Mercury Complete Setup Guide 2025: From Incorporation to First Transaction

Last Updated: December 2025 | Reading Time: 10 minutes

Mercury has become the default banking platform for US startups, and for good reason: it's fast, free, and purpose-built for tech companies. But if you're new to Mercury or US business banking, the setup process might seem daunting.

This complete guide will walk you through everything—from incorporating your US business to making your first payment with Mercury.

What You'll Learn

• How to incorporate a US business (if you haven't already)
• Creating and verifying your Mercury account
• Setting up Treasury to earn yield on cash
• Issuing debit cards to team members
• Making domestic and international payments
• Integrating with accounting software and tools
• Optimizing your Mercury setup for startup success

Time required: 1-2 hours (excluding incorporation, which takes 1-2 weeks)

Prerequisites

Before you can open a Mercury account, you need:

✅ US-incorporated business entity (Delaware C-Corp, LLC, etc.)
✅ EIN (Employer Identification Number) from the IRS
✅ Certificate of Incorporation (official state document)
✅ Operating Agreement (for LLCs) or Bylaws (for C-Corps)
✅ Government-issued ID for all beneficial owners (25%+ ownership)
✅ SSN or ITIN for all beneficial owners

Don't have a US entity yet? See Part 1 below for incorporation options.

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Part 1: Incorporating Your US Business (If Needed)

If you already have a US entity, skip to Part 2.

Option 1: Stripe Atlas ($500)

Best for: International founders, first-time entrepreneurs

What you get:

• Delaware C-Corp formation
• EIN from IRS
• 83(b) election filing
• Stock issuance to founders
• Banking setup assistance
• $5,000 in AWS credits
• $1,000 in Stripe processing credits

Process:

1. Apply at stripe.com/atlas
2. Complete questionnaire (30 minutes)
3. Pay $500 fee
4. Stripe files incorporation documents
5. Receive EIN and incorporation documents (7-10 days)
6. Mercury account opening streamlined (pre-integrated)

Timeline: 7-10 business days

Pro tip: Stripe Atlas includes Mercury account setup, making the process seamless.

Option 2: Clerky ($799+)

Best for: Startups raising venture capital, need investor-ready documents

What you get:

• Delaware C-Corp or LLC formation
• Founder stock purchase agreements
• Board consents and resolutions
• 83(b) election filing
• Ongoing compliance tools

Process:

1. Sign up at clerky.com
2. Complete incorporation questionnaire
3. Review and sign documents electronically
4. Clerky files with Delaware
5. Receive incorporation documents (7-14 days)

Timeline: 7-14 business days

Pro tip: Clerky is more comprehensive than Stripe Atlas but requires more manual work.

Option 3: DIY Incorporation ($200-$500)

Best for: Experienced entrepreneurs, cost-conscious founders

Steps:

1. Choose entity type: C-Corp (for VC funding) or LLC (for flexibility)
2. Choose state: Delaware (most common), Wyoming (privacy), your home state
3. File formation documents: Online via state website or registered agent
4. Apply for EIN: Free at irs.gov/ein
5. Draft operating documents: Bylaws, operating agreement, stock certificates

Timeline: 2-4 weeks

Cost: $200-$500 (state fees + registered agent)

Pro tip: Only recommended if you've done this before. Mistakes can be costly.

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Part 2: Creating Your Mercury Account

Step 1: Start Application (10 minutes)

1. Visit Mercury website: mercury.com
2. Click "Get Started"
3. Enter business email: Use your company domain (not Gmail)
4. Create password: Strong password (12+ characters)
5. Verify email: Check inbox, click verification link

Step 2: Enter Business Information (15 minutes)

Company Details:

• Legal business name: Exactly as on Certificate of Incorporation
• DBA (if applicable): "Doing Business As" name
• Entity type: C-Corp, LLC, Partnership, Sole Proprietorship
• State of incorporation: Delaware, California, etc.
• Date of incorporation: From Certificate of Incorporation
• EIN: 9-digit Employer Identification Number
• Business address: Physical address (can be registered agent)
• Business phone: Company phone number
• Website: Live website (or LinkedIn if pre-launch)

Business Activity:

• Industry: Select from dropdown (Software, E-commerce, Consulting, etc.)
• Description: Detailed explanation of what your business does
  • ❌ Bad: "Technology company"
  • ✅ Good: "B2B SaaS platform providing project management tools for marketing agencies"
• Expected monthly revenue: Realistic estimate
• Expected monthly expenses: Realistic estimate
• Funding status: Bootstrapped, Pre-seed, Seed, Series A, etc.

Pro tip: Be specific in your business description. Vague descriptions trigger manual review and delays.

Step 3: Upload Documents (10 minutes)

Required documents:

1. Certificate of Incorporation:

   • Official state document (Delaware, California, etc.)
   • Shows company name, incorporation date, state
   • Must be certified copy or original

2. EIN Letter (IRS Form CP 575):

   • Official IRS confirmation of your EIN
   • If you don't have it, download from IRS website or use incorporation documents showing EIN

3. Operating Agreement (LLCs) or Bylaws (C-Corps):

   • Shows ownership structure
   • Signed by all members/directors

Upload tips:

• ✅ PDF format preferred
• ✅ High-resolution scans
• ✅ All pages included
• ✅ Text clearly readable
• ❌ Don't use photos (scan if possible)
• ❌ Don't crop or edit documents

Step 4: Beneficial Owner Information (10 minutes per owner)

Who is a beneficial owner?

• Anyone with 25%+ ownership
• All directors and officers
• Anyone with significant control

For each beneficial owner, provide:

1. Personal Information:

   • Full legal name (as on government ID)
   • Date of birth
   • SSN or ITIN
   • Residential address
   • Ownership percentage
   • Title (CEO, CTO, Director, etc.)

2. Government ID:

   • Passport (preferred) or driver's license
   • Must be current (not expired)
   • Upload photo of ID (front and back for driver's license)

3. Proof of Address (sometimes required):

   • Utility bill, bank statement, government letter
   • Dated within 3 months

Pro tip: Have all founders/owners prepare documents in advance to avoid delays.

Step 5: Submit Application

1. Review all information: Double-check for accuracy
2. Accept terms and conditions: Read Mercury's T&Cs
3. Submit application: Click "Submit for Review"
4. Confirmation email: Receive acknowledgment within minutes

What happens next:

• Mercury compliance team reviews application
• Automated verification (database checks)
• Manual review (if needed)
• Approval notification via email

Timeline:

• Most startups: 24-48 hours
• Complex structures: 3-5 business days
• High-risk industries: May be declined

Step 6: Account Activation (Immediate)

Once approved:

1. Receive approval email: "Your Mercury account is ready!"
2. Log in to Mercury dashboard
3. Set up 2FA: Two-factor authentication (required)
4. Link external bank (optional): For initial funding
5. Order debit card (optional): Physical card for spending

Congratulations! Your Mercury account is now active.

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Part 3: Funding Your Account

Method 1: ACH Transfer from External Bank (Free, 2-3 days)

1. Navigate to "Move Money" in Mercury dashboard

2. Click "Add Funds"

3. Choose "Link External Bank"

4. Enter bank details:

   • Bank name
   • Routing number
   • Account number
   • Account type (Checking/Savings)

5. Verify bank (micro-deposits):

   • Mercury sends 2 small deposits ($0.01-$0.99)
   • Check your external bank (1-2 days)
   • Enter deposit amounts in Mercury
   • Bank verified

6. Initiate ACH transfer:

   • Enter amount
   • Confirm transfer
   • Funds arrive in 2-3 business days

Pro tip: Link your personal bank for initial funding, then use Mercury as your primary account.

Method 2: Wire Transfer (Same day, may have fees)

1. Navigate to "Move Money"

2. Click "Receive Wire"

3. Copy Mercury wire details:

   • Bank name: Choice Financial Group or Evolve Bank & Trust
   • Routing number: (provided in dashboard)
   • Account number: (your Mercury account)
   • Account name: (your business name)

4. Initiate wire from your bank

5. Funds arrive same day (if sent before 2pm ET)

Fees: Your bank may charge $25-$50 for outgoing wire. Mercury receives wires for free.

Method 3: Check Deposit (Mobile, 1-2 days)

1. Download Mercury mobile app
2. Navigate to "Deposit Check"
3. Take photo of check (front and back)
4. Enter amount
5. Submit
6. Funds available in 1-2 business days

Limits: $10,000 per check, $25,000 per month (for new accounts)

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Part 4: Setting Up Mercury Treasury

Mercury Treasury allows you to earn yield on idle cash:

Step 1: Enable Treasury (5 minutes)

1. Navigate to "Treasury" in dashboard
2. Click "Get Started"
3. Read disclosure: Understand risks (not FDIC-insured for some options)
4. Accept terms
5. Treasury activated

Step 2: Configure Auto-Invest (5 minutes)

1. Set operating balance: Amount to keep in checking (e.g., $100,000)

2. Choose investment option:

   • US Treasury Bills: 4.5%+ APY, government-backed
   • Money Market Funds: 4.0%+ APY, diversified
   • FDIC-Insured Savings: 3.5%+ APY, FDIC-insured up to $5M

3. Enable auto-invest: Automatically invest excess cash

4. Save settings

How it works:

• Mercury monitors your balance daily
• If balance > operating balance, excess is invested
• If balance < operating balance, funds are withdrawn from Treasury
• Withdrawals take 1-2 business days

Example:

• Operating balance: $100,000
• Total balance: $500,000
• Auto-invest: $400,000 into Treasury
• Annual yield (at 4.5%): $18,000

Pro tip: Set operating balance to 2-3 months of expenses. Invest the rest.

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Part 5: Issuing Debit Cards

Step 1: Order Physical Card for Yourself (5 minutes)

1. Navigate to "Cards"

2. Click "Order Physical Card"

3. Confirm details:

   • Cardholder name
   • Shipping address
   • Spending limit (optional)

4. Submit order

5. Card arrives in 7-10 business days

Virtual card available immediately: Use for online purchases while waiting for physical card.

Step 2: Create Virtual Cards for Subscriptions (5 minutes each)

1. Navigate to "Cards"

2. Click "Create Virtual Card"

3. Configure:

   • Card name: "AWS", "Google Workspace", "Stripe", etc.
   • Spending limit: Match subscription cost (e.g., $500/month)
   • Cardholder: Yourself or team member

4. Card details appear instantly:

   • Card number
   • Expiry date
   • CVV

5. Use for subscription: Enter card details on service website

Pro tip: Create separate virtual cards for each subscription. If compromised, delete without affecting others.

Step 3: Add Team Members and Issue Cards (10 minutes per member)

1. Navigate to "Team"

2. Click "Invite Member"

3. Enter email address

4. Assign role:

   • Admin: Full access (dangerous, use sparingly)
   • Member: Can view transactions, request payments
   • Bookkeeper: Read-only (for accountants)

5. Issue card (optional):

   • Physical or virtual
   • Set spending limit
   • Restrict merchant categories (coming soon)

6. Send invitation

7. Team member creates account, receives card

Use case: Give your CTO a card for cloud infrastructure, CFO for business expenses, etc.

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Part 6: Making Payments

Domestic ACH Transfer (Free)

1. Navigate to "Payments"

2. Click "Send Money"

3. Choose "ACH Transfer"

4. Enter recipient details:

   • Name
   • Routing number
   • Account number
   • Amount

5. Add memo (optional): Invoice number, description

6. Schedule: Send now or schedule for future date

7. Confirm

8. Payment processed in 1-2 business days

Fees: $0 (Mercury doesn't charge for ACH)

Domestic Wire Transfer (Free)

1. Navigate to "Payments"

2. Choose "Wire Transfer"

3. Enter recipient details:

   • Name
   • Bank name
   • Routing number
   • Account number
   • Amount

4. Confirm

5. Payment processed same day (if submitted before 2pm ET)

Fees: $0 (Mercury doesn't charge for domestic wires!)

Pro tip: Use wires for urgent payments, ACH for everything else.

International Wire Transfer ($25)

1. Navigate to "Payments"

2. Choose "International Wire"

3. Enter recipient details:

   • Name
   • Bank name
   • SWIFT/BIC code
   • IBAN or account number
   • Address
   • Amount

4. Confirm

5. Payment processed in 1-3 business days

Fees: $25 per international wire

Pro tip: For frequent international payments, consider Wise or Airwallex (lower fees).

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Part 7: Integrations

Connect to QuickBooks Online (10 minutes)

1. Navigate to "Integrations"

2. Click "QuickBooks Online"

3. Click "Connect"

4. Log in to QuickBooks (OAuth)

5. Authorize Mercury

6. Configure sync:

   • Sync frequency: Daily
   • Account mapping: Mercury checking → QuickBooks bank account

7. Save

8. Initial sync (10-15 minutes for historical data)

What syncs:

• All transactions
• Card spending
• Wire transfers
• ACH payments

Benefit: Automatic reconciliation, real-time financial visibility.

Connect to Gusto (Payroll) (10 minutes)

1. Navigate to "Integrations"
2. Click "Gusto"
3. Connect and authorize
4. Enable automatic payroll funding:
   • Gusto debits Mercury for payroll
   • No manual transfers needed

Benefit: Automated payroll, one less thing to manage.

Connect to Stripe (5 minutes)

1. Navigate to "Integrations"
2. Click "Stripe"
3. Connect
4. View Stripe balance in Mercury dashboard

Benefit: Unified view of cash (Mercury + Stripe).

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Part 8: Best Practices for Startups

Cash Management

1. Set up Treasury: Earn 4.5%+ on idle cash
2. Maintain 12-18 months runway: In checking + Treasury
3. Separate operating and investment cash: Use Treasury for excess
4. Monitor burn rate: Mercury dashboard shows monthly spend

Security

1. Enable 2FA: For all team members
2. Use virtual cards: For subscriptions (better security)
3. Set spending limits: On all cards
4. Review transactions weekly: Catch unauthorized activity
5. Restrict admin access: Only CEO/CFO should have admin

Accounting

1. Connect QuickBooks/Xero: Automate reconciliation
2. Categorize transactions: In Mercury or accounting software
3. Monthly reconciliation: Ensure accuracy
4. Tax document access: Mercury provides 1099s, tax statements

Fundraising

1. Use Mercury Raise: Get warm intros to VCs
2. Maintain clean books: Investors will review
3. Show healthy cash management: Treasury usage demonstrates financial discipline

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Troubleshooting Common Issues

Issue 1: Application Rejected

Reasons:

• Incomplete documentation
• High-risk industry (crypto, cannabis)
• Suspicious activity patterns
• Non-US entity

Solutions:

1. Contact Mercury support: support@mercury.com
2. Provide additional documentation
3. Explain business model clearly
4. Consider alternative providers (Brex, Ramp)

Issue 2: ACH Transfer Failed

Reasons:

• Insufficient funds
• Incorrect routing/account number
• Account closed
• Fraud hold

Solutions:

1. Verify recipient details
2. Check balance
3. Contact Mercury support
4. Try wire transfer instead

Issue 3: Card Declined

Reasons:

• Insufficient funds
• Spending limit reached
• Merchant category restricted
• Card frozen

Solutions:

1. Check balance
2. Increase spending limit
3. Unfreeze card (if accidentally frozen)
4. Contact support if persistent

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Frequently Asked Questions

Is Mercury a real bank?
No, Mercury is a fintech company partnering with FDIC-insured banks (Choice Financial Group, Evolve Bank & Trust). Your deposits are FDIC-insured up to $5M.

Can non-US companies use Mercury?
No, you must have a US-incorporated entity. However, international founders can incorporate via Stripe Atlas and then open Mercury.

Are there monthly fees?
No, Mercury is completely free. No monthly fees, no wire fees (domestic), no ACH fees.

How long does account opening take?
24-48 hours for most startups. Some complex cases take 3-5 days.

Can I get a business loan?
No, Mercury does not offer loans or lines of credit. It's purely a banking platform.

What if Mercury shuts down?
Your deposits are held by FDIC-insured partner banks, not Mercury. You'd still have access to your funds.

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Next Steps

Week 1:

• Fund account with initial deposit
• Set up Treasury (if you have >$100K)
• Order physical card
• Create virtual cards for key subscriptions

Week 2:

• Connect QuickBooks/Xero
• Add team members
• Make first payments (test ACH, wire)
• Review transaction categorization

Month 1:

• Optimize Treasury settings (adjust operating balance)
• Review spending patterns
• Set up recurring payments (rent, payroll, etc.)
• Explore Mercury Raise (if fundraising)

Ongoing:

• Weekly transaction review
• Monthly reconciliation
• Quarterly Treasury optimization
• Annual compliance (update documents)

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Conclusion

Mercury is the best banking platform for US startups. It's free, fast, and purpose-built for tech companies. By following this guide, you'll have a fully operational Mercury account within a week.

Start with the basics (account opening, funding, cards), then gradually adopt advanced features (Treasury, integrations, team management) as your startup grows.

Ready to get started? Sign up for Mercury and join 100,000+ startups banking smarter.

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Disclosure: This guide is for informational purposes only. We may earn a commission if you sign up through our links, but this does not influence our editorial content.