The New York Times says,
Judiciously trimmed to manageable movie length, this "Merchant" is, for the most part, faithful in letter and spirit to its source material.
Michael Radford's gloomy film is a long and slightly draining haul, but the intensity of Al Pacino's central performance justifies the effort required.
Roger Ebert has a positive review. The Guardian and Rolling Stone like it. Slant Magazine doesn't.