Customer Story

Penny Inc.

Learn how Penny Inc. is able to issue white-labeled virtual cards to their customers via ConnexPay’s global payments platform.

About Penny =

Penny Inc is a payment management platform for small businesses, allowing their clients to issue their own debit cards and virtual cards to make paying customers and managing expenses easy. And it’s free, all while providing real-time visibility and control over their business expenses.

In Penny’s Words =

“At Penny, we identified a distinct lack of suitably priced payment services for small to medium-sized businesses (SMEs). Our payment management platform enables small businesses to issue their own virtual cards, white-labeled via ConnexPay’s platform, to make paying suppliers and managing expenses easy.”

“We’re very pleased with how our partnership with ConnexPay has developed, so much so that we’re proud to also be one of the first ConnexPay clients to enable payouts via Push-to-Card modalities.”

“Once we heard about this new offering from ConnexPay, we were sold on the benefits. Push-to-Card Payouts eliminates the need for traditional payment methods like checks and ACH, which can take days to clear and have limited settlement visibility. With Push-to-Card Payouts, settlements to the recipient occur in real time, adding money directly to their debit card or prepaid card, and we have full visibility into all transactions.”

— Tony Ferguson, Founder and CEO, The Penny Inc.

About ConnexPay =

ConnexPay is the first and only company to bring together the two sides of the payment process — payments acceptance and virtual payments issuing — into a single platform with one contract and one reconciliation. The flexibility of this technology allows clients to adopt the full end-to-end acquiring and issuing solution or leverage ConnexPay’s innovative issuing-only platform for virtual card payments.

Although ConnexPay started its journey with a focus on the travel and tourism space, ConnexPay’s solutions are applicable across a broad spectrum of corporate payment use cases. The platform is well suited for corporate disbursements like insurance and warranty claims, loyalty and rewards payouts as well as corporate procurements like media/advertising buys and ticketing.

The company’s technology simplifies an antiquated workflow, eliminates the need for pre-funded accounts, reduces supplier risk and the cost of accepting card payments while safeguarding consumer spend. Founded in 2017, ConnexPay is an industry leader in payments for industries historically viewed as high risk to payment providers.

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