Mercury is a financial platform that allows businesses to manage their business and finances online. Although a lot of people often refer to Mercury as a bank but it’s not. It’s a platform that partners with registered banks to protect your money. This platform is built to function online. So, you can use your mobiles to access all Mercury’s services.
During the good old days, there were nothing like banks or financial platforms where people could keep money and access it anytime they like. People usually find a means to keep money and other valuable items safe. Some keep money under the mattress, safe box, including burying money. People also keep their business money in a safe place.
In today’s world, keeping your business or company’s money is very crucial. One needs to look for the best banks that could keep their money safe. Of course, there are lots of reliable banks. However, it comes with a little inconvenience. You’ll have to leave your house, visit the bank and follow certain procedures before you can make deposits.
Today, another group of financial platform has surfaced. You can use these platforms to control your whole business funds online. It has accounting features that allows you manage your finances.
With these financial platforms, your business funds are safe. There are no maintenance fee to be paid every month. There’s no limit either on the amount that needs to be in your account. These platforms also partner with established banks, supported by the government insurance to keep your money safe.
In additional these platforms has a virtual card where business owners can pay for software services online. It could be for digital subscription, or business materials. Merchants can also create different virtual cards for various purposes. This makes it easier to track all expenses. It’s also helpful in case a particular card is tempered online. All you need do is to destroy the tempered card instead of the whole card.
Moreover, these financial platforms offer a digital version of account statement just like banks do. Unlike in the past when business owners, had to send bank statements to accountants to help them keep proper records of their revenues and expenditures. These records are also kept for tax purposes as well.
One of these platforms is Mercury, a must have for business owners.
In addition, who’re are those that can use Mercury? Mercury is for businesses and companies that operates online. Content creators and any other big online ventures can also use it.
However, this platform is not for physical businesses because it doesn’t have a means for cash deposits. Everything is done remotely.
Nevertheless, this will take us further in understanding how Mercury works. This also includes knowing all the Mercury Supported Countries.
What does Mercury actually do?
- It’s a place where business and personal money are kept safe.
- It allows you to pay vendors internationally, in almost 40 different currencies. You can also send money to someone in the U.S without paying any transaction fee.
- It has both virtual and physical cards. Request for them and set an expense limits.
- All your money are safe on Mercury’s platform.
- Mercury has an accounting tool that keeps records of all your transactions.
- If you have a huge amount of money that’s not for business purposes, put them in Mercury’s Treasury. It will yield a high interest in return.
- Individuals can now use the ‘Mercury Personal’ for managing their personal money.
Furthermore, Mercury is also not for everyone, its mainly for businesses. However, they prefer registered cooperate entities and companies. This platform doesn’t support individual remote workers and small online businesses. It’s because they don’t fit into their target audience.
How Mercury Works
Account Setup
- Use your business or company’s regulatory documents to register online. After approval, you’ll receive a routing number, along side your business account number.
- Use the account number for all your business transactions.
- Mercury doesn’t keep your money in a vault. Rather, your money are kept with Mercury’s partner banks or financial institutions.
- Mercury uses the sweep trick to share money in its possession into different partner banks. This is mainly for people with large deposits. It’s also a regulation from the government for easy protection.
How To Spend Your Money
There are two types of Mercury cards. They are:
- The Virtual Cards for the payments of ads, software, e.t.c.
- The Physical Cards for in-store payments.
How to Pay People
- Every payment / transaction is accessed through the dashboard. Use the ‘Free Wires’ to send money to people in the U.S. This comes at no costs. Then use the ‘International Wires’ to send money to other Mercury supported countries. When you send money through USD, it costs nothing. However, the partner bank through which fund travel may charge a small fee for transactions.
- You can also make payment through ‘Auto-Pay’. Just take a picture of the bill, then allow Mercury’s computer to read it. It will ask for permission, requesting approval when the transaction is to be made. Click ‘yes’, and it will make the payment when its due.
- Mercury’s QuickBooks helps you keep proper record of all the transactions made in a spreadsheet for easy accessibility.
- How Mercury Make Money: Mercury doesn’t charge monthly and transaction fee. Mercury charges the business owner for any transaction made in a store through the swipe card.
- They also earn little money through interest on your large fixed deposits.
- Furthermore, Mercury charges fee for personal accounts and currency exchange.
- The Premium Tiers is a paid plan for businesses that wants to access Mercury advanced features.
List of Mercury Supported Countries:
- Canada
- Germany
- France
- United States
- Mexico
- United Kingdom
- Italy
- Brazil
- Argentina
- South Korea
- Spain
- Colombia
- Chile
- Singapore
- Japan
- Australia
- New Zealand
Countries where only physical cards can’t be used are:
- Algeria
- China
- India
- Kosovo
- Morocco
- Nepal
- Sir Lanka
- Indonesia
- Kuwait
- Vietnam
Additionally, check Mercury’s site for confirmation, in case your country is not listed above.
List of Mercury Supported States in the USA
Mercury supports all registered and legal businesses in the United States. All the 50 states in the U.S can open and use mercury account as long as the business is registered in the U.S.
It’s territories like Guam, US Virgin Island and Puerto Rico can also register their businesses within the territory.
To use Mercury, you must register your company or business in the United States. However, you and your partners can live in any Mercury Supported Countries while running your business.
In addition, there are rules businesses in the U.S. must follow before using Mercury platform. Intending Mercury users must provide:
- Tax ID
- Have a registered business or corporation
- Proof of physical location
Mercury Alternatives:
- Brex
- Bluevine
- Relay
- Airwallex
- Rho
- Novo
Conclusion
Business owners and cooperate companies can use Mercury platform to manage their business money.
Mercury platform now has banking platform for individual purpose. You can use it online for grocery shopping, bill payment and other daily expenses. However, any cooperate entity that uses the business account for personal use apart from the business-related bills in which the account was created for, risk violating Mercury’s terms.
In addition, bear in mind that Mercury has no physical location for cash deposits. All registrations and transactions are done digitally.
People often refer to Mercury as a bank. However, it’s not.
Mercury is in partnership with some banks and financial institution to ensure all transactions are handled safely. If you’re in Mercury’s Supported Countries, you can use your phone or computer to access all Mercury’s services.
Finally, don’t forget that Mercury keeps track of all your expenses, which helps give a clear account of all your transactions.