Mercury
Mercury Reviews
& Product DetailsWhat is Mercury?
Mercury is a cutting-edge banking platform designed specifically for startups. With a focus on flexibility and efficiency, Mercury offers a suite of financial tools that cater to the unique needs of modern businesses.
From its intuitive online banking interface to its specialized products like Mercury Vault and Mercury Treasury, the platform ensures that startups have access to robust financial management tools.
Mercury’s transparent pricing structure, combined with features like free wire transfers, makes it a cost-effective choice.
The platform prioritizes security, employing advanced measures to safeguard funds and sensitive data. Additionally, Mercury offers tailored financial solutions, including credit options and venture debt, ensuring startups have the resources they need to grow.
With its comprehensive suite of services, Mercury positions itself as the go-to banking partner for startups aiming for success.
Best For
- StartUps
- Freelancers
- Small Business
- Medium Business
- Large Enterprise
- Non-profit Organization
- Personal
- Cloud, SaaS, Web-Based
- Mobile - Android
- Mobile - iPhone
- Mobile - iPad
- Desktop - Mac
- Desktop - Windows
- Desktop - Linux
- Desktop - Chromebook
- On-Premise - Windows
- On-Premise - Linux
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Company Name
Mercury
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Located In
United States
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Website
mercury.com
Starting from:
$FREE 1% fee on currency exchange
Pricing Model: Subscription
- Free Trial
- Free Version
Pricing Details:
Mercury offers Free bank accounts, domestic wires, and USD international wires. There are no minimum balances. However, they have a 2.5% interest on Mercury Treasury and a 1% fee on currency exchange.
- Accounts Receivable
- Accounts Payable
- ACH Payment Processing
- Business Intelligence
- Debit/Credit Card Processing
- Fraud Detection
- Mobile Access
- Mobile Payments
- Multiple Payment Options
- Payment Gateway
- Payment Processing
- Reporting/Analytics
- Security
- Transaction History
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Startup-Friendly Banking Solutions
Mercury’s services are tailored to the unique needs of startups, with tools like virtual debit cards, automated transfers, and seamless integrations with accounting software. Users appreciate the specific focus on small businesses, which is often missing in traditional banks.
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No Monthly Fees or Minimum Balances
Mercury operates without monthly fees, overdraft fees, or minimum balance requirements, which is especially appealing to early-stage startups and small businesses trying to manage costs. This transparency in fees helps entrepreneurs allocate more funds to their business growth.
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User-Friendly Digital Platform
Mercury’s online interface is designed to be simple and intuitive, allowing users to open accounts, manage funds, and handle transactions entirely online. This digital-first approach provides users with a seamless banking experience that aligns with modern business needs.
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Virtual Debit Cards for Secure Payments
Mercury offers virtual debit cards, which provide an added layer of security for online transactions. This feature is appreciated by startups that frequently make online purchases or pay for subscriptions, as it reduces the risk of fraud or unauthorized use.
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Automated Cash Management and Integrations
Mercury includes cash management tools that allow businesses to automate fund transfers between accounts. Integration with accounting software like QuickBooks and Xero makes it easy for businesses to reconcile transactions and streamline financial management.
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Limited to U.S.-Based Businesses
Currently, Mercury only serves U.S.-based companies, which restricts access for international businesses or startups based outside the United States. This limitation is a drawback for globally-minded startups seeking centralized financial management.
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No Traditional Lending or Credit Services
Mercury does not offer traditional lending products like business loans or lines of credit, which can be a disadvantage for startups needing access to capital. Users seeking full-service banking often need to partner with additional financial institutions to meet these needs.
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Lack of Cash Deposit Options
Mercury operates exclusively online, which means it doesn’t support cash deposits. For businesses that handle physical cash, this can be inconvenient and may require them to open accounts with other institutions for cash handling needs.
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No In-Person Customer Support
As a digital-first bank, Mercury lacks physical branches and in-person customer support. Some users prefer face-to-face assistance, particularly for complex issues or personalized advice, which is unavailable through Mercury’s online-only support.
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Transaction Limits on ACH Transfers and Wires
Mercury imposes limits on certain transaction types, such as ACH transfers and wire transfers, which some users find restrictive. High-growth startups, especially those dealing with large payments, may find these limits constraining and may need to look for alternative solutions.
Disclaimer
Here at Tekpon's Global Buzz, we blend AI smarts with a human touch to offer a snapshot of user reviews from the web. While we carefully craft these summaries, please remember they reflect diverse user views and experiences, not Tekpon’s own opinions.
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Table of Contents
Mercury Bank is a financial service provided by Evolve Bank & Trust. In the years since it has been on the market, the financial service provider got noticed for its reliability and ease of using its services. Let us see all about the neobank from the Mercury Bank review.
Who is Mercury Bank?
It’s important to note that Mercury Bank is not to be confused with the Mercury credit card or the Mercury insurance offered by the Bank of America. Mercury Bank is a neobank that provides financial services specifically tailored towards StartUps. It’s a virtual bank that operates under the umbrella of Evolve Bank & Trust.
Mercury was launched on April 17th, 2019, with the primary aim of supporting Startups. It’s located in San Francisco, California, which is famously known as “StartUps Paradise”.
How safe is Mercury Bank?
As Mercury is under the wing of a bank, you have your checking and savings accounts insured up to the FDIC limit of $250,000. At the same time, the fintech product is catered towards StartUp and is brilliant at what it does. Moreover, Mercury offers a two-step sign-up through tokens and full logs of all the activity on your bank account.
However, we would advise that for a larger project with a large amount of backup and investment, maybe even listed on the stock exchange; you should consider a larger bank.
From another perspective reviewing the support Mercury Bank receives from important investors, venture capitalists, and hedge funds, many influential individuals in the fintech product and its success see its need in the market. But, now, we still believe that it is a bank suitable for smaller companies and start; however, their investor portfolio might make you disagree with us.
We are moving on with our Mercury bank review and looking at creating a bank account and what features you have available.
How do you open a Mercury bank account?
To open a Mercury bank account is as easy as it gets, and it shouldn’t take you more than 10 minutes to apply for one. First, you will need to provide all your personal information, choose a password, and wait for approval from the bank. The approval takes about 48 hours, and you are all set to work with it. That is at least the pleasant experience we had with Mercury; however, this might differ from individual to individual. Still, keep in mind they have a very responsive and helpful customers support team that will get back to you in no time.
While we are delighted with the experience, we remarked on some shortcomings in making international transfers to the Mercury bank account. Therefore, if you find yourself in a similar situation, try making the transfer with Wise towards Mercury. Then, you will have the money in your bank account quickly as if you were making a domestic bank transfer.
Mercury Startup Bank Features
Some of the most appreciated features that Mercury comes with and which we will discuss in this Mercury bank review are the following:
- API Access
- User Permissions
- Mobile App
- Cash Management
- Sharp Security
We can say so far it is interesting for an easy-to-use product and pretty share in the “make what people want” area.
Mercury Bank API Access
Mercury Startup Bank comes with an easy-to-implement API that will give you access to all your transactions. Above all, this will help you automate processes and save you time. First, however, to implement this API, you must follow a few steps.
Implementing Mercury API
First of all, to do this whole process, you will need to log in to your Mercury bank account, and then follow the following steps:
- Go to settings
Here generate a new API token where you allocate permissions to the user, either full API access or read-only.
- Secure your Token
After you generate your Mercury token, make sure you keep it in a safe place, as people who have access to it might be able to tamper with your bank account. Therefore, they should never be stored in any public place. If the security is compromised, immediately revoke access from your Mercury dashboard and create a new one.
- Using the Mercury Bank Token
The Mercury token uses basic authentication over HTTPS.
- Mercury API Security Policy
Mercury Bank allows you to change the permission of your token and offers real-time updates for its users for security and mobility reasons. Moreover, you can whitelist IPs, and you will be notified about any actions in the accounts via email. For example, you will receive a seven-day notification before the expiration date of a token.
User Permissions
Invite team members to the bank account, giving them specific roles such as:
- Employee
- Bookkeeper
- Admin
Moreover, if the person you would like to have access to your bank account does not fall under any of these categories, Mercury gives the option to create a custom role.
Mercury Mobile App
Mercury Startup Bank offers an IOS application that enables you to take all the actions you would take from in front of your computer. However, the fintech product does not offer an Android version of the app, but if you have an Android phone, you can still access your bank account from the web-based version.
Cash Management
Probably one of the collection features Mercury offers. Essentially, this Mercury bank feature proves that Mercury is a true fintech product and is worth all the support it gets from Silicon Valley investors.
The feature offers an automatic cash management system, meaning that you can choose to invest the extra money in your startup in the U.S. government securities financial instruments. Now, if you are wondering why you should do that. Well, the answer is simple. As for your finances, you keep money in your bank account. However, you essentially lose value, so instead of doing that, make them work for you and multiply them to avoid inflation and for extra security and profit. So it is passive income.
Above all, Mercury Bank made it super easy, and you don’t need a team of specialists to make this work for you and your startup.
Sharp Security
Mercury Startup Bank offers full activity logs and a steps logging authentication process secured through a token on your mobile phone. Each code the token provides on your mobile phone is unique and expires fast.
Mercury Bank Integration
You can integrate your Mercury account with the following:
- Stripe
- Zapier
- Shopify
- Amazon
- Paypal
- QuickBooks
Mercury Bank Review Conclusion
To sum up, Mercury Bank offers a startup-catered fintech product. Mercury is not a bank. However, its services are provided and backed up by it. Moreover, it comes with state-of-the-art security and integrations with the most commonly used payment gateways in the United States.
