Mercury

QWhat is Mercury?

MFrom the profile Mercury is radically different banking for entrepreneurs, engineered from the ground up to help understand and manage money. It includes free business checking and savings accounts with no minimums or monthly fees, debit and credit cards earning 1.5% cashback, free USD wires and ACH payments, Treasury management with up to 3.96% yield, spend management, invoicing, bill pay, accounting automations, and more. Banking services are provided through Choice Financial Group and Column N.A., Members FDIC, with up to $5M FDIC insurance through partner banks and their sweep networks.

QWhat do I need to apply for an account?

MFrom the profile You'll need your company's official formation documents, your IRS-issued EIN document, and a government ID (such as a passport or U.S. government identification document) for at least one person with operating control of the business and any owner with at least 25% ownership. You must provide information about your company and its owner with operating control. Your company must be formed and registered in the United States or a U.S. territory with some type of existing or planned operations in the U.S., and a U.S. or international address for principal place of business (residential addresses are acceptable, but registered agent, P.O. box, or UPS box addresses are not).

QWhat companies will you accept as customers?

MFrom the profile Mercury supports all types of businesses including SaaS, ecommerce, agencies, consultants, law firms, and real estate developers, whether you're a solo entrepreneur, managing a team, or overseeing multiple businesses. Mercury accepts most U.S. companies that aren't money services businesses or involved with adult entertainment, cannabis or internet gambling. The product may not be the best fit for businesses frequently dealing with physical cash, and Mercury cannot open accounts for trusts.

QHow does Mercury make money?

MFrom the profile Mercury makes money in several ways. The company earns interest on deposits, foreign exchange processing on international wires, and fees from Mercury Treasury and Mercury Venture Debt. Mercury also receives fees from Visa and Mastercard on card transactions and interchange fees from debit and credit card usage. Additionally, Mercury generates subscription revenue from financial workflow products and Mercury Personal.

QAre ACH and domestic wires really free?

MFrom the profile Yes, both ACH payments and domestic wires are completely free to send and receive on Mercury.