The onboarding flow looks nice but unfortunately the document uploading doesn't work at all for me, for PDFs or JPEGs. I'm using the latest Firefox on the latest macOS.
Mercury – Banking built for startups
51–60 of 124 posts
Re: Mercury – Banking built for startups
#52Congrats on the launch. We're with SVB but tired of their crappy ancient tech stack and want a bank with a decent API. Mobile apps with check deposits and xero/intuit integration would be high priority features before a move.
Mobile Apps: iOS or Android or both? Any particular feature you are looking. Xero/Intuit: Which one do you use or do you need both?
iOS. Mobile app with ability to deposit checks and send payments/wires. We use Xero primarily.
Re: Mercury – Banking built for startups
#53Congrats on the launch. We're with SVB but tired of their crappy ancient tech stack and want a bank with a decent API. Mobile apps with check deposits and xero/intuit integration would be high priority features before a move.
I've never used startup banking before, curious what kinda thing people look to do with banking API.
We are a marketing software company with a previous ad network business. Lots of bills, invoices, credits generated by our system that use APIs to send payments and record statements in accounting software but bank reconciliation is completely manual. Automating even some of it would be helpful.
Re: Mercury – Banking built for startups
#54I am co-founder, CEO of Mercury. Excited to see this on HN. Happy to answer any questions. We set out wanting to: a) deliver an amazing online banking experience for startups b) help entrepreneurs understand their revenues/costs better and succeed c) deliver great financial services. We have a long way to go but are excited to unveil what we have achieved so far. Mercury will provide your startup a FDIC-insured check…
The UI is really sleek. It definitely doesn't feel like a banking/financial application, so well done.
What was the process like for opening up a banking institution and getting FDIC insurance? Can you elaborate on the timeframe, requirements, or other unique challenges you had to deal with?
Re: Mercury – Banking built for startups
#55I am co-founder, CEO of Mercury. Excited to see this on HN. Happy to answer any questions. We set out wanting to: a) deliver an amazing online banking experience for startups b) help entrepreneurs understand their revenues/costs better and succeed c) deliver great financial services. We have a long way to go but are excited to unveil what we have achieved so far. Mercury will provide your startup a FDIC-insured check…
The UI is really sleek. It definitely doesn't feel like a banking/financial application, so well done. What was the process like for opening up a banking institution and getting FDIC insurance? Can you elaborate on the timeframe, requirements, or other unique challenges you had to deal with?
The best way to do it as a startup is to be partnered with an existing bank. To get your own charter is a long and expensive process.
Partnering with a bank is relatively speaking not too bad. I spent 3 months talking to about 60 banks before picking our eventual partners.
There are quite a few now that have worked in the past with fin-tech companies and they are open to conversations. There are also fin-tech conferences like Money 20/20 that a lot of them go to.
Re: Mercury – Banking built for startups
#56Earlier quoted context omitted.
My usual question to companies that offer banking without fees: If you aren't making money from the fees, how are you making money?
Actually most banks make money on deposits and thats their primary source of revenue. We have a rev-share with the bank on deposits revenue. Most of the time there is no good reasons for there to be any fees in our opinion.
I had previously read somewhere that the actual cost to a bank for sending/receiving wires (even international) is less than $1. Why do banks still charge so much for this service?
Re: Mercury – Banking built for startups
#57What are the partner rewards mentioned for Tea Room?
Re: Mercury – Banking built for startups
#58Earlier quoted context omitted.
Mobile Apps: iOS or Android or both? Any particular feature you are looking. Xero/Intuit: Which one do you use or do you need both?
iOS. Mobile app with ability to deposit checks and send payments/wires. We use Xero primarily.
We will have web based mobile deposits. But yes, mobile app would be better and we are on it.
Xero support should be live with Plaid in 2-3 weeks.
Re: Mercury – Banking built for startups
#59Earlier quoted context omitted.
I've never used startup banking before, curious what kinda thing people look to do with banking API.
We are a marketing software company with a previous ad network business. Lots of bills, invoices, credits generated by our system that use APIs to send payments and record statements in accounting software but bank reconciliation is completely manual. Automating even some of it would be helpful.
Our previous business was an Ad Network. Which is partly what inspired Mercury
Re: Mercury – Banking built for startups
#60The onboarding flow looks nice but unfortunately the document uploading doesn't work at all for me, for PDFs or JPEGs. I'm using the latest Firefox on the latest macOS.
Hi,
Do you mind sending me your email, and the picture that failed. Sorry about that.