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

brex.com

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

#151

Post by moneywoes »

sam0x17 wrote: post #48
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…

AKA they lose money on smaller customers to customer support requests and most likely wire transfer fees since they offer wire tranfers for free. They almost definitely lost money on my LLC I bet they only made $5 in interest after a year and probably spent $100s investigating my various customer support requests. Plus I made several thousand off of their rewards program. So yeah, bummer, but it makes sense. It's too…

This is it, a biz would never remove a customer otherwise

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

#152

Post by moneywoes »

axg11 wrote: post #130
duxup wrote: post #96

Earlier quoted context omitted.

Perhaps they know they can’t offer a cost that makes sense / is competitive for those customers and would rather devote resources to a product that is competitive?

Why does the cost have to be competitive? Price it at a level that covers all costs. If the price is uncompetitive, 99% of users will not take it, however, that 1% that _really_ need to continue using Brex (for whatever tail reason) can continue to until they're ready to migrate.

Would it be bad PR? Then it could also make enterprise customers worry about the same happening in the future.

Love these strategy discussions

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

#154

Post by moneywoes »

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

Why is the pricing so opaque? Lets say I have a small LLC with a couple of employees. Where do I see how much that costs?

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

#155

Post by moneywoes »

strongpigeon wrote: post #28
mtlynch wrote: post #13

If you're a small business / startup looking for an alternative for checking, I've had extremely positive experience as a customer of Mercury.[0] [0] https://mercury.com/

Same. I don’t make much money (started by making ~10$/mo. Now averaging 500$/mo). I only deposited $1k in my account and never had much more than that in it to give you an idea of the scale. My experience has been really good though and the whole process has been really painless. I recommend them too.

How much in fees do you have to pay? In a similar boat

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

#156

Post by reverseprefs »

Why Brex is no longer qualified to be our bank:

We’ve put $millions through Brex cash/cards and will almost certainly leave after reading this. This doesn’t affect us (I think?) but that they’d do something like this in this way is a breach of trust that signals bigger problems down the line. What is “Empower” and why would I believe they won’t sunset the current Brex offering to push some upmarket sales nonsense on us as it that new thing becomes the focus?

We had kind of outgrown Brex anyway, but this is sad to see. What really irks me here is that I know my first company, a bootstrapped e-commerce thing that was a healthy “small business” would have been axed by this, but the current one is big enough that they wouldn’t want to lose us. Just doesn’t sit right with me.

I appreciate how tough this decision probably was, but I hope they properly modeled who else they’d lose via loss of faith, like us.

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

#157

Post by aruanavekar »

I recall so many emails, calls, texts, LI messages in the past 2 years asking for signup. We were much smaller then, 2-3 FTs in US, and I kept telling them we are not your ideal customer/clientele, go mid size. The pitch was we were the exact clients(startups) needs they needed to solve credit issues and help grow!

Completely can align with the thought that is things do not work, exit the space or pivot, but keep moving on to better strategies and execution. Do the needed.

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

#158

Post by strongpigeon »

moneywoes wrote: post #155
strongpigeon wrote: post #28

Earlier quoted context omitted.

Same. I don’t make much money (started by making ~10$/mo. Now averaging 500$/mo). I only deposited $1k in my account and never had much more than that in it to give you an idea of the scale. My experience has been really good though and the whole process has been really painless. I recommend them too.

How much in fees do you have to pay? In a similar boat

Nothing. I only use ACHs and my debit card though, no wire transfers so I can’t comment on that. Everything has been free for me.

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

#159

Post by ryanwiggins »

moneywoes wrote: post #154
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

Why is the pricing so opaque? Lets say I have a small LLC with a couple of employees. Where do I see how much that costs?

Mercury.com/pricing but spoiler: it doesn’t cost you anything

(Disclaimer: I work for Mercury!)

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

#160

Post by Animats »

Remember Vimeo? They started as an alternative to Youtube, letting anybody upload. Then they decided to dump their small users and go for large ones.

Vimeo is publicly held, so we can see how this worked out.[1] Price one year ago, at the peak, $49. Price today, $6.54.

[1] https://www.msn.com/en-us/money/stockdetails/fi-c26vvh?ocid=...

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