Mercury is a business banking service from Mercury, a financial technology (fintech) company that is not itself a bank. Its checking and savings accounts are provided through partner banks, Choice Financial Group and Column N.A., which are members of the FDIC, the US government agency that insures bank deposits.
A business applies online and does its banking in Mercury's app. It gets checking and savings accounts with no minimum balance, credit and debit cards, and controls on team spending with limits, reimbursements and approvals. Virtual cards can be created instantly, for example one card for each contractor or ad account. The business can send payments worldwide with no fees on USD payments, create invoices and pay bills; AI reads uploaded bills and fills in the payment details. Accounting data syncs with QuickBooks, Xero or NetSuite. Mercury also offers Treasury yield, loans, an API, and add-ons for bookkeeping and payroll.
Banking and the essential tools cost nothing per month. The paid Plus and Pro plans add features such as recurring invoices and a relationship manager for a monthly fee.