Brex vs Mercury Business Checking 2023: Which Is Best?
This article is part of a larger series on Business Banking.
If your startup needs innovative digital-only banking solutions, Brex’s business account and Mercury’s business checking account are excellent options. Both platforms are designed for tech startups and offer digital banking services that integrate with popular tech tools like QuickBooks and Xero. They also provide access to a number of useful banking products, such as corporate cards, venture debt, and high-yield treasury accounts.
Between Brex vs Mercury business checking, Brex has stricter eligibility requirements, which makes it more suitable for high-performing businesses or venture-backed startups. Newer businesses are better served by Mercury, which provides tools designed to help early-stage startups scale. However, neither accepts sole proprietorships.
Here is a summary of what each provider is best for:
- Brex: is best for venture-backed startups looking for fee-free digital banking services with access to rewards-earning business cards and financial modeling tools
- Mercury: is best for early-stage startups looking for fee-free digital banking solutions and access to cash back business cards and investor networks
For those that prefer a traditional bank, we recommend:
- Chase: Best for national availability, easy-to-waive monthly fees, and suite of additional banking products
Brex is a financial technology (fintech) platform offering up to $6 million in Federal Deposit Insurance Corp. (FDIC) insurance through supporting bank partnerships (see Brex’s 25-plus program banks). It features a fee-free business account, business card, treasury account, and venture debt product. Under a Brex business account, customers can open up to eight subaccounts. Brex does not accept sole proprietors, unincorporated partnerships, and companies organized and/or registered outside the United States.
Meanwhile, Mercury is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Choice Financial Group and Evolve Bank & Trust. Its fee-free business checking account comes with Mercury Vault, providing added fund protection of up to $5 million through its partner banks’ sweep programs. Also, Mercury offers venture debt, a savings account, a treasury product, and a business card. Customers can have 14 subaccounts with a main Mercury business checking account. Sole proprietorships and trusts are ineligible for accounts.
Brex vs Mercury Business Checking Quick Comparison
 |  |  | |
|---|---|---|---|
Required Opening Deposit | None | None | None |
Required Balance Minimum | None | None | None |
Transaction Limit Before Fees | No limit | No limit | 20 monthly, then 40 cents per transaction |
Automated Clearing House (ACH) Fees | None | None | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Domestic Wire Transfer Fees | None | None | Up to $35 for outbound, up to $15 for inbound |
International Wire Transfer Fees | None | None | Up to $50 for outbound, up to $15 for inbound |
ATM Fees | N/A | $3 per transaction at any non-Chase domestic ATM, plus ATM operator fees; $5 per transaction internationally plus third-party fees | |
Cash Deposited | N/A | N/A | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
Annual Percentage Yield (APY) | N/A | ||
For More Information | |||
Open an account |
*Third-party operator fees may apply.
| | | |
|---|---|---|---|
Debit Card | N/A | Free virtual debit card; free physical debit card mailed within a few days | Free debit card, mailed within 10 business days of application approval |
Physical Checks | No physical check-writing abilities | No physical check-writing abilities | Cost varies depending on type of checks ordered |
Accounting software integrations | QuickBooks and Xero QuickBooks, Xero, Sage Intacct, SAP Concur, and Oracle NetSuite | QuickBooks and Xero | QuickBooks, FreshBooks, and other leading accounting software |
Business Payment integrations | Can auto-sync with Xero and QuickBooks, or can send payments directly from Brex business account by wire, ACH, and check for free | Includes Shopify, Stripe, Zapier, Amazon, and PayPal | BigCommerce |
Customer Service | Via 24/7 live chat from Brex dashboard, 24/7 phone (833) 228-2044, or email contact@brex.com | Via chat from Monday to Friday, 6 a.m. to 5 p.m. Pacific time; one-on-one support from relationship managers; or email help@mercury.com or hello@mercury.com | Live customer support online or in bank branch locations |
Other Products Available | Business card, treasury account, and venture debt | Savings account, business card, high-yield treasury account, and venture debt | Business savings, certificates of deposit (CDs), lending products, credit cards, merchant services, and collection service |
For More Information | |||
Open an account |
When To Use
Brex vs Mercury Business Checking Features
Brex | Mercury | |
|---|---|---|
3.3 ★ | 3.6 ★ | |
Ease of Account Opening | ★★★ | ★★★★ |
Treasury APY Earnings | ★★★★ | ★★★★★ |
FDIC Insurance Coverage | ★★★★ | ★★★ |
Reserve Accounts | ★★★ | ★★★★ |
Wire Transfer Fee Savings | ★★★★★ | ★★★★★ |
ATM Fee Savings | 0 | ★★★ |
Business Card Rewards | ★★★ | ★★★ |
Lending Product Access | ★★★ | ★★★ |
Business Software Integrations | ★★★★ | ★★★★ |
Discount Perks | ★★★★ | ★★★★★ |
Financial Modeling | ★★★★ | 0 |
Investor Community Resources | ★★★ | ★★★★ |
Rating Explanation:
★★★★★ 5: This feature enhances your banking experience at no cost.
★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost.
★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost.
★★ 2: This feature has a few major drawbacks/limits or comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
★★★★★ 5: This feature enhances your banking experience at no cost.
★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost.
★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost.
★★ 2: This feature has a few major drawbacks/limits or comes at a high cost.
★ 1: This feature has major drawbacks/limits.
0: This feature is unavailable.
When comparing Mercury business checking vs Brex business checking, Mercury’s features offer slightly better advantages. It outshines Brex when it comes to ATM fee savings, ease of account opening, and additional subaccounts, discount perks, and investor community resources. Brex’s stringent account opening requirements and lack of ATM access cost it points in our evaluation, but Brex won in terms of excellent financial modeling tools and slightly higher FDIC insurance coverage.
Click on each feature below to see more details.
Brex: 3 out of 5
When it comes to opening a business bank account, Brex has stricter requirements than Mercury. Only applicants that meet one or more of the following criteria will be considered for a Brex account:
- Receives an equity investment of any amount from an accelerator, angel investor, venture capitalist, or Web3 According to a Harvard Business Review article (<em>What is Web3?</em>), <em>Web3 is an extension of cryptocurrency, using blockchain in new ways to new ends</em>. token
- Has more than $1 million a year in revenue
- Has more than 50 employees
- Has more than $500,000 in cash
- Is a tech startup on a path to meeting the criteria above and referred by an existing customer or partner
Brex does not accept sole proprietors, unincorporated partnerships, and companies organized and/or registered outside the US.
Mercury: 4 out of 5
Mercury has fewer restrictions than Brex and will accept any business that is incorporated in the US and has a federal employer identification number (EIN). Mercury does not accept sole proprietors and trusts.
Brex: 4 out of 5
With Brex Treasury, you get a 4.92% yield as of August 14, 2023, through a money market fund administered by the Bank of New York Mellon. Preservation of the capital and liquidity are a priority since 99.5% of the fund is held in cash or US government-backed securities.
Mercury: 5 out of 5
Under Mercury Treasury, a high annual yield of up to 5.43% as of August 14, 2023, is available for deposits of more than $20 million, invested in the Vanguard money market fund. It is held in 99.5% US government-backed securities, ensuring the fund’s high liquidity and security. A Mercury Treasury account is available for business checking accounts with balances exceeding $500,000.
Brex: 4 out of 5
Brex can obtain up to $6 million in FDIC insurance coverage through the sweep programs of over 25+ partner banks (see Brex’s list of partner banks).
Mercury: 3 out of 5
Meanwhile, Mercury has a slightly lower FDIC insurance protection compared to Brex. It offers up to $5 million through the sweep networks of two partner banks via Mercury Vault.
Brex: 3 out of 5
When comparing Brex vs Mercury business checking in terms of reserve accounts, you can create up to eight subaccounts under Brex. This helps you budget and separate accounts into different business categories.
Mercury: 4 out of 5
On the other hand, Mercury surpasses Brex, providing up to 14 subaccounts under a main Mercury business checking account.
Brex: 5 out of 5
Brex does not charge fees for sending and receiving domestic and international wires.
Mercury: 5 out of 5
Similarly, Mercury users can save from fee-free inbound and outbound domestic and international wire transfers.
Brex: 0 out of 5
Brex account holders cannot access any ATMs since Brex does not issue an ATM or debit card.
Mercury: 3 out of 5
Mercury customers can use 55,000-plus Allpoint ATMs. There are no ATM fees charged when accessing nonnetwork ATMs, but operator surcharges can apply.
Brex: 3 out of 5
Brex issues a business card offering card limits 10 to 20 times higher than the average business card. It earns a lot of points that can be redeemed for unique rewards, such as billboards, executive coaching, offsite team events, mental health, and more.
Read our review of Brex Card to learn more about the product features and rewards.
Mercury: 3 out of 5
Meanwhile, Mercury provides a corporate card with 1.5% automatic monthly cash back on both domestic and international spending. The card is available to users with at least $50,000 in their accounts.
Our Mercury IO Mastercard review provides detailed information on features, rewards, and pros and cons.
Brex: 3 out of 5
Brex users can apply for venture debt funding to accelerate growth and outpace competitors.
Mercury: 3 out of 5
Mercury clients can maximize venture debt financing, a term loan designed specifically for businesses that have raised venture capital.
Brex: 4 out of 5
Brex users can connect with accounting solutions, such as QuickBooks, Xero, Sage Intacct, SAP Concur, and Oracle NetSuite. It also offers a broad selection, including Slack and Gusto (see more Brex integrations).
You may be interested in reading our QuickBooks Online review to learn more about its features and pricing.
Mercury: 4 out of 5
Mercury business checking accounts are compatible with QuickBooks and Xero. It also integrates with Shopify, Stripe, Zapier, Amazon, and PayPal.
Check out our review of Xero, where features, pricing, and alternatives are discussed in detail.
Brex: 4 out of 5
Brex offers its users discounts to popular business solutions, including Amazon Web Services, QuickBooks, Gusto, Slack, Vouch, and FreshWorks.
Mercury: 5 out of 5
Mercury provides more deals than Brex. Through Mercury Perks, customers can access over a hundred discounts on popular business software. Among them are QuickBooks Online, Amazon Web Services, Slack, Zeplin, and Intercom.
Brex: 4 out of 5
With Brex, you can access financial modeling tools through Pry. The platform lets you track revenue and costs, review profits and losses, build financial plans, and forecast future financial plans.
Mercury: 0 out of 5
Another major difference between Mercury business checking vs Brex is that currently, Mercury does not provide a financial modeling tool feature.
Brex: 3 out of 5
Brex provides customers with business insights through e-books and guides, webinars, and case studies (see Brex’s resources page). It also offers scheduled industry and Brex events to build network connection.
Mercury: 4 out of 5
Meanwhile, customers can check out Mercury’s investor database, which lists seed and pre-seed investors. Its Mercury Raise program helps introduce business owners to top investors.
Once you decide on a provider, you can see our guide on how to open a business bank account. It includes a checklist of required documents that you can download for free to help you through the process.
Mercury Business Checking vs Brex Business Checking User Reviews
Brex | Mercury | |
|---|---|---|
Trustpilot Rating | 3.2 out of 5 (based on 500-plus reviews[1[) | 3.7 out of 5 (based on 600-plus reviews[2]) |
Users Like |
|
|
Users Dislike |
|
|
Brex and Mercury customers praised the providers for providing an easy-to-use platform where account setup is straightforward and the user interface is smooth.
Brex clients said they save a lot of time when it comes to bookkeeping from the provider’s QuickBooks integration. They also appreciated the efficient support they received and found the customer service team professional and responsive in resolving issues. Meanwhile, Mercury customers liked not having to pay monthly service fees or wire fees for business accounts.
Both providers also received negative feedback, where several reviewers mentioned experiencing sudden account shutdown with no notices and explanations given. Some Brex clients also had their accounts suspended without warning, which made it difficult to access needed funds. Others complained about Brex changing the eligibility requirements, which made it tougher for microbusinesses to qualify.
Meanwhile, Mercury users expressed frustration over the lack of customer support options. They said that they could only email or leave a chat message and wait hours to receive a reply, unlike if Mercury offered a customer hotline. Another issue raised is the long check-clearing period, which reached more than five days.
Bottom Line
Evaluating the stage of your business growth is critical in choosing between Brex vs Mercury business checking accounts. Given its strict eligibility criteria, Brex suits midlevel or late-stage startups seeking financial tools that can accommodate high performance. Meanwhile, Mercury fits early-stage startups searching for growth opportunities. By providing access to venture debt, business discounts, and investor networks, Mercury is well-positioned to help startups scale.
User review references:
1Trustpilot | Brex
2Trustpilot | Mercury
