Mercury Business Checking Review 2024

Mercury Business Checking is an online checking account that aims to meet the banking needs of new and growing businesses.

As a fintech company, Mercury has assisted over 100,000 startups with managing their financial operations.

Mercury is one option you might consider if you run a startup or are planning to launch one and are looking for a business checking account.

Mercury Business Checking At-a-Glance

Overall Impression of Mercury Business Checking

• Mercury is a fintech company that’s big on innovation. Its business checking account has plenty of features that may be attractive to growing startups.

• This account is fee-friendly, with no monthly, overdraft, or wire transfer fees.

• Beyond checking and savings, Mercury offers tools to help you automate your business accounting and streamline expense tracking.

• Rather than switching between different applications, you can monitor everything in one place, potentially saving time and money.

• Given the variety and nature of the account’s benefits, it may be more appropriate for actively scaling businesses.

• Smaller companies or one-person operations may not need some of the included features.

Pros and Cons of Mercury Business Checking

Business checking accounts can vary significantly from one bank or platform to the next. Before opening an account with Mercury, it’s helpful to consider what you might gain and where the drawbacks lie.

Mercury Business Checking Fees

Which Banks Have the Best Checking Accounts?

Hundreds of banks offer checking accounts, and there’s fierce competition among them to offer the lowest fees. We’ve compiled a list of some of the best checking accounts to help you find the one that fits your financial goals.

Compare Mercury Business Checking to Other Business Checking Accounts

Mercury is an innovative option for a business checking account, but there are others you might consider. Here are other possibilities if you’re interested in finding the best checking account for your business.

Found Small Business Checking

The Found Small Business Checking account is designed for freelancers and sole proprietors who need a one-stop solution for business money management. This banking and tax app has no monthly fees or account minimums, and you can sign up without requiring a credit check.

You’ll have access to built-in tax tools to help you track your estimated tax obligations, and you can pay taxes right from the app. You can also easily send invoices through the app, review expenses in one place, and store receipts so you have them on hand when it’s time to file your tax return.

Found doesn’t offer interest on checking account balances, and while you’ll get a debit card, you won’t earn any cash-back rewards on purchases. You might consider that a drawback if you’re interested in either one.

U.S. Bank Business Checking

U.S. Bank Business Checking is a basic checking account for smaller entrepreneurs who prefer traditional banks to online banks or banking apps. You can deposit cash at U.S. Bank branches and deposit checks at branches, ATMs, or through the U.S. Bank mobile app.

Multiple account tiers can be chosen to fit your business’s needs. Your tier determines which features and benefits you can access and what you’ll pay. The most basic option is Silver Business Checking, which has no monthly maintenance fee and allows up to 125 free monthly transactions.

Payment solutions are available as add-on features if you need them. You can also apply for a U.S. Bank business credit card if you’d like to enjoy flexible spending power when purchasing supplies, inventory, or covering other expenses.

Grasshopper Business Checking

The Grasshopper Business Checking account earns a competitive APY and pays business owners cashback on debit card purchases. There are no monthly fees, and you can enjoy the benefit of unlimited transactions.

ACH transfers and incoming domestic wire transactions are free, and you can manage accounts online or through the Grasshopper mobile banking app. For added convenience, you can pay bills, send invoices, manage cash flow, automate bookkeeping, and deposit checks through the app.

Grasshopper accounts are FDIC-insured up to $250,000, not the much higher limit Mercury and some other banks might offer. However, that may not be an issue for smaller businesses and sole proprietors who maintain lower account balances.

Who Is Mercury Business Checking For?

Mercury Business Checking is designed for startups, though any business could open an account here. However, the features are intended to cater to the needs of businesses actively trying to scale.

For instance, Mercury offers the option to access venture debt. That’s something that a mom-and-pop business or a self-employed independent contractor likely wouldn’t need.

Overall, this account could be good for:

• Established startups and businesses in the soon-to-launch phase
• Businesses that have high transaction volumes
• Companies that maintain larger amounts of cash in business accounts
• Business owners who want seamless integration with accounting and automation tools
• Entrepreneurs who are looking for a free checking option

Rating the Features of Mercury Business Checking

Any time you’re comparing business checking accounts, it’s helpful to look under the hood to see what you’re getting. Here are some of the highlights of Mercury Business Checking.

Enhanced Mobile Banking Experience

Mercury’s mobile banking app is designed to cater to the dynamic needs of modern businesses. Mercury account holders can manage their accounts online or through the Mercury mobile app. Both have an easy-to-use interface, and the mobile app allows you to manage your business’s financial needs on the go conveniently.

The app’s interface is intuitive, making it easy for users to navigate through various financial operations such as checking balances, transferring funds, scheduling payments, and reviewing transaction histories.

The platform also offers a demo that potential users can access to get a feel for the app’s functionality before committing to an account.

Customer Service Experience and Accessibility

While Mercury does not offer phone support, it ensures comprehensive customer service through email and an internal messaging system. This support model is structured to provide quick and detailed responses, aiming to resolve queries efficiently. That may be a drawback if you’d like to talk to a live person for help with your account.

For users who prefer self-service options, Mercury’s extensive online help center offers informative articles and FAQs on a wide range of topics.

You can sign up for an account online, which takes around 10 minutes. If you have questions, the Help Center can answer them online.

Fee Structure and Cost Efficiency

Mercury Business Checking is light on fees; the main one is a 1% foreign currency conversion fee. Otherwise, there are no monthly, overdraft, or ACH transaction fees.

Mercury stands out in the fintech space with its minimal fee approach. The absence of monthly fees, overdraft charges, and ACH transaction costs makes it an economically attractive option for startups looking to maximize their financial resources. The transparent pricing model also includes no hidden fees, reinforcing Mercury’s commitment to straightforward business banking.

Competitive Interest Rates Through Treasury Services

Mercury’s Treasury services are a significant draw for businesses with surplus cash. Mercury helps businesses grow their savings faster than traditional business banking solutions by offering competitive interest rates.

Enrolling in Treasury services allows you to enjoy a competitive APY on idle cash in your account. The rate is well above what you’d get with a standard business savings account or even a personal high-yield savings account.

There is no minimum balance requirement to earn the advertised APY. However, rates are always subject to change.

Comprehensive Financial Tools and Dashboard

Mercury stands out for the sheer range of features and tools available for startups. You can sync your account with your accounting software or automation tools to easily view your financial details in one place. The Mercury dashboard offers a comprehensive view of your transaction history, payments, linked cards, and capital.

This integration helps streamline operations and reduces the administrative burden associated with manual bookkeeping. Businesses can monitor their financial health in real time, making informed decisions swiftly and effectively.

You can also set spending controls for your debit and credit card accounts. Controls are separate for each card, so you can decide where to set spending limits for each team member.

Digital-First Banking Convenience

Mercury provides digital-first banking solutions as an online-only platform ideal for businesses that do not require physical banking services.

The lack of physical branches is compensated by a sophisticated online banking experience, which includes features such as digital check deposits, electronic payments, and comprehensive account management tools.

Spending Controls and Card Management

Mercury offers detailed spending controls that can be customized for each debit and credit card issued. Businesses can set specific spending limits, track expenditures, and manage where and how the cards are used, particularly useful for controlling budget and employee spending.

Flexibility and Accessibility

Opening a Mercury Business Checking account is straightforward, with no minimum deposit or balance requirements, making it accessible to businesses of all sizes. This flexibility ensures that startups and smaller enterprises can enjoy the benefits of sophisticated banking solutions without the burden of maintaining a minimum balance.

Mercury Business Checking is an online account. There are no branches or ATMs, and you can’t deposit cash, which again could be a drawback for certain businesses.

Safety and Security

Security is paramount at Mercury, which employs state-of-the-art security protocols to safeguard user data and transactions.

Mercury implements many of the same security measures used by traditional banks. While Mercury is not a bank, it partners with two FDIC member banks, Choice Financial Group and Evolve Bank & Trust, to insure deposits. In partnership with these FDIC-insured banks, Mercury’s bank sweep program offers up to $5 million in FDIC coverage for accounts that qualify.

Support for Scaling Businesses

Mercury is particularly well-suited for scaling businesses. With features designed to accommodate growth, such as venture debt and advanced financial forecasting tools, Mercury supports businesses as they expand.

These features allow companies to plan their financial strategy effectively, ensuring they have the resources to grow sustainably.

Minimum Deposit or Balance Requirements

There are no minimum deposit or minimum balance requirements to open a Mercury Business Checking account. That makes it accessible to a wide range of startups, including those with limited capital.

Frequently Asked Questions