This article will explain how you can replace the URL in the Mail Merge mail with a word.
A mail merge e-mail. See How to send Customer Invoices on your behalf using Mail Merge
Highlight the word(s) you wish to create a hyperlink for.
Go to the Insert tab, Click Quick Parts and click Fields…
Click Hyperlink and click OK.
You now will see Error! Hyperlink reference not valid.
Click between the word “HYPERLINK” and “\”, go to Insert Merge Field and select link.
It should look like this.
Press ALT+F9 again so you see the text Error! Hyperlink reference not valid.
Select the text and change this to a word of your choice.