When starting a small business, one of the biggest decisions that a startup has to consider is where to bank. Banks have their appealing factors, but many of the best banks are suited for larger businesses – thus excluding the startup altogether. Luckily, there is one bank that has been tailored specifically for small businesses – and is being embraced by small businesses.
If you have a small business, you will want to consider Mercury Bank as your bank of choice.
It is essentially a bank for entrepreneurs by entrepreneurs. CEO and founder Immad Akhund, a serial entrepreneur himself noticed the issues which startup founders have to deal with when banking. Banking is often a pain and we all hope we can find a customer-centric bank with excellent features so we can focus on our business above all.
Your choice of bank will greatly influence how your business is managed. Often the biggest headache for a company deals with a poor banking service. Imaad Akhund found difficulty in his previous companies in dealing with the various banks. This sparked the idea to create a bank for small businesses. The idea took off and Mercury Bank has received funding from investors such as Andreessen Horowitz, Naval Ravikant, Y Combinator, Gusto, and Superhuman – to name a few!
If you have a startup and are looking for a bank – look into Mercury bank today!
Mercury Bank
Mercury Bank is an online FDIC insured bank that provides checking and savings accounts to help startups grow and manage their capital. It is a free bank account without minimum opening deposits or required balances. With such desirable features, it is no wonder why so many small businesses are banking with Mercury Bank.
Here are 5 reasons why small business owners love Mercury Bank and you will too:
1. Internet Based
As having to commute to a bank is becoming less of a need, both individuals and businesses are readily switching to online-only banks. Mercury allows all transactions to be conducted online: whether setting up the accounts, making payments, making deposits. The process to open an account takes only 10 minutes and within a day, your account will be open.
2. Security and Privacy
Everyone wants their bank to be secure. They also want their bank to maintain their privacy. Mercury Bank offers exactly this. Upon opening your account, your social security number will be requested to verify your identity. However, it is never used to analyze your credit scored. Funds are FDIC insured, so your money can be recovered if ever taken – up to $250,000.
There are many other security features which Mercury promises: each webpage is protected with HTTPS, ensuring that there is a security layer on each webpage. Penetration testing occurs each year to ensure the bank accounts are not easily penetrable (hackable). Logging into your bank account also requires two-factor authentication, with time-sensitive codes. Also, debit card numbers are never stored. Mercury Bank integrates with Plaid which can allow you to integrate your bank with other financial services such as PayPal and Venmo.
3. Sending and Receiving
Mercury Bank is also the ideal bank for sending and receiving money. Money can be sent electronically (ACH) to another account for free. This can be done directly through Mercury’s dashboard. Wire Transfers are also an option with a $5 charge per domestic wire and a $20 charge per international wire. Receiving wires, both domestic and international, are free. There are no other fees for sending or receiving funds.
Checks can be sent for free using the dashboard. Checks can also be deposit through the dashboard. As of now, cash deposits are not possible but Mercury suggests contacting them directly if this is something you may need.
4. Managing Your Finances
As a business owner, you want your bank to go above and beyond when it comes to your finances. Simply storing your capital is not enough. A savings account automatically includes your checking account. Mercury bank was established to cater to the needs of US Startups, but does allow for foreign founders who wish to establish a US company.
For keeping your capital secure there are no monthly fees or overdraft fees. Both the Standard (Less than $250K of Funds) and Tea Room (over $250K of Funds) packages offer savings accounts that generate interest. The Standard offers a rate of 0.75% and the Tea Room offers a rate of 1.45%
5. All The Great Features
Nowadays we seek a plethora of features with the applications and the services we use. What we seek from our banking system is no different. Mercury Bank is able to host multiple users at once. There is no limit to how many team members you can add to access your company’s bank account.
There are currently two different types of access for users: admin access and bookkeeper access. Only admins will be able to add additional users, move money, and are entitled to a debit card.
The bank is also currently integrated with two of the most popular accounting applications, Quickbooks and Xero. The financial dashboard allows you to move money, deposit money, send money, as well as pay for bills.
There are already many great features and the good news is that Mercury Bank is still in its infancy. As a result, the number of features is likely to increase as the bank gains in popularity.
The Mercury Tea Room
We’ve mentioned the Tea Room package, for companies with over $250K of capital. For the company in this category, the Mercury Tea Room offers great benefits. Apart from the higher interest rate in comparison to the Standard package, Mercury Bank will send you tea. Tea is often drunk amongst the Mercury Bank team and this is a way for them to say “thanks” to you. There are also rewards if your company uses one of Mercury’s partners for services such as bookkeeping or using servers.
Don’t Hesitate…Go For It!
Now that you know what Mercury Bank has in store…what are you waiting for?
Find 10 minutes to spare (yup, that’s all the time you will need) and apply for an account. Your account will be ready in 24 hours and your business will soar!