How to Set Up a Mercury Bank Account: A Step-by-Step Guide

This guide will walk you through setting up a Mercury business banking account, adding users, sending payments, and integrating with accounting tools.

Step 1: Create a Mercury Account

1. Go to Mercury’s website
   • Visit Mercury and click "Open Account".
2. Enter Your Business Information
   • Provide your company name, entity type (LLC, C-Corp, S-Corp), and EIN.
   • Enter your business website or a short description of your company.
3. Verify Your Identity
   • Upload a valid government-issued ID (passport, driver’s license).
   • Provide your Social Security Number (SSN) for compliance.
   • Mercury may request additional verification documents (such as an Operating Agreement or Articles of Incorporation).
4. Wait for Approval
   • Mercury typically approves accounts within 3–5 business days.

Step 2: Fund Your Account

1. Deposit Funds
   • Once approved, log in to Mercury Dashboard.
   • Click “Deposit Funds” and choose from:
     • ACH Transfer – Transfer from another bank (1–2 business days).
     • Wire Transfer – Use Mercury’s routing and account number to receive funds.
2. Set Up a Recurring Deposit (Optional)
   • Use Auto Transfer Rules to move money automatically between checking and savings.

Step 3: Set Up Business Payments & Transfers

1. Send an ACH Payment
   • Go to Payments > Send Money.
   • Enter the recipient’s bank details (account number & routing).
   • Add a payment memo (optional).
   • Click Send – ACH payments are free and take 1–2 business days.
2. Send a Wire Transfer
   • Choose Domestic Wire or International Wire.
   • Enter recipient details and wire purpose.
   • Wire transfers are free for U.S. banks but may incur fees for international wires.
3. Issue a Check (Optional)
   • Click Payments > Send a Check.
   • Mercury will print and mail a check on your behalf.
4. Set Up Virtual & Physical Debit Cards
   • Go to Cards > Issue New Card.
   • Choose Physical or Virtual Card.
   • Set spending limits and merchant restrictions.

Step 4: Add Users & Manage Roles

1. Go to Team Settings
   • Click Settings > Team to invite users.
2. Assign User Roles
   • Admin – Full control over banking, payments, and settings.
   • Bookkeeper – View-only access for accounting and reporting.
   • Employee – Limited access for expenses and spending.
3. Set Approval Workflows (Optional)
   • Require dual approvals for large transactions.
   • Set up notifications for outgoing payments.

Step 5: Integrate with Accounting Software

1. Connect QuickBooks or Xero
   • Go to Integrations > QuickBooks/Xero.
   • Sign in and authorize the connection.
   • Sync transactions automatically for easier reconciliation.
2. Use Mercury’s API for Custom Integrations
   • Developers can use the Mercury API for automated payments and financial tracking.

Step 6: Set Up Mercury Treasury (Optional)

1. Go to Treasury Tab in the dashboard.
2. Enable Auto Transfers – Mercury will sweep idle funds into FDIC-backed partner banks.
3. Monitor Yield Performance – Earn interest on business cash reserves.

Final Checks Before Using Mercury

✔ Verify business information and tax details.
✔ Set up two-factor authentication (2FA) for security.
✔ Test ACH and wire transfers before sending large payments.
✔ Monitor real-time cash flow in the Mercury dashboard.