You can now access a Mercury IO corporate card* without opening a Mercury account. This early access version of IO is designed for businesses that want a streamlined system for managing team spend, without opening a deposit account** through Mercury.
What you get with the IO-only account
- Unlimited 1.5% cashback* on every purchase paid to your connected account
- Virtual cards and metal physical cards
- Spend controls to manage employee spending limits and permissions
- Accounting automation system for categorizing transactions
- Automatic receipt matching and collection
- Customizable reports and analytics on spending patterns
- Business credit building with no personal guarantee
- Fast and simple onboarding
Who can apply
Determining IO account limits
We use the same underwriting framework as our standard IO program, tailored for IO-only customers.
To evaluate your business, we look at:
- Your application and financial statements
- At least 90 days of balance and transaction data from your connected account(s)
Your credit limit adjusts based on your linked balances and other financial indicators. It may adjust over time based on your spending and financial performance.
Linking external accounts
You’ll need to connect at least one external bank account to:
- Share transaction and balance data for underwriting
- Set up autopay for IO repayment
- Receive cashback
Linked business account reconnection
If your linked business accounts lose their connection to Mercury, we’ll send you an email and give you 7 days to reconnect your account before changing your credit limit.
How repayment works
- IO balances are automatically repaid from your connected account monthly
- You can view and edit your autopay schedule from your homepage
- Repayments may take up to 3 business days to post
- You must maintain one primary connected account at all times
- To switch accounts, connect a new one first
After approval
Once your application is approved, you’ll get a confirmation email. You can also check your status anytime by logging in to your dashboard.
Once approved, you’ll be able to:
- Activate and ship your IO card
- Add team members and set spend limits
- View transactions, manage cards, and update accounts from your dashboard
Managing team and permissions
From the Team page, you can add users to your IO-only account. This lets you issue them IO cards and control what they can do in the dashboard based on their role:
Admins have full access to the dashboard. They can issue and manage cards, view and categorize transactions, and manage team members and permissions.
Employees can be issued IO cards and view their own activity. They can’t access company financials, manage team members, or change account settings.
FAQs
What will my limit be?
Your IO credit limit is based on balances held in your linked accounts as well as information provided during the application progress. It may adjust over time based on your spending and financial performance.
We’ll provide updates to your limits via email or log into your dashboard anytime to review limit details.
Does IO build business credit?
Yes. Mercury reports IO payment activity to Experian, Equifax and Dun & Bradstreet. You can read more about credit reporting here.
How long does underwriting take after submitting financials?
You should hear back from our team within 2 business days. A member of our team will be in touch via email.
Are there any fees, spend requirements, or hidden conditions with the new product?
We don’t charge annual fees on IO cards, and because you’ll pay off your IO card automatically each month, you won’t incur any interest. However, we do charge an international transaction fee of up to 3% on non-USD IO card transactions. Note that this fee won't be returned, even if your original transaction is refunded.
Can I remove my primary bank account connection?
No. You must keep one primary account connected at all times. To switch, connect a new one first.
Do I need a Mercury account to get cashback?
No. Cashback is sent to your connected external account. You can view a history of this cashback from your homepage as “Cashback deposit”.
Is this available to everyone?
IO-only accounts are currently in a closed beta. If you're interested in joining, reach out to sales@mercury.com to learn more.
Can I connect my account manually?
No. Connecting an external account can only be done via Plaid. If your bank is not selectable from the dropdown, we're currently unable to support a connection (including a manual connection via micro-deposit).
More resources
- Adding a card to your mobile wallet
- Changing card limits
- Linking external bank accounts
- Getting started with expense management
- Managing-card-spend-policies
- Set up your accounting integration
- Categorizing your transactions with GL codes
*The IO Card is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard International Incorporated. To receive cash back, your IO charge card account must be open and in good standing, meaning they cannot be suspended, restricted, past due, or otherwise in default.
**Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.