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Mercury Bank Review
Mercury bank supports startup businesses by combining a series of traditional financial assets with tech assets. It was established with the main focus on tech startups, allowing better access to funds, an overview of company finances, and numerous functions to boost efficiency and improve their operations.
In short, Mercury bank stands out due to its ability to combine FDIC-insured accounts with intuitive dashboards, cashflow analytics, and much more. The next sections discuss its services and functions in-depth and provide an overall review of Mercury bank and its benefits.
Onto our Mercury bank review!
What Is Mercury Bank?
Mercury bank is the ultimate solution for startups and small companies in need of banking products and services. The main purpose is to fund and power the new generation of firms by encouraging cash flow and providing plenty of funding opportunities.
Mercury bank offers FDIC-insured checking and savings accounts to such businesses, along with extra perks that cover virtual cards, API access, team management, and many more. Even better, businesses can access these services remotely, so accounts can be opened online in a secure, simple, and straightforward environment.
Mercury Bank Review
The institution provides steady access to resources that can help businesses create a competitive edge. For instance, it offers cashflow analytics, programmatic payments, and even estimates that can be used for better and more efficient budgeting, planning, and overall decision-making.
If you want to send money, Mercury bank has one of the simplest processes. All you need is three simple clicks – these payments can be made by ACH, either check or wire. Additionally, the bank stores the history of all transactions and you can access and search it with ease at any time. This shows both where your money went and what money you received, all based on real-time data.
All of this information is kept private and extremely safe. There are not only full activity logs, but each user has the ability to use 2-factor authentication. If you have employees, you can easily manage what features they have access to and which ones should not be visible.
How Much Does Mercury Cost?
When you have a startup or small company, the cost is a major factor you need to consider. Fortunately, Mercury seems to know this and provides its clients with a no minimum balance policy, no monthly fees, and no fees related to opening an account.
Even more, all ACH transfers are completely free of charge. International and domestic wires are free, and all wires are free if you are on the receiving end.
Mercury Bank Pricing
- Bank Accounts: Free
- Domestic Wires: Free
- International Wires: Free
- Minimum Balance: None
Tea Room Accounts
- Bank Accounts: Free
- Domestic Wires: Free
- International Wires: Free
- Minimum Balance: 250K+ in deposits
Features and Benefits
As previously mentioned in our Mercury bank review, Mercury is FDIC-insured, which means that any money deposited into a qualifying bank account is insured up to $250,000. Another major benefit is the ease of opening an account – all you need is an EIN, company formation documents, and a passport. Optionally, you may also provide your social security number (SSN). Even better, it takes less than 15 minutes to open your FDIC-insured bank account which also comes with team management, API access, and virtual cards.
Apart from a highly intuitive platform, Mercury comes with even more benefits for startups. For instance, many business operations nowadays are conducted on-the-go. Save time and replace the brick-and-mortar experience with an internet-based, always available banking service. Mercury has optimized services for your convenience, so you can save time and have all the data you need available at any time.
As any disruptive tech-based force, Mercury bank focuses extensively on its clients’ security and data privacy. The institution has in place some of the most robust banking security measures, including FDIC insurance, heavy encryption systems on each page, and regular testing on all of its services to make sure your funds are thoroughly protected.
Another benefit is in terms of cost. Fortunately, Mercury can provide startups with a cost advantage as you can send electronic transfers for free. If your business handles numerous wire transfers, these come at advantageous rates as discussed above.
Mercury bank understands the intricacies of your business and knows that there are more people involved in the financial health of your firm. As a result, it offers you the opportunity to invite more users to access the business account, such as administrators, bookkeepers, and other financial positions that ease your activity. The main benefit is that they do not have any limit to the number of users you can add, so this is not only cost-free but also extremely flexible and suitable to accommodate any needs.
- Ability to switch between different companies instead of having to logout
Mercury Bank Credit Card
Most banks are quite rigid when it comes to generating credit cards; fortunately, Mercury is not one of them. You have the possibility to request a physical Mastercard for each user you added to your bank account and it is compatible with both wireless payments and Apple Pay. Even better, there are no fees for international transactions, so Mercury supports high-growth startups with global potential.
Virtual Debit Cards
In addition to this, you can generate up to 50 virtual debit cards that can be used for any needs. Each of them comes with individual control features. For instance, if you are an administrator, you can collectively control all the cards, although each card is assigned to a certain user and sub-account. Some of the main options include freezing or unblocking the card, daily transaction limits, or setting PINs.
Mercury Bank App
Yes, this online banking institution has a mobile phone app, but only for iOS devices. This app is quite versatile and user-friendly, providing plenty of benefits. For instance, you can check your total balance, regardless of how many accounts you have, you can see your cash flow in the past month, manage your debit cards, spending, transfer money between your accounts, check all the company’s transactions, and more.
Most banks require you to go to the physical bank in order to send or deposit checks. As Mercury is an online banking institution, this option can be done online, too, saving your time. Once you create an account, you will have access to a user-friendly dashboard from where you can conduct all the relevant operations. You can also use this dashboard to send or deposit checks.
The process is quite straightforward. All you need to do is download the Mercury mobile phone app on your iOS device and take a photo of the deposit checks. Upload it using the app, and then wait 1-3 days so that the bank checks and confirms the payment.
Is Mercury Bank Safe?
Business safety, just like personal safety, is a crucial matter and cannot be overlooked. This is even more relevant in the case of an online business, such as Mercury. Fortunately, it is backed up by some of the most stringent security measures in the industry.
First of all, if anything happens to your funds – although extremely unlikely, you are insured for up to $250,000 in a qualifying account. At the same time, each page you access online benefits from strong encryption measures, so your personal data cannot be stolen.
The bank has a dedicated team that conducts regular penetration tests that simulate a real attack. This allows them to identify any potential weaknesses and address them before anything can happen.
As Mercury takes security as seriously as possible, there are numerous other safety measures in place. For instance, its website requires HTTPS on every single one of its pages and uses HSTS. In simple words, the bank ensures that each user is connected only over highly secure connections each time they log in.
Apart from permanent testing for vulnerabilities as discussed above, Mercury stores your password using the bcrypt algorithm. This means that your password is never available as plain text, so it cannot be accessed by anyone.
When it comes to authentication, Mercury also has cutting-edge methods to ensure your safety. Firstly, they only use a time-based, one-time password that allows you to log in. In addition to this, the authentication codes are never sent via SMS or other similar insecure channels.
Finally, Mercury never actually stores your debit card number for your safety and all database, uploaded images, and other relevant data are encrypted. Sensitive details, such as SSNs, are protected by further encryption.
All of these measures make Mercury one of the best choices if you are concerned with your or your firm’s safety.
Mercury bank allows startups to apply for seed capital from some of the top investors with Mercury Raise.
Mercury Bank Review Pros & Cons
We look at the Mercury bank pros and cons below.
- FDIC-insured deposits in qualifying accounts
- A savings bank account that provides up to 1-2% earnings
- Check payments
- ACH payments
- Up to 50 virtual cards
- International and domestic wire transfers
- Not so suitable for businesses with numerous wire transfers due to costs
- Lacks business integrations
Alternative to Mercury Bank
Mercury Bank vs Azlo
Azlo is another entity that offers online banking accounts for businesses. Its main customer base includes small businesses, sole proprietors, and other startups. It is also FDIC-insured, offers savings and checking accounts, with free unlimited transactions, and no fees for overdrafts.
When it comes to differences between the two, Mercury offers some free bookkeeping services, such as receiving wires, sending and receiving checks and ACH, and more. In other words, Mercury is one of the main entities that offer free services to clients, but it lacks integrations.
This is where Azlo stands out compared to Mercury: numerous integration opportunities. Even though Azlo is a free-of-charge service, it offers unlimited invoicing. If your business expands quickly, you can update your Azlo account to pro and receive automated invoices that are integrated into your account.
As the two companies are fierce rivals, Mercury offers you a $500 bonus if you are an Azlo customer and you deposit $250,000. As a cardholder, you can benefit from up to $500; this is offered in $50 batches every time you spend $1,000 within 500 days.
Mercury Bank vs SVB
SVB, or Silicon Valley Bank, is another company specialized in banking services for tech startups. Actually, to date, it is claimed that SVB venture-backed about half of all tech and life science firms in the United States. Entrepreneurs love SVB due to the proactive help, insightful community, and deep startup knowledge.
SVB offers quite a different range of benefits to its customers compared to Mercury bank. For instance, the company organizes regular events so that it can connect business owners to customers and even potential investors. SVB currently has a portfolio of global services aimed to fulfill numerous needs and preferences in terms of banking solutions. Regardless of your business size, SVB is known for catering to all needs and guiding business owners on each step of the journey.
Mercury is not so focused on the helping and guiding aspect. It is more aimed towards startups in need of strong financing solutions. With a focus on user-friendly design and quick operations, Mercury caters to a different audience using approachable methods and an easy-to-use platform.
Depending on your requirements, either one of these two institutions can cater to your needs, but Mercury might be more open to the general public. If you want a robust financing solution for your company, plenty of functionality, access on the go, and even the possibility to add unlimited users as your business grows, Mercury stands out from the crowd.
Frequently Asked Questions:
Our Mercury Bank review answers some of the most commonly asked questions.
Can you open a US bank account from abroad?
Many ask how to open a US business bank account from overseas. Fortunately, Mercury Bank offers business owners the ability to open a US business bank account from abroad. You will need to have a registered US entity before applying.
If you were looking for a platform to help you launch your company from anywhere in the world, you might want to check out Firstbase. For a flat fee you get:
- US company formation (LLC or C Corp)
- EIN Tax ID
- US bank account with Mercury
- Registered agent
- US address
- Free calls with tax and legal experts
- Post-incorporation documents
Where do I download the Mercury Bank app?
You can download the Mercury Bank app from the Apple App Store.
Mercury Bank Review: Conclusion
It is obvious that Mercury bank is one of the most modern banking institutions available. With a focus on tech startups, they revolutionize the market by fulfilling the expectations of such businesses. Apart from this, everything can be managed online, and both US and non-US businesses can register for an account. If you need plenty of functionality, a user-friendly design, a simple fee structure, and up to 50 virtual cards, Mercury bank may fulfill all of your needs and much more.
This is what makes Mercury a one-stop solution for small businesses and startups. If you have an innovative business, step away from the brick-and-mortar experience and enjoy higher operational efficiency with an online banking system that covers all of your business’s needs, financing, security, and protection of your data.
Open A Mercury Account
Check out Mercury’s website to see if this bank for startups is a good fit for your needs.
Thanks for reading our Mercury bank review.
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