Mercury offers true fee-free banking and access to investors for businesses, particularly for startups with access to a large amount of cash.
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Last updated onUpdated
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| Total Rating | 3.8 |
|---|---|
| Fees & Rates4.3 | |
| Services4.3 | |
| Rewards2.1 | |
| Features3.7 | |
| Eligibility Requirements3.9 | |
| Application Process4.5 | |
| Sales & Advertising Transparency4.0 | |
| Customer Service4.6 | |
| User Reviews4.1 | |
Monthly Fee Range
$0/monthAPY Range
0%Account Types Offered
Checking and savingsTable of Contents
Mercury is a banking financial software layer aimed at startup companies with no fees and no minimum balance or cash requirements. Mercury offers checking and savings accounts with up to $5M in FDIC insurance through partner banks and their use of sweep networks.¹
Mercury also offers a corporate card called IO aimed at smaller businesses that may not qualify for other corporate card offers.² Mercury has gained a top spot on our best online business bank accounts.
Let’s dig deeper into Mercury’s rewards, perks, features, and more to understand better what Mercury can deliver and what type of business it’s best for.
| Services4.3 |
|---|
| Banking Services 4.0 |
| Online Portal & Mobile App 5.0 |
On paper, Mercury’s banking services are a bit lacking compared to other online banks. However, Mercury has a very specific focus on startups, and the services it does offer work well for up-and-coming businesses.
Mercury offers:
| Rewards2.1 |
|---|
| Quality & Value Of Earned Rewards 2.1 |
Mercury offers cashback, plus a large number of more unique features geared specifically at startups, earning it a 4.5/5 star rating for this section. With Mercury you’ll find:
| Fees & Rates4.3 |
|---|
| Pricing 4.7 |
| Transaction Fees 3.8 |
| Transparency 4.0 |
Mercury earns a 4.3/5 star rating in the pricing category by charging almost no fees and being transparent about the few fees you might encounter.
| Mercury Extra Costs | Price |
|---|---|
| Wire Transfer Fees | $0-$15 |
| Foreign Transaction Fee | 1% |
| Stop Payment Fee | $25 |
| Monthly Fee Range | $0/month |
| Monthly Checking Fee | $0/month |
| Monthly Savings Fee | $0/month |
| ATM Fee | None |
| Overdraft Fee | None |
| ACH Fee | $0 |
| Incoming Domestic Wire Transfer Fee | $0 |
| Outgoing Domestic Wire Transfer Fee | $15 |
| Incoming International Wire Transfer Fee | $0 |
| Outgoing Domestic Wire Transfer Fee | $15 |
| Wire Transfer Fee Start Point | $0 |
| Wire Transfer Fee Range | $0-$15 |
| Cash Deposit Fee | N/A |
| Foreign Transaction Fee | 1% |
| Excessive Transactions Fee | None |
| Stop Payment Fee | $25 |
You may encounter some fees for specific uncommon transactions, namely mass payments through the Mercury API, treasury management, and currency exchange. If you’re converting foreign currency to US dollars, you will be charged 1% of the USD amount to cover Mercury’s costs through the SWIFT network. The only other mark against Mercury in this category is that Mercury doesn’t offer cash deposits at all, so they lose points in the transaction fees breakdown.
Mercury’s standard plan is free and includes fee-free checking and savings, corporate credit and debit cards, unlimited invoices, unlimited bill payments, third-party integrations, reimbursements for up to five users per month, rewards, perks, and more.
Two paid plans, which include recurring invoices, branded invoices, ACH debits, and additional reimbursements are also available.
| Eligibility Requirements3.9 |
|---|
| Eligibility Qualifications 5.0 |
| Eligibility Availability 4.0 |
| Eligibility Transparency 3.0 |
Although Mercury banking services are aimed at tech startups, there are no eligibility requirements that would prevent other types of businesses from using Mercury. Mercury is available to US-based businesses, and you’ll need to have an EIN to apply. Startups, eCommerce businesses, and venture capital companies in the following areas are also eligible:
| Requirement | Eligibility |
|---|---|
| Business Type | Not available to sole proprietors |
| Minimum Annual Income | N/A |
| Credit Score | N/A |
| Location | US-based & some international markets |
| Personal Guarantee |
Unfortunately, Mercury is not available to sole proprietors or trusts. Mercury is also unavailable to some businesses classified as high-risk, specifically adult entertainment, marijuana, and internet gambling.
Although Mercury limits its services to US-based businesses, you can use Mercury if you live overseas. However, Mercury declines to work with businesses where the owners reside or significantly operate in prohibited countries or regions.
| Features3.7 |
|---|
| Transaction Types Supported 5.0 |
| Transaction Limits 3.0 |
| Standard Banking Features 3.0 |
| Finance Management Features 3.0 |
| Extras 5.0 |
Mercury delivers the core banking services you’d expect to find in a typical business bank, with a couple of notable omissions. Mercury does not offer merchant services, though you will find integrations with payment processors, such as Stripe. And while working capital loans are available, they’re only for eCommerce businesses.
However, we are pleased to see that Mercury has added the IO corporate credit card that comes with a satisfying 1.5% cashback rate on all domestic and international spending.
Additionally, Mercury can connect you with specialized credit aimed at startups, including access to venture capital. This includes an investor database that’s searchable by industry, type, check size, and global location.
It’s important to note that Mercury may not be a good business banking choice for you if your company does significant cash sales, as Mercury does not accommodate cash deposits.
Let’s take a look at the features on offer with Mercury:
Like all banks, Mercury takes some time to process transactions. Here’s what you can expect with Mercury:
| Incoming Payment Method | Processing Time |
|---|---|
| ACH | 1-3 days |
| International ACH | N/A |
| Domestic Wire Transfer | Same day |
| International Wire Transfer | 3-9 days |
| Mobile Check Deposit | 1-7 days |
| Application Process4.5 |
|---|
| Ease & Transparency Of Application 3.4 |
| Application Timeline 5.0 |
| Opening Deposit Requirements 5.0 |
Mercury is not very transparent about its application process, though the process is reportedly easy. You will need to share your Social Security number for identification purposes, but you won’t be subject to a credit check.
Applications can be submitted online, and Mercury says applications are processed quickly, with a decision typically available in less than five to seven business days.
| Sales & Advertising Transparency4.0 |
|---|
| Sales Practices 4.0 |
| Web Presence 4.0 |
Mercury is relatively transparent with its sales and advertising, although we would like slightly more information about the company’s application process. Overall, customers have positive reports regarding Mercury’s sales ethics.
| Customer Service4.6 |
|---|
| Personal Support 3.6 |
| Self-Service 5.0 |
Mercury offers multiple support options through email, phone, and chat.
| Mercury Customer Service | Availability |
|---|---|
| Phone Support | |
| Email Support | |
| Support Tickets | |
| Live Chat | |
| Dedicated Support Representative | With Mercury Pro or $10M+ balance |
| Knowledge Base or Help Center | |
| Videos & Tutorials | |
| Company Blog | |
| Social Media |
You can browse an extensive FAQ section and read about 100 articles in the help center on the Mercury help center online. Mercury is active on social media sites, including Facebook, Twitter, and YouTube.
In terms of the quality of support, some users are satisfied, while others complain that it’s hard to reach a rep and responses can be slow.
| User Reviews4.1 |
|---|
| User Feedback 4.0 |
| Review Site Aggregate 4.1 |
Mercury is not accredited by the Better Business Bureau, although the BBB maintains a profile for Mercury with an A+ rating. Many negative reviews on the BBB site come from would-be users angry that they were not approved to use Mercury. Additional complaints on the BBB site involve account closures and difficulty accessing funds. Mercury is responsive to these complaints, which is a positive point for Mercury.
On third-party review sites, Mercury performs better with an aggregate third-party review score of 4.1/5 stars. The company’s mobile apps also have high ratings. Overall, Mercury earns a 4.1/5 star rating for user reviews.
Mercury is safe. Keep in mind that Mercury is a financial technology (fintech) company, not a bank. Banking services are provided by FDIC-insured banks, including Evolve Bank & Trust. Mercury checking and savings accounts are insured through the FDIC to the legal limits.
Mercury protects users’ data with third-party penetration testing, encrypted passwords, two-factor authentication via Authy and Google Authenticator, and a fully encrypted database.
Mercury delivers for its target audience: startups looking for an easy entry into business banking services. Of course, it’s not the only fintech ready to serve new businesses, but some features make Mercury stand out. For one thing, Mercury delivers almost fee-free banking. With no account minimums, no monthly or ongoing fees, or ATM fees, most users will be able to bank without any charges. Mercury’s few fees won’t be encountered too often by the typical startup.
So, what’s missing with Mercury? We’d like to see a savings vehicle that delivers something close to the national average.
Overall, Mercury hits the target for startups poised for growth. If that sounds like you, Mercury is a safe banking choice. If your small business is looking for a business bank that’s aimed at a more general audience, you might consider another option from our list of the best bank accounts for small businesses.
Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.
Read more about how we rate business banking products.
When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.
The Merchant Maverick Seal of Approval 🏆
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Mercury
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After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Mercury for yourself.
The Merchant Maverick Seal of Approval 🏆
|
Mercury
|
|---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Mercury for yourself.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
Our team of experts spends hours on every review so that we can find the best companies to recommend to our readers. Mercury made the cut.
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