Summary
If you are searching for the ideal bank for your small online business or your E-Commerce business in the US, then Mercury is the perfect choice. It has some of the best features as compared to its competitors. To open an account, you will need LLC-approved documents, LLC address, EIN number, passport photo, and LLC name. The article also guides you with a step-by-step process of how to create your Mercury Bank Account, along with screenshots, to make your application journey easy and smooth.
Introduction
Technically speaking Mercury is not a bank. It is basically a financial technology company.
The Banking services that Mercury offers, are partnered with Choice Financial Group and Evolve Bank & Trust®.
Mercury bank account was designed to cater to the needs of startups and small businesses. It is a perfect solution for digital businesses including your E-Commerce business.
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Benefits of Mercury Bank Account
- No Fees: Mercury does not charge any monthly fees, transaction fees, or other hidden fees.
- No minimum deposit is required to open your account.
- Get Unlimited fee-free transactions with no overdraft fees.
- Free domestic and international wire transfers.
- Easy Account Management: With Mercury, you can easily manage your account online or through the mobile app, which allows you to check your balance, view transactions, receive online payments, monitor spending, and transfer money.
- It offers the service to create virtual debit cards and manage your debit card — edit spending limits, freeze your card, and add it to your mobile wallet — through its app.
- Gives you the ability to add as many team members as you want to your account.
It gives you two options for user access:
- You can add users as admins, this will allow them to move money, receive a debit card, and change permissions
- Or add users as bookkeepers, allowing them to only access your transaction history and statements.
8. Allows you to integrate your account with third-party business tools, such as QuickBooks, Xero, Stripe, Venmo, and Paypal.
9. Allows customers to connect their other business bank accounts with Mercury. To enable quick transfers between accounts and have all your financial data accessible on one dashboard.
10. API access: Mercury gives API access to all accounts.
In simple words, it means that you can access its banking software. With this access, you can customize and automate your Mercury account by designing internal dashboards, making bulk payments, creating transfer rules, automating reconciliations, and more.
In short, it will help you build your own admin tools or automate processes that previously had to be performed manually.
11. Mercury checking and savings deposits are FDIC-insured which means you can recover up to $250,000 worth of stolen money.
Cons Of Mercury Banking
- Mercury is still a relatively new bank, and may not provide big perks or additional features as some of the more established banks for startups.
- There are no physical locations of ATMs or bank branches, so if your startup relies on cash deposits, Mercury is not the right choice for you.
- They have Limited phone support. Weekend and after-hours support via email only.
- Sole proprietorships and trusts can’t open an account.
Eligibility For Mercury Bank Account
LLC approval documents
Depending on the state where you have registered your LLC, this will be called either:
- Articles of Organization
- Certificate of Organization
- Certificate of Formation
You will need to upload these documents during the online registration process.
*Make sure your LLC documents are stamped and approved before uploading them.
Identification
During your online registration process, Mercury will ask for a scanned picture of your passport.
You will also need to give your phone number and other contact information.
LLC Adress
You need to provide Mercury with your LLC’s address.
You can provide any of the two::
- office address of your LLC
- address of your Registered Agent
EIN number
You will need to show proof of your LLC EIN Number (also called a Federal Tax ID Number).
Mercury accepts the following for proof of EIN Number:
b. EIN Confirmation Letter (CP 575)
The CP 575 Letter will be mailed to the address that you listed on your EIN application form.
c. EIN Verification Letter (147C)
An EIN Verification Letter (147C) is another official letter from the IRS, you can use this also as proof. You can order it from the IRS. It’s free of cost.
LLC Name
Mercury will also ask you for your company name which is incorporated in the US.
Compete the Mercury Verification and Verify your E-mail Address
After you submit your application to Mercury, check your email and click the verification link.
Followed by this you will need to:
- Enable 2-factor authentication for security
- Choose an address where you want your debit card mailed
How to Open a Mercury Bank Account
Step 1– Open the Mercury Bank account Link
Step 2– Enter your name email and password.
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Step 3– Mention your company name and role
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Step 4– Choose the callsign (here Mercury will give you suggestions, you can go with it if you are confused)
Step 5– Then they will show you the list with 9 options, asking you if your company is any of them. Choose the one that is applicable and if your business is not related to any of those options then select None Of The Above.
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Step 6– It will show you the patriot act disclosure. Here, select OK, Let’s go.
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Step 7– Click on Start Your Company Profile
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Step 8- Fill in the contact information.
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Step 9- Fill in the company contact information.
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Step 10– Fill in your Profile information.
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Step 11– Fill in The business name information.
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Step 12- Upload company documents information.
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Step 13- Upload EIN verification letter
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Step 14- Fill in the information about your business.
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Step 15- Agree and submit the company profile.
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Mercury Bank approval time:
Mercury will review and accordingly approve your application. They will notify you through email. This usually takes up to 1-2 weeks.
How to Increase Your Chances Of Being Approved (BONUS)
- Make sure that all 4 corners of your passport are visible. Show your entire passport.
- Your passport photo should be in JPG or PNG format.
- All your documents should be in PDF format.
- All your documents should be clear enough to read.
- All the edges and corners of your documents should be visible.
- Describe your business in as much detail as you can.
- The more details you can provide mercury the better. This includes your business website, LinkedIn profile, etc.
Mercury Banking is Best for Small-Business Owners Who:
- Want a free business banking platform with no transaction fees?
- Prefer to manage the entirety of their finances online.
- Don’t need to deposit cash using an ATM or branch location.
- Would like to be able to customize their banking using digital tools and integrations.
- It is very user-friendly and Startups can sign up and gain access to a business checking and savings account and a debit card in as little as 15 minutes.
Comparison
Below is the comparison of Mercury with other US banks that are meant for small businesses and start-ups.
Brex VS Mercury Bank
- Mercury has more positive reviews than Brex.
- Mercury has more customer support than Brex.
- Brex’s user interface is more convenient than Mercury’s.
- Brex pricing plans are more competitive than Mercury.
- Mercury has more features than Brex.
Relay Business Banking VS Mercury Bank
- Relay provides 20 checking accounts and Mercury provides 14 checking accounts.
- It’s easier to manage cash flow, bookkeeping, and taxes in Relay as compared to Mercury.
- Relay charges a 5% fee for wire transfers whereas Mercury is free.
- Relay is good for employer businesses that are small, mid-sized, bootstrapped, and venture-backed. Whereas mercury is ideal for high-growth funded start-ups.
Novel Business Banking VS Mercury Bank
- Novel Businesses has better customer service than Mercury. It is functioning 7 days a week, whereas Mercury operates only on weekdays.
- Mercury gives 1.5% cash back whereas Novel Bussiness gives 2% cashback.
- The novel bank does not sell transaction data to anyone, but mercury bank does share the data with other insurers, crime detection agencies, etc.
- Mercury had more competitive prices than Novel Bank.
