Mercury – Solid Banking for Startups, But Support Could Be Quicker
Mercury’s been a great option for startup banking... easy to set up, slick interface, and it integrates well with all the tools I need. I’ve been happy with the experience overall, especially since it’s built with startups in mind.
Why It Works:
- Simple Setup and Interface: Setting up an account is a breeze, and the dashboard is clean and intuitive. No fuss... just a straightforward experience.
- Startup-Friendly Features: They’ve got all the basics plus perks like cash management and venture debt options that make sense for early-stage companies. Feels like it’s really built for us.
Where It Could Improve:
- Support Delays: Here’s the downside... support can be painfully slow. I had a case where I needed to increase my card limit to make a larger purchase, and it took several days to get a response and even longer to get it approved. For a company that’s raised capital, waiting that long just to make a necessary purchase isn’t ideal. It definitely slows things down.
- Low Card Limits: The spending limits themselves are low, especially for businesses with decent funding. Having to go through hoops to raise limits each time is frustrating when you’re trying to move fast and get things done.
Overall Thoughts
Mercury is a solid choice if you’re looking for a startup-focused banking solution with a great interface and useful features. But... the slow support and low card limits make it tough when you’re running at startup speed. With quicker support and more flexible spending options, it could really be the perfect solution for growing companies.
These people have no respect for their clients. It is unfortunate that I have to leave this review, but it is merited. Mercury is a service not a bank. They partnered with Evolve Trust to provide an "easy banking" service for entrepreneurs and startups... and they are failing at this miserably. One of the most important things for a startup is to have funds available quickly. We've made small to large deposits into the account with Mercury and seven (7) days later, still waiting for the funds, and customer service is unresponsive. We have had to go out of our way to open bank accounts with another bank in order to pay contractors. Not sure how Mercury defines this as a great experience. It is pathetic to say the least. Save yourself the headache. Mercury is a joke.
My account was closed since December 2020. I still don't know why. Nobody has said anything. Last I heard all African founders were locked out. I just want my money sent to me or back to my clients
Mercury exploits potential customers in violation of federal law. Unfortunately, they use predatory data mining techniques to exploit people into providing sensitive data as part of their business model. I do not recommend working with them.
The website and overall functionality is great. Super simple to use. My only wish is that they had customer service to help or interact with you in real time. You have to send an email and wait to hear back from somebody in 3-5 days.
This probably won't happen often, but it's super frustrating when you need it.
Somehow, they continuously find new ways to screw their customers. It's almost as if they try to think up ways to do the most damage. FOR INSTANCE- This past weekend they did "system maintenance" which CANCELLED EVERY COMPANY'S EXISTING DEBIT CARDS. Would never happen at a legit bank.
We started our Monday with half of the company's operations down because of failed charges over the weekend. Thanks again Mercury!
P.S. - This is only one example of how Mercury has gone to extreme lengths to screw their customers. I wish I was surprised by it but to be honest, I wasn't, it was just the latest of a saga of epic failures.
I used Mercury almost a year it was ok. Then suddenly they closed my account and no explanation nothing. There is number to get them on the phone. This is ridiculous this is unfair. It cost me great losses they are the worst bank never use them.
This looks like the creation, promotion and solicitation of unregistered or non-exempt securities offerings and is incredibly reckless. I'm sure the SEC will be very curious since Mercury is not a Funding Portal, nor Broker-Dealer and not an Investment Advisory. This appears to be "Legal Zoom" wrapped up with some really bad advice....
Absolutely terrible experience with Mercury. Initially they opened an account to us without any problem. But in a half year they sent an email to us that they plan to block (close) our account because of some new compliance. They gave us 2 (!) weeks to sort the things out - can you imagine? Communication was absolutely terrible. Support team published one rules, PR team the other one, and the CEO said third things. Also the CEO said they don’t care about 1% of customers who were affected by new “compliance”. After that, the support team simply didn’t answer all our requests.
Later they extended the closing period to one month. In this time we provided all requested documents which fully confirm by all rules (also mentioned on the site) to unblock our account. But they refused to do so and related to some “internal factors”. On the all asks to provide more details they answered with “chatgpt generated boolshit” and basically ignored all our requests.
So my advice if you don’t want to lose your money stay away from this platform. They absolutely don’t care about customers and they don’t care about you personally, and your employees. They are not transparent in communication and they are not aligned inside a company. Yes, the interface is good but all other departments (support, CEO, compliance, etc) work really terribly. Do you really want trust money to such an organization? Think one hundred times.
With today's technology, I don't understand why transferring money in and out takes days. I'm considering moving back to traditional banking because I don't see the benefits of banking with a so-called "bank for startups."
