Strategic migration tips for accountants
Changing banks doesn’t have to be complicated or disruptive, and can actually be used as a transition moment to:
- Centralize vendor management and gain efficiency
- Introduce segregation of duties via permissions
- Automate and modernize workflows
- Consolidate and clean up accounts
In talking with your clients about a potential bank switch, highlight Mercury’s functionality and smooth automations as a win for back-office efficiency and the fact that you can do more for them in less time with a powerful, all-in-one bank account.
Before closing your old bank
As you move funds to Mercury and close out old bank accounts, be sure to check all your autopay and recurring transactions, and then update your information across your stack and contacts, including:
- Vendors (e.g., Gusto, Stripe, Google, AWS)
- Payroll providers
- Bill pay tools
- Internal transfers (e.g., operating → tax account)
- Incoming payments and deposits
After you’ve downloaded the last 12 months of transactions (using a CSV or PDF for clean vendor and date tracking), document all your login credentials and payment settings, noting where payment information is stored (like accounting software, portals, spreadsheets, etc.)
Getting set up in Mercury
The first thing you’ll want to do is update your bank information wherever necessary. That includes, but may not be limited to:
- Government and tax agencies, e.g. IRS, for income and sales tax
- Payroll provider(s), benefit platforms, contractors’ payments, etc
- Recurring business expenses like SaaS subscriptions, cloud platforms, web services, and other digital services
- Financial commitments like loans or leases, insurance providers, as well as investors or capital partners
- Bank-connected apps: accounting software, expense tools, AP/AR platforms like Stripe, Shopify, Paypal etc
- Payment details on invoices
- Internal documentation, employee handbooks or onboarding documents, SOPs or internal wikis, alerts and approvals settings for finance teams
Paying bills and sending payments
Once you’ve added and verified your vendors in Mercury, you can use Bill Pay and Scheduled Payments to automate the movements of your funds. Here are a few tips to get started:
- Run a critical payment test by testing a $1 or micro-payment to avoid disruption
- Use Mercury’s customizable permissions and approval workflows to set up internal alerts and controls for your accounts
- For compliance, reconciliation, or audit trail purposes, be sure to archive old bank details in your records
Receiving payments and deposits from sales
Switching banks isn't just about what goes out—don't forget to update where the money comes in. After setting up outgoing payments, turn to inbound cash flow. Make sure all incoming funds are routing to your Mercury account:
- Client ACH or wire transfers
- Payment processors (e.g., Stripe, Square, PayPal, Shopify)
- Payouts from marketplaces or platforms
- Investor contributions or capital calls
- Any other direct deposits or incoming transfers
It’s a good idea to send a quick update to customers or partners with your new payment instructions to avoid any disruption in cash flow.
FAQ: Paying bills and receiving payments?
Does Mercury support recurring payments?
Yes, under the Payments section and the Scheduled Payments tab, you can create repeating transactions to vendors or other accounts as well as monitor and review payments. Visit our Help Center for more help and information.
Will Mercury notify me if a recurring payment fails?
Yes, you’ll receive real-time alerts via email or within your dashboard. Manage notifications from Mercury and check out the reasons for payment failure here in the Help Center.
Can I use Bill Pay for one-time AND recurring bills?
Absolutely. Bill Pay supports both. Set recurring bills on autopilot and use approvals for oversight.
Is there a checklist or tool to migrate my clients?
You're looking at it! Feel free to share this article with your client during their onboarding.
Can I create and send invoices directly from Mercury?
Yes. Mercury Invoicing allows you to generate and send professional invoices directly from your dashboard. You can customize them with your company logo and preferred color scheme, and track their status in real time. Help Center articles on invoicing
What payment methods can my customers use to pay invoices?
Customers can pay via ACH transfer, wire, credit card, Apple Pay, Google Pay (through Stripe integration), or ACH debit (available to subscribers). If your customer is also a Mercury user, they can pay directly from their account.
Does Mercury support recurring invoices and payment reminders?
Yes. You can set up recurring invoices at your chosen frequency and send payment reminders with a single click.
Can I track and manage unpaid invoices within Mercury?
Absolutely. The Invoicing dashboard provides a snapshot of all open, overdue, and paid invoices, allowing you to filter and take action as needed.
How does Mercury handle invoice payments made outside the platform?
If you receive a payment outside of Mercury (e.g., cash or check), you can manually mark the invoice as paid, adding the payment date and method for accurate record-keeping.
How does Mercury Invoicing integrate with accounting software?
Once an invoice is paid, the payment records will automatically sync via a bank feed.
