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Can anyone explain how the payment of mercs is handled and deducted from my bank account?

If the Merc costs 1000, does that mean I only pay once to hire, like a flat rate? Or, do I have to pay that fee every time I complete a mission? Or, do I pay that fee every time I go through a warp gate? Or, do I pay that fee every real 10 minutes? It's not clearly expressed so I'd like to be sure before I hire one. Thank you!
merc payments are ongoing, so you pay them as they travel with you. you can keep them docked at the station if you dont want to lose them on a mission. every 5 minutes or so they will give you a notice that they have been paid.

you can fire a merc anytime... with no penalty.

if you keep their morale high, by doing the things they like (combat mercs like combat, mining mercs like mining), their loyalty will rise. once you get their loyalty high, they will befriend you and no longer require payments.

if you get them killed though, ur faction standing will take a hit, and u will have to pay for the funeral.
Excellent, thank you for that information. Perhaps the way paying the Mercs happens and any negative effects if they die can be included in a future tutorial.
yes, i have a list of 12 new tutorials coming (some with missions attached)