If you applied for an account from mercury bank and got a rejection email, this article will outline the next steps necessary to obtain your US business bank account. We will answer all your common questions and ensure you leave with a suitable solution.
Mercury Bank is a great business bank; they support bank accounts for businesses incorporated in the US. With our most recent check in 2023, Mercury Bank is among a list of foreigner-friendly banks that accept applications without requiring a social security number (SSN) or Individual Taxpayer Identification Number (ITIN) from US non-residents.
So if you think your application was legitimate and Mercury Bank rejected it, let's consider some common reasons.
Why Did Mercury Bank reject My Application?
Mercury Bank rejects applications if they are not sufficiently convinced that your company will do what you claim it does. Failing to do so will lead to your application being rejected. As a business owner, you must provide Mercury Bank with overwhelming evidence that you operate a credible business.
Mercury Bank is a member of a new class of financial institutions called neobanks. Neobanks are not banks in the traditional sense; they are innovative fintech companies that partner with banks to offer new products, including traditional banking services, to a broader range of customers.
Despite not being a bank, Mercury still must ensure its customers comply with international Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws. To do this, Mercury Bank must put each customer through an information-gathering process known as Know Your Customer (KYC). In the process of KYC, Mercury Bank tries to ascertain the credibility of your business by asking critical questions about your business and business processes.
This process can be daunting, especially if your business is very new with little public information.
Can I reapply to Mercury Bank?
Yes, your mercury bank application is attached to a specific email address. Once you are rejected from a specific email address, no more applications are allowed from that address. We are unaware of any appeal process to reuse a rejected email address. You can use an alternate email address to apply to Mercury Bank.
We recommend applying with an email from your business domain as an additional sign that you have a credible business. If one of those addresses gets rejected, create an alias address that redirects its emails to the original address if necessary. Consult your email provider on how to do this.
How can I ensure my Mercury Bank application is successful?
There is no guarantee of success when applying for a business bank account with Mercury Bank. Acceptance is based totally on the discretion of their approval team. However, there are several things you can do to increase your chances of acceptance:
1. Provide convincing proof of your business’ legitimacy.
2. Make sure your business has a strong brand identity.
Provide convincing proof of your business’ legitimacy.
Ensure you have copies of all your US business documents available upon request. If you have the same business registered in another country, supply them as supporting documents in your application.
Be very detailed when you are writing about the purpose of your business.
- Give details about your customer base.
- List all the services you provide.
- Mention the platform that you operate on
- Say what country will the majority of your customers come from. (hint: US is better)
- State your expected monthly income
- Talk about any significant partnerships or contractors with whom you have frequent financial transactions.
Ensure your business meets Mercury Bank’s minimum requirements.
- Do not apply if you are in or are related to any of the restricted categories Mercury Bank forbids.
- Place a lot of time and effort and be as detailed as possible.
- Reach out to Mercury Bank support and ask about anything you are uncertain about before you submit your application.
Make sure your business has a strong brand identity.
Branding is a crucial mark of legitimacy. If you can communicate without a shadow of a doubt that your entity has a strong brand identity, you have added a lot of value to your application. Here is a list of some examples of branding that we would suggest:
- A logo that represents your company name.
- A website that communicates your brand message along with useful content.
- Social Media accounts that are active and engaging.
- We recommend at least a LinkedIn Business page and your profile page.
- A professional email address that is associated with your business domain.
- A physical address that can be used to verify your business location.
- Platforms that your business operates on, such as Amazon, Etsy, and Shopify URLs
- A mission statement that communicates your company’s purpose.
These are just some ways to strengthen your brand identity and ensure your application is successful.
If you don't have these items yet, consider creating them now. Make sure your brand is consistent across all channels. Good luck!
What are the Mercury bank Alternatives?
Recently there has been rapid growth in the number of US neobank alternatives to Mercury Bank. Many of them use the same FDIC-insured traditional partner bank in the background to manage customers' funds; therefore, they share the same risk profile. Most will provide you with a debit card and access to multiple business checking accounts. Most of the alternate banks also offer international wire transfers.
The following list includes all the major competitors of Mercury Bank; all the listed banks also accept applications from non-us residents.