The modern business bank built for teams of all sizes. What if you could actually enjoy your bank? With Mercury, you will.
I have tried literally every single business bank out there over the years. Not the boring big banks with an awful banking experience (I've tried those too), I mean the modern business banks when the advent of Neo banks started to exist (think tech layer atop a traditional bank).
I first started my journey with Seed.co bank in 2016—and it was amazing. No fees, modern banking experience, integrations. It was the closest thing to Simple Bank but for business (for anyone that remembers Simple). I'll cut to the chase though, 2 years later I was greeted with this email (and no—you don't lose your money when this happens) 😅
So then the search began again, unable to settle on a traditional business bank after what I experienced with Seed. A few days after Seed announced they were closing, I came across Azlo. The promise was everything that Seed was, and more. And to that they delivered. I loved them. Over the years even built a close relationship with their product and API team—and yes, modern banks especially have proper product teams—blew my mind 🤯
Got just over a couple years out of them before they were acquired by one of their largest investors (the traditional bank they were built atop—BBVA Compass). Not a huge deal right? Wrong. They trashed all of their tech (genuinely no idea why), before ultimately selling them off a second time to PNC. I somehow just went from having a modern business bank back to having an awful, tech-challenged business bank again.
While it was a lot to go through, these 2 faithful banks got me from 2016–2021, and all I knew for certain is that banks could do better. So alas my search began again. 👋 Hello Bank Novo. They were pretty good, I used them for 6 some odd months, but was constantly frustrated with their non-standard QuickBooks Online integration, which was different from what Azlo had to offer (it didn't use the QBO bank feed, just synced over directly to chart of accounts, so all the smart auto-matching features of QBO no longer worked).
I was fed up, I missed Azlo. And then I ended my journey with Bank Novo in the tail end of 2021 after finding Mercury. They were barebones: no mobile app, basic web app, and QBO integration coming soon 👀 (I was skeptical, but gave them a shot nonetheless). Lo and behold, they managed to do everything, well, better...
Their QBO integration is top-notch, their UI/UX is the best of any bank I've used, and their feature-set is incredible. Baked in treasury accounts where you can get high-interest on the funds sitting in your account, quick spinning up of additional checking accounts, virtual and physical credit cards (still way prefer Divvy for this), streamlined bill pay. It just does everything. Incredibly well.
They are lightyears ahead of what Seed and Azlo ever were, and a completely different category than Brex (please... Don't use Brex as your business bank—they aren't in any way a proper bank...)
That said, if you're on the edge, look no further. This is the best business bank available regardless of if you're a small business or large enterprise. Don't believe me? Go check it out for yourself with their interactive demo page (I mean... how cool is that?! And why don't more companies do this??)
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There is currently no promo code for this app but we are close partners, so if you use the link above to visit the site and then let their team know that Efficient App sent you, you may just get a little something... extra 😉
There is currently no promo code for this app—we'll update it here if that changes in the future!
Get $250 when you use the link above and deposit $10,000 into your Mercury account in the first 60 days
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Accounting software for small and medium teams typically based in the US
We find that teams based in the US tend to use QuickBooks Online, and businesses outside of the US tend to lean more toward Xero.
This is important because it means that the features QBO is building is more focused on things like US Sales Tax laws, while Xero may have more accounting features helpful outside of the US especially.
Also, accountants inside of the US are often more proficient with QBO as compared to Xero (although they should be familiar with both).
P.S. We highly recommend QBO over QuickBooks Desktop because of their robust API—you're not going to be integrating QuickBooks Desktop easily with anything.
Rating: D-
Some people have mentioned that QuickBooks Online allows for some expense management features like virtual credit cards, that said, a tool like Bill Spend & Expense (formerly Divvy) does so much more for expense management than simply allowing for a one-off virtual card though. Unlike QBO, a proper expense management tool allows you to go deeper, as it ties in individual and team budgets (across the entire company), all to ensure your company only allocates what they have budgeted for.
QBO also does not have proper receipt matching that automatically ties the receipt from your email to the individual transaction.
QBO does not have credit card rewards with their virtual credit card solution either.
Rating: C
This is one of those areas that it makes sense that they cover, but you can tell it was an add-on versus being their core service. Payroll is boring, and hey, QBO does the job, it's just not a straightforward user-experience, and let's just say we used it for 4 years before switching to Gusto, and there's not a single bone in my body that misses QBO for payroll. It was also incredibly painful closing it down with them, reporting to all the Department of Labor agencies, and everything. Save yourself the time and skip out on QBO for Payroll.
Rating: D
If you compare QuickBooks Online to any of the best time tracking software on the market, you'll see just how wildly barebones, slow, and underwhelming it is. Even just the process of logging into QBO feels like you're pushing a boulder uphill, now you need to do it any time you track software? No thanks, I'll pass.
They designed it more to be for people who just need to submit their time one-per-day or once-per-week, they are building to check a box, not to be leading the time tracking space.
There is currently no promo code for this app but we are close partners, so if you use the link above to visit the site and then let their team know that Efficient App sent you, you may just get a little something... extra 😉
There is currently no promo code for this app—we'll update it here if that changes in the future!
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