Mercury vs Wave
Detailed comparison to help you choose the right tool for your needs
W
Wave
Free accounting and invoicing for small businesses
4.4
Editorial RatingQuick Comparison
Rating
4.5
vs4.4
Starting Price
Free
vsFree
Pricing Model
free
vsfree
Feature
Mercury
Wave
Business Checking
Savings Accounts
Corporate Cards
Treasury Management
Team Permissions
API Access
Invoicing
Accounting
Receipt Scanning
Financial Reporting
Payment Processing
Payroll
Mercury Pros
- Beautiful and intuitive banking interface
- No fees on the free tier for most operations
- Strong API for programmatic banking
- FDIC insured up to $5M through sweep networks
- Fast domestic and international transfers
- Great startup ecosystem integrations
Mercury Cons
- Not a chartered bank - uses partner banks
- No physical branch locations
- Cash deposits are not straightforward
- International features are limited
- Customer support can be slow during high volume
- Some account restrictions for certain industries
Wave Pros
- Core accounting and invoicing are completely free
- No client or invoice limits
- Clean and simple interface
- Good for freelancers and solopreneurs
- Receipt scanning via mobile app
- No credit card required to start
Wave Cons
- Limited integrations compared to competitors
- No inventory management
- Payroll is a paid add-on
- Payment processing fees are standard not discounted
- No project tracking or time tracking
- Reporting is fairly basic