Most transactions typically generated by Penny partners do not incur fees, however there are certain ones which do. The table below outlines fees the conditions under which fees are incurred on certain transaction types. In most cases, and unless otherwise negotiated, fees are charged at the time of transaction authorization.

Fee reconciliation occurs monthly, approximately 12-15 days after a transacting month. During reconciliation, in the event that upstream fees charged by the Payments Network or Penny’s processing partners exceed the fees charged by Penny in a given month, Penny will charge the difference directly to your organization’s root wallet.

Rebate eligibility is subject to a variety of performance criteria, please contact your program manager if you wish to discuss it further.

When your average monthly net settled transaction volume exceeds $2 million, you may qualify for our Enterprise Program. Please contact [email protected] to discuss.

Fee Table

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How fees are applied

Fees applied are not cumulative.

Example 1: A transaction which has both a non-domestic currency code as well as a non-domestic card acceptor will only incur a 1.5% + 0.50 USD fee.

Example 2: A non-zero amount purchase transaction occurs with one of the merchants listed in the merchant specific category above, which also has a non-domestic currency code, will only incur a 2.5% + 0.50 USD fee.

Glossary

Foreign Exchange

A fee applicable when performing a purchase with a merchant outside of the US where the merchant’s currency is not USD.

Cross Border

A fee applicable when performing a purchase with a merchant outside of the US where the merchant’s currency is in USD.

Declined Transactions

A transaction declined by the Payment Network, Penny or it’s processing partner, or you as the client.

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It is important to ensure you have removed a card from any recurring or subscription payments with a merchant before you close the card. Even though the card can be marked as closed, some merchants may attempt to continue to debit the card, resulting in excess declined transaction fees charged to you.

Unsettled Authorizations

A fee applicable for transactions made at a merchant that does not progress to a sale.

Examples include:

• Reversal: The merchant reverses the original authorization transaction. This is typically followed by a another authorization and purchase.
• Expired authorization: The merchant’s original authorization attempt did not result in a completed sale.
• Account verification / $0 Authorization: Authorization used to verify a card when provisioning the card to an external wallet or enrolling in a recurring payment instruction.

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It is important to communicate to your cardholders that provisioning a card to a merchant may result in Unsettled Authorization fees both domestic or international, the latter attracts a higher cost.

Fee Monitoring Best Practice

Maintaining oversight of potential costs associated with these fees is best done using webhook event monitoring. This ensures near real-time monitoring and access to data to best observe and manage fees. https://docs.thepennyinc.com/docs/using-webhooks

Card Limits

Fees charged will affect a wallet’s balance but will not impact the Penny velocity remaining on the card itself.

Adjustment of Fees

Penny reserves the right to make changes to fee structures where reasonably required in response to upstream fees levied by the Payments Network or Penny’s processing partners. Notice of these changes will be given in advance and all dates and times communicated will be in UTC time.

Historical Fees

Please contact your Penny program manager for any historical fee schedules in effect prior to May 2024.