Arch Support generally refers to the part of the insole of the shoe that raises right at the level of the arch to provide support to the midfoot. Arch Support also refers to individual insole cups with a molded shape that fit the arch and are placed inside the shoe to help relieve foot or heel pain.
About Penny Loafers:
Penny Loafers are a style of Loafers which features an additional strap on the upper portion of the shoe above the toes. This design is referred to as Penny Loafers because traditionally a penny was placed in a slit on the strap to bring the wearer good luck.