Inserting an image (QR Code in form of URL or image within cell) from table into Mail Merge

I've seen topics similar to this but I can't find an exact answer or an answer that has worked for me so far. Basically, I have a table that includes a distinct QR code in a column that I want to add into a mail merge. The QR code can be accessed as a URL or it's a picture in a cell itself (I have both columns because I don't know which one is more easily mail merged). I can't figure out how to set up the mail merge field to pull up the image, I either end up with just the URL text or !VALUE. Thanks!