Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Why am I no longer qualified to be a Brex customer?

brex.com

Post reply on HN
Print view View original

61–70 of 350 posts

Re: Why am I no longer qualified to be a Brex customer?

#61

Post by brd529 »

MaxGabriel wrote: post #46
toomuchtodo wrote: post #33

Earlier quoted context omitted.

I assume they will support FedNow instant payments as they’re rolled out over the next 18-24 months. Those payments cost the financial services provider 5 cents per transaction up to between $100k and $500k (depending on configuration with the Fed). They settle immediately 24/7/365. Wires via FedWire will be reserved for amounts between $500k and $50M, which doesn’t sound like a $20 fee would be unreasonable for to a…

(I'm CTO of Mercury) To clarify, when rawtxapp said "Wire transfers cost 20$ each", they probably mean wiring _to_ Mercury from their bank costs $20. Mercury doesn't charge for sending wires. The reason they're mentioning the 3rd party bank fees is they'd prefer to use ACH pull to have Mercury take the money directly from their existing bank account (similar to how your gym or electric company might do). We do offer…

FWIW I always configure my bank to bank transfers with micro deposits - I am very uncomfortable giving plaid my credentials. It takes a couple days which is lame but feels much safer.

Re: Why am I no longer qualified to be a Brex customer?

#63

Post by perrohunter »

pedrofranceschi wrote: post #10

Brex founder here. We've made the difficult decision to no longer offer services to the small business market. Back in April we launched Empower, and we decided to put the full weight of Brex towards building the best global payments platform for tech startups and larger companies. With that, we realized we couldn't do a great job serving the small business community at the same time. This has been an incredibly diff…

how hard do you think it will be for all your customers to move out in 2 months?

Re: Why am I no longer qualified to be a Brex customer?

#64

Post by axg11 »

pedrofranceschi wrote: post #10

Brex founder here. We've made the difficult decision to no longer offer services to the small business market. Back in April we launched Empower, and we decided to put the full weight of Brex towards building the best global payments platform for tech startups and larger companies. With that, we realized we couldn't do a great job serving the small business community at the same time. This has been an incredibly diff…

Why do this rather than offer customers a chance to continue service at some higher cost?

Re: Why am I no longer qualified to be a Brex customer?

#65

Post by ss3000 »

pedrofranceschi wrote: post #10

Brex founder here. We've made the difficult decision to no longer offer services to the small business market. Back in April we launched Empower, and we decided to put the full weight of Brex towards building the best global payments platform for tech startups and larger companies. With that, we realized we couldn't do a great job serving the small business community at the same time. This has been an incredibly diff…

I have an LLC on Brex, but haven't gotten an email yet. I'm not sure if that means if I'm in the clear or if the email just hasn't rolled out yet.

Would be great if you could send an email to _all_ customers, including the ones who weren't affected as a reassurance, so we could either rest in peace or get the migration started ASAP.

Re: Why am I no longer qualified to be a Brex customer?

#66

Post by rawtxapp »

MaxGabriel wrote: post #46
toomuchtodo wrote: post #33

Earlier quoted context omitted.

I assume they will support FedNow instant payments as they’re rolled out over the next 18-24 months. Those payments cost the financial services provider 5 cents per transaction up to between $100k and $500k (depending on configuration with the Fed). They settle immediately 24/7/365. Wires via FedWire will be reserved for amounts between $500k and $50M, which doesn’t sound like a $20 fee would be unreasonable for to a…

(I'm CTO of Mercury) To clarify, when rawtxapp said "Wire transfers cost 20$ each", they probably mean wiring _to_ Mercury from their bank costs $20. Mercury doesn't charge for sending wires. The reason they're mentioning the 3rd party bank fees is they'd prefer to use ACH pull to have Mercury take the money directly from their existing bank account (similar to how your gym or electric company might do). We do offer…

> are you mostly asking for us to verify 3rd party bank accounts via microdeposit instead?

Yes, I'm fine waiting a couple days for the initial setup if it means I don't have to let Plaid see every single transaction coming in and out of my account (and see my password in plaintext and all that). If you'd support USDC deposits, that would be even better (instant settlement with no reversibility, so no risk to you), but I'm guessing that might be a stretch. Regardless, Mercury is a very nice service as is, thank you!

Re: Why am I no longer qualified to be a Brex customer?

#67

Post by mtlynch »

eins1234 wrote: post #30
immad wrote: post #14

CEO of Mercury here. If you are looking for an alternative, we are 100% committed to businesses of all sizes: A) the smallest businesses can be the next big startup B) We maintain strong unit economics at all sizes. We setup a landing page to get these customers onboarded quickly: https://mercury.com/partner/brex

While it's great to maintain good enough unit economics to not have to pull stunts like this one, it's not necessarily always a plus from a customer perspective. Comparing Mercury and Brex/Ramp specifically, Mercury is notably missing rewards on transactions, while Ramp has unlimited 1.5% cashback, and Brex has a bunch of multipliers ranging from 7x to 1x points. If I have access to all of the options above, it would…

I'd guess that a factor in Brex's shutdown was that these rewards are unsustainable. That seems like a good reason for Mercury not to adopt the same practices.

Re: Why am I no longer qualified to be a Brex customer?

#68

Post by bklyn11201 »

TylerE wrote: post #59
csomar wrote: post #38

So customers have less than 2 months to find new banking partners, migrate their data, inform their partners about banking changes, etc... This is one reason why I'm avoiding all fintech/startup/neo banks in the future. My most solid experience was with a top 5 US bank. They have a shitty customer service and a plethora of offers; but my direct deposits go faster, I don't get pestered over 5 figures amount going in/o…

Any typical user choosing a big corporate bank over a credit union for a personal account is insane.

1. Zelle: all of the big banks have it. Credit unions are slower to adopt. 2. Mobile apps: big bank mobile apps are pretty great these days. 3. Credit cards: Bank of America rebates 2.625% for top customers. 4. Bill pay: the big bank bill pay integrations with vendors and ebills is better

Re: Why am I no longer qualified to be a Brex customer?

#69

Post by rfrey »

eins1234 wrote: post #42
immad wrote: post #35

Earlier quoted context omitted.

This comment is so ironic. Love it.

Nice to see you taking feedback seriously.

Your feedback was literally, "I don't like you because you're not doing the thing that is doing." Ironic is exactly the word for your feedback.
Post reply on HN