Mercury
Mercury built its reputation among startups and now serves a wide range of small companies, including one person consultancies that have incorporated. There are no monthly fees or minimum balances, accounts come with unlimited free domestic wires and ACH, virtual and physical cards, and deposits are spread across partner banks so that insurance coverage runs well beyond the standard 250,000 dollars. The dashboard handles sub accounts, spending rules, invoicing, bill pay and read only access for an accountant.
The catch for freelancers is eligibility: Mercury works with registered entities such as LLCs and corporations, not with unincorporated sole proprietors, and businesses in some countries and industries are declined. There is also no cash handling. For an incorporated freelancer with international clients, though, the wire pricing and clean interface are hard to beat.
Pros
- Free domestic wires and ACH
- Insurance coverage beyond 250,000 dollars
- Virtual cards with spending rules
- Accountant access without shared passwords
- No monthly fee or minimum balance
Cons
- Sole proprietors not accepted
- No cash handling at all
- Restrictions by country and industry
- No credit products for small clients
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