlement workflows.
Who uses Penny?
Our customers typically include:
- AdTech / Digital advertising agencies & media buyers
- Online Travel Agencies (OTAs)
- Tech-enabled businesses
- Businesses managing Accounts Payable or T&E workflows
If your business makes a high volume of digital payments or requires advanced controls, Penny is built for you.
Virtual Cards & Issuance
What is a virtual credit card (VCC)?
A virtual credit card is a digital card number generated instantly for online payments. Each card can be configured with custom controls.
How quickly can cards be issued?
Cards can be created in under one second via API or the Penny dashboard. Batch issuance and programmatic issuance rules are also available.
Payments & Settlement
How does funding work?
Customers deposit funds into a customer wallet. All card transactions are drawn from this balance in real-time, giving you full visibility and control.
Do you support dynamic funding or auto-top-ups?
Yes — customers can choose:
- Pre-funded balance
- Dynamic funding rules
- Automated top-up thresholds
- Multi-wallet configurations
What fees apply to card transactions?
Fees are transparently displayed within your pricing plan and typically include:
- Interchange/processing fees
- FX or cross-border fees (if applicable)
- Platform fees & optional feature fees
- Minimum monthly platform usage requirement (depending on contract tier)
Platform Fees
Do you offer APIs?
Yes - Penny is API driven and provides a modern, developer-friendly API for all features.
Does Penny offer reporting or data exports?
Yes - customise:
- Transaction data exports
- Reconciliation files
- Data packs for rebates and program analysis
- API endpoints for ingestion into BI tools
Compliance & Onboarding
What is required to onboard with Penny?
Businesses go through KYB/KYCC onboarding which includes identity verification, business documentation, AML/CTF checks and risk profiling.
Does Penny comply with AML/CTF regulations?
Absolutely - Penny maintains a robust AML/CTF framework aligned with global regulatory standards. We perform due diligence on all customers, monitor transactions, and apply risk-based controls across the platform.
Is customer data secure?
Yes - Penny implements security, encryption, access controls, and is aligned with global data protection standards including GDPR and SOC/ISO-aligned practices (as applicable).
Are there restrictions on who can use Penny?
We follow strict onboarding requirements and may be unable to onboard high-risk categories such as crypto exchanges, gambling companies, or sanctioned entities.
Service & Support
What support does Penny provide?
All customers receive access to our support team via Slack, email or ticketing.
What happens if I need help with disputes or chargebacks?
Penny assists with:
- Submitting chargeback evidence
- Tracking dispute statuses
- Providing documentation
- Scheme-aligned guidance on dispute outcomes
Can Penny help with optimisation?
Yes - we provide tailored optimisation reviews to help you:
- Improve card acceptance
- Reduce decline rates
- Automate reconciliation
- Design multi-wallets
- Maximise potential rebate outcomes
Technical & Integration
Does Penny provide sandbox access?
Yes — developers can test card creation, authorisation flows, and settlement logic in a controlled environment.