Brex vs Mercury Business Checking 2023: Which Is Best?

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 several useful banking products, such as corporate cards, venture debt, and high-yield treasury accounts.

Between the two platforms, Brex has stricter eligibility requirements, which makes it more suitable for high-performing businesses or venture-backed startups. Newer businesses are served better by Mercury, which provides tools designed to help early-stage startups scale. However, neither accepts sole proprietorships.

Here’s 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 credit cards and financial modeling tools
Mercury* is best for early-stage startups looking for fee-free digital banking solutions and access to cash back credit cards and investor networks

*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (10 program banks for Brex and Evolve Bank & Trust for Mercury).


Required Opening Deposit	None
Required Minimum Balance	None
Transaction Limit Before Fees	No limit
Automated Clearing House (ACH) Fees	None
Domestic Wire Transfer Fees	None
International Wire Transfer Fees	None
ATM Fees	N/A	Free at Allpoint locations; no fee for non-network ATM use*
Cash Deposit Fees	N/A
APY	None for checking accounts; up to approximately 4.20% on treasury accounts	None for checking accounts; up to approximately 4.50% on treasury accounts (must have balance of at least $250,000 to request treasury account)
Review	Read our Brex Cash Management review	Read our Mercury Business Checking review

*Third-party operator fees may apply.


Debit Card	N/A	Free virtual debit card; free physical debit card mailed within a few days
Physical Checks	No physical check-writing abilities
Accounting software integrations	QuickBooks and Xero
Business Payment integrations	Can auto-sync with Xero and QuickBooks, or can send payments directly from Brex Cash by wire, automated clearing house (ACH), and check for free	Includes Shopify, Stripe, Zapier, Amazon, and PayPal
Customer Service	Via chat seven days a week from 5 a.m. to 8 p.m. Pacific time, or by email	One-on-one support from relationship managers
Invoicing products	N/A
Other Products Available	Credit card, spend management, rewards, expense tracking, bill pay, and financial modeling	High-yield treasury account, venture debt
Review	Read our Brex Cash Management review	Read our Mercury Business Checking review

When To Use

You want rewards on card spending: Mercury offers cash back on credit card spending. Brex credit cards earn points that can be redeemed for billboards, events, mental health services, and more.
You want to extend your FDIC insurance: Mercury is partnered with Evolve Bank & Trust, which keeps business checking funds FDIC-insured for up to $250,000. In comparison, Brex spreads funds across its 10 partner banks and can thus keep FDIC protection for balances up to $1 million.
You want access to financial modeling tools: Brex users can stay on top of their financial health with Pry. It is a financial modeling tool that uses banking and accounting software data to help manage budgets, plan or future financial decisions, and create financial forecasts and reports.

You do not meet Brex’s qualifications: To open an account with Brex, you are required to meet a strict set of criteria. Mercury accepts all business types except sole proprietors and trusts. This is why Mercury is our overall best Brex Cash Management alternative .
You need support for ATM withdrawals: Brex does not offer ATM or debit cards, and its business credit cards cannot be used for ATM withdrawals. Mercury accounts come with their own debit cards, which provide fee-free access to Allpoint ATMs. There is no fee for out-of-network ATMs, but third-party operator fees may apply.
You want to earn cash back: Mercury credit cards earn 1.5% automatic cash back. Brex credit cards use a point system instead.
You need access to savings accounts: Brex does not offer savings accounts. Meanwhile, Mercury lets you open FDIC-insured savings accounts along with your checking account.

You are a sole proprietor: Neither Brex nor Mercury opens accounts for sole proprietors. Found is a better alternative because it offers tools designed to help small teams streamline business management processes, such as tax preparation, invoicing and expense tracking. Our review of Found has more details on its business checking product.
You are not a venture-backed startup or don’t plan on receiving venture capital: Brex was designed with venture-backed startups in mind, while Mercury helps early-stage startups secure venture capital. If you don’t need startup-centric resources, you can find similar cash management features with the fintech solution Relay. Our Relay business checking review will help you determine if it’s a good fit for your business.
You want access to in-person banking: Both Brex and Mercury are digital-exclusive banking solutions and thus have no physical branch networks. If you need access to cash deposits, physical checks, and brick-and-mortar branches, Bank of America would be a better fit. Read our Bank of America business checking review to learn more about its product offerings.

For more alternatives, check out our list of the best small business checking accounts.

Brex vs Mercury Business Checking Account

Brex and Mercury only have one type of checking account, both offering unlimited fee-free transactions. Neither Brex nor Mercury charges fees for monthly maintenance, ACH transfers, or wire transfers. Under Mercury, however, international wire transfers must go through Mercury’s system. Because both accounts are online-only, neither supports cash deposits.

Since Mercury isn’t a bank, it stores funds in its partner bank, Evolve Bank & Trust, which provides up to $250,000 worth of FDIC protection. Meanwhile, Brex has 10 partner banks. Funds placed in a Brex CMA are spread across these banks and are thus FDIC-insured for up to $1 million.

Overview

	Brex	Mercury
Best For	Venture-backed startups looking for fee-free digital banking solutions with access to rewards-earning credit cards and financial modeling tools	Early-stage startups looking for fee-free digital banking solutions and access to cash back credit cards and investor networks
Opening Deposit	None
APY	None for checking accounts; up to approximately 4.20% on treasury accounts*	None for checking accounts; up to approximately 4.50% on treasury accounts*
Bank Network and ATM Fees	N/A	None at Allpoint locations and nonnetwork ATMs^†
Accounting Software Integrations	QuickBooks and Xero
Business Payment Integrations	Can auto-sync with Xero and QuickBooks, or can send payments directly from Brex Cash by wire, ACH, and check for free	Includes Shopify, Stripe, Zapier, Amazon, and PayPal
Reserve Accounts	Up to 8	Up to 14

*Yield is variable and fluctuates regularly.
^†Third-party operator fees may apply.

Who Qualifies?

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:

Receive an equity investment of any amount from an accelerator, angel investor, venture capitalist, or web3 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

Mercury will accept any business that’s incorporated in the United States and has a federal employer identification number (EIN). Note that neither provider accepts sole proprietors, and Mercury doesn’t accept trusts.

Read our guide on how to open a business banking account. It even includes a free checklist that indicates requirements based on entity type.

Software Integrations

Both integrate with accounting software QuickBooks and Xero. However, there is a wider selection of Brex integrations, which include Oracle NetSuite, Slack, and Gusto.

Treasury Accounts

Brex and Mercury both provide interest-earning treasury accounts. Brex Treasury lets you sweep some or all of your balance into money market funds. The account offers an APY of approximately 4.20%.

Similarly, Mercury has Mercury Treasury, which offers up to approximately 4.50% APY. However, you’re only allowed to request a Mercury Treasury account if your business checking account balance exceeds $250,000.

Lending Products

Both Brex and Mercury offer venture debt, a kind of term loan designed specifically for businesses that have raised venture capital.

Credit Cards

Brex and Mercury both offer corporate credit cards. Neither card charges an annual fee. However, Mercury only provides credit cards to users with at least $50,000 in their accounts.

The Brex credit card’s main selling point is that it offers credit limits 10 to 20 times higher than the average business credit card. It also earns points that can be redeemed for unique rewards, such as billboards, executive coaching, offsite team events, mental health, and more.

Meanwhile, Mercury’s credit card earns automatic 1.5% cash back on both domestic and international spending.

Perks

Aside from offering credit card rewards, both Brex and Mercury provide discounts to popular business solutions, including Amazon Web Services, QuickBooks, Gusto, Slack, Vouch, and FreshWorks. However, Mercury offers a much wider selection of discount deals.

Financial Modeling

Brex offers 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.

Investor Community

The Mercury website provides an investor database that lists seed and preseed investors. Its Mercury Raise program helps introduce business owners to top investors.

Reserve Accounts

As cash management solutions, both Brex and Mercury offer reserve accounts that let businesses separate and categorize their balances. Brex lets customers create up to eight reserve accounts, while Mercury lets businesses create up to 14.

Brex vs Mercury User Reviews

	Brex	Mercury
Trustpilot Rating	3.4 out of 5 (based on 500+ reviews)	3.7 out of 5 (based on 500+ reviews)
Users Like	Clean interface Useful integrations Good customer service	Clean interface Minimal fees
Users Dislike	Lack of transparency when rejecting applicants Unjust account closures Strict eligibility requirements	Lack of transparency when rejecting applicants Unjust account closures Slow response time from customer service

Brex and Mercury were commended for having clean and easy-to-navigate user interfaces, though Brex received additional praise for offering seamless QuickBooks integration. Both were criticized for failing to be transparent about their application processes, and applicants who were denied accounts complained that they weren’t offered explanations for their rejection.

Another major point of criticism was the account closure process. Several reviewers from both Brex and Mercury complained that their providers had closed their accounts without proper warnings or justification. Brex, in particular, received heavy customer pushback for its decision to tighten its eligibility requirements in 2022. Many past Brex users also said that they found it difficult to move funds out after being forced to close their accounts.

Meanwhile, dissatisfied Mercury users mentioned that the provider has poor customer service. Because it currently lacks a phone service line, they found it difficult to reach representatives. Meanwhile, Brex was commended for providing responsive and helpful customer service.

Bottom Line

Choosing between Brex and Mercury is a matter of determining what stage of growth your business has achieved. With its strict eligibility criteria, Brex is best suited to midlevel or late-stage startups seeking tools that can accommodate high performance. Meanwhile, Mercury is better for early-stage startups seeking growth opportunities. By providing access to venture debt, business discounts, and investor networks, Mercury is well-positioned to help startups scale.