For example, if you utilize the envelope budgeting system, you may have the following checking accounts:Īt the end of the month, you’ll likely need to move money from your income account to the other checking accounts in order to pay the bills. In particular, percentage-based transfers allow you to send a certain percentage of money from one account into another. With Relay, you can set up one-time or recurring dollar or percentage transfers to one or more accounts at the same time - ultimately saving you time and clicks. With multiple checking accounts, you can set up cash reserves for expenses - like operations and marketing - or set aside money for critical needs like taxes and payroll. Relay has the edge when it comes to the amount of checking accounts - 20 vs Mercury’s 15 - and offers more Mastercard® debit cards, which makes it easier to organize your income. Relay’s powerful money management features help businesses stay on top of their cash flow. *For the purposes of this chart, we define small, medium businesses (SMBs) as businesses with anywhere from 1 to 100 employees and startups as recently established businesses. One-to-one account transfers and automated minimum- and zero-balance rulesġ saving account per business with 0.001% interest Recurring, one-to-many dollar- and percentage-based transfers Here are the main differences and similarities between Relay and Mercury:Ĭurrency exchange for international wires The main difference between Relay and Mercury is that Relay serves main street employer businesses - small, mid-sized, bootstrapped, venture-backed, or anything in between - that want to get crystal clear on their cash flow, whereas Mercury mostly aims to serve high-growth, funded startups.
#Mercury bank series
In addition to a suite of basic banking features, they also give founders access to a venture debt product that facilitates fundraising for seed, series A and DTC rounds through their investor network.Īs a banking platform for startups, Mercury also offers resources such as a curated investor list, a networking program that connects founders with investors and tech perks like Amazon Web Service, Hubspot and QuickBooks Online discounts. Mercury is an online banking solution for “hockey sticks” or high-growth, digital-first technology startups. Cards - with daily spending limits - can be assigned to specific team members, departments or spending categories such as marketing or travel.Īnd last, but not least, you get responsive, personalized support from a real human via phone or email anytime you need it. Plus, business owners can issue up to 50 physical or virtual debit cards to keep spending organized. Money can be automatically transferred into each account using dollar amounts or percentages. You can also take the guesswork out of expense tracking and bookkeeping with reliable, ultra-detailed transaction data.īusiness owners can create up to 20 checking accounts to organize and allocate income for things like day-to-day expenses, payroll, taxes and savings. With Relay, you don't have to worry about tying up cash flow in account fees or minimum balances. Relay helps small business owners solve some of the most painful parts of business banking: high account fees, messy banking data, a lack of visibility into cash flow and unhelpful customer service.
We at Relay know that small businesses continue to be underserved by the banking industry - that’s why we’ve built banking that truly helps small businesses get unparalleled clarity into their income and expenses so they can take complete control of cash flow.
Relay is an online banking and money management platform for America’s main street businesses that want to grow and gain visibility into their finances. 🥁 Verdict: Which neobank is best for you?įirst things first, let’s start with a quick overview of each banking platform. 🤝 Collaborative banking with accountants and bookkeepers To help you pick the best banking option for your business, here are some reasons why you should choose Relay over Mercury. Among many small business owners, Relay and Mercury have both become popular choices in recent years. There are so many choices when it comes to choosing a small business bank.
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