What is Mercury?
Mercury is a fintech platform designed to help businesses manage their banking and financial operations in one place. It offers business checking and savings accounts, payments and invoicing, business credit cards, expense management, and accounting tools. Businesses can also access additional financial products such as Treasury and working capital loans. Mercury provides free business checking and savings accounts with no minimums, no monthly overdraft fees, and free domestic and international USD wires. Its platform also includes tools for paying bills, managing team expenses, setting spending controls, and syncing transactions with QuickBooks, Xero, and NetSuite. As a fintech company rather than a bank, its banking services are provided through partner banks Choice Financial Group and Column N.A., Members FDIC. Eligible deposits are covered by FDIC insurance through Mercury’s partner banks and sweep networks, with coverage of up to $5 million.
Key Details
| Founded | Headquarters | Users | Regulation | Rating |
|---|---|---|---|---|
| 2017 | San Francisco, CA | 300,000+ | FDIC (through Choice Financial Group and Column N.A.) |  |
Pros & Cons
- FDIC insured up to $5M
- No minimum deposit
- Multiple third-party integrations
- Rapid transactions processing and seamless functionality
- Simple & elegant user-interface
- Only companies with EINs can apply
- Company founders from certain countries are excluded
- No cash deposits supported through ATMs
Mercury Banking Features
Mercury brings banking and financial management into a single platform, with tools for payments, team spending, bills, invoicing, and accounting. Businesses can also set spending controls, automate financial tasks, connect with QuickBooks, Xero, and NetSuite, and earn 1.5% cashback on eligible card spend, along with other financial management tools.
Streamlined banking
Mercury lets businesses manage banking and financial operations from a single dashboard. Users can complete banking tasks in a few clicks, search for transactions and vendors, and create payments and transfers from one place.
Easy payment transfers
Businesses can send and receive payments, set automatic transfer rules, and send USD wires without fees. Mercury also supports USD payments through wire, ACH, and real-time payment methods.
Integrated invoicing tools
Businesses can create invoices, accept payments by credit card, Apple Pay, Google Pay, wire, and ACH, and send recurring invoices and payment reminders. Mercury also supports automatic matching of payments and invoices.
Accounting integrations
Mercury connects with QuickBooks, Xero, and NetSuite. Its accounting tools can automatically categorize transactions and expenses and bring bills, cards, employee expenses, and incoming transactions together in one place.
Flexible spending controls
Mercury lets businesses issue corporate cards, reimburse expenses, set team-member permissions, lock cards to specific merchants, and establish company-wide spending policies.
Automated bill payments
Mercury Bill Pay allows businesses to manage bills, with AI-assisted bill detail entry, multi-layered approval workflows, instant approvals through Slack, and duplicate bill detection.
Business credit cards
Mercury offers business credit cards that can be available from day one, with no minimums, credit checks, or personal guarantees stated on its homepage. Eligible card spending earns 1.5% cashback.
Security
Mercury says eligible deposits can receive up to $5 million in FDIC insurance through its partner banks and sweep networks. It also provides fraud monitoring, phishing protection, passkeys, dark web monitoring, and account controls such as permissions, approval flows, and card or account locks.
Treasury Savings
Mercury Treasury offers portfolios powered by J.P. Morgan Asset Management and Morgan Stanley, with yields of up to 3.89%. Treasury is available with a minimum of $250,000 Mercury balance.
Plans & Pricing
Mercury offers three pricing tiers for businesses: the free Mercury account, Mercury Plus at $35 per month, and Mercury Pro at $350 per month. The paid plans offer additional invoicing, tax, accounting, and account management features. Businesses that choose annual billing receive a 15% discount.
Mercury Account
- $0 per month
- Free checking and savings accounts with zero minimums
- Free USD payments via wire, ACH, and real-time payment
- Business credit cards with 1.5% cashback on eligible spend
- Expense management, bill pay, invoicing, and accounting tools
- Accounting integrations with QuickBooks, Xero, and NetSuite
- Access to Mercury Treasury with a $250,000 Mercury balance
Mercury Plus Account
- $35 per month
- Includes the features available with the Mercury account
- ACH debit invoicing at $1 per transaction
- Recurring invoices
- Invoicing API for up to 500 invoices created per month
- Unlimited 1099 tax filings
- $50 off eligible LegalZoom Compliance Plans
- 6 months of Xero free
Mercury Pro Account
- $350 per month
- Includes the features available with Mercury Plus
- Dedicated relationship manager
- $0 per transaction for ACH debit invoicing
- Unlimited invoices created through the Invoicing API
- NetSuite categorizations
- Unlimited 1099 tax filings
- $50 off eligible LegalZoom Compliance Plans
- 6 months of Xero free
Annual billing: Mercury offers a 15% discount when Plus or Pro is billed annually.
- Mercury Plus: $29.90 per month, billed annually
- Mercury Pro: $299 per month, billed annually
FAQ
Who qualifies to open a Mercury business account?
Mercury business accounts are designed for startups, small businesses, and growing companies. Eligible businesses can apply online for checking and savings accounts with no minimum balance requirements.
What types of documentation are required to open an account?
Applicants are required to provide their company’s official formation documents and an IRS-issued EIN document, such as Form CP575, Form 147c, or a completed SS-4. Government-issued ID is required for anyone with at least 25% ownership and at least one person with operating control of the business. Depending on the application, Mercury may also request information about the company, its industry, physical address, source of funds, and current or planned U.S. operations.
The application is completed online, with no in-person visits or paperwork required to get started.
What is the process for opening a Mercury business bank account?
Opening an account is completed online and can take around 10 minutes. There are no in-person visits required. Once approved, businesses can access checking and savings accounts along with Mercury’s other financial management tools.
How can I access my account at Mercury?
Mercury is a digital banking platform, so accounts can be managed online or through the Mercury mobile app. The app is available for both iOS and Android devices, allowing businesses to manage their banking services on the go.
Are my funds protected?
Funds held in Mercury’s eligible checking and savings accounts are protected by FDIC insurance through its partner banks, including Choice Financial Group and Column N.A., Members FDIC. Eligible deposits can receive up to $5 million in FDIC insurance through Mercury’s partner banks and sweep networks. Mercury also uses security measures such as fraud monitoring, phishing protection, passkeys, dark web monitoring, and account controls to help protect customer accounts.
Our Verdict
Mercury is a comprehensive digital banking platform offering banking and financial management tools for startups and growing businesses. Its free account includes checking and savings, no minimums, no monthly fees, and free domestic and international USD wires, while the Plus and Pro plans add more advanced invoicing, tax, accounting, and account management features.
Mercury brings banking, payments, cards, expense management, bill pay, invoicing, and accounting integrations together in one platform. Businesses can connect their accounts with QuickBooks, Xero, and NetSuite, while eligible deposits can receive up to $5 million in FDIC insurance through partner banks and sweep networks.
Overall, Mercury is a solid choice for businesses that want to manage banking and financial operations in one digital platform. The free account offers a particularly useful range of features without a monthly fee, while the paid plans provide additional tools for businesses with more complex needs. We recommend Mercury as a business banking option, particularly for startups and growing companies looking for an all-in-one digital financial platform.