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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?

#161

Post by [deleted] »

mbesto wrote: post #118
TylerE wrote: post #59

Earlier quoted context omitted.

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

I desperately want to use a credit union for all of the presumptions you're making, however: - I've moved to 12 in 15 years across 3 countries and 8 states. Credit unions are terrible for this. - The non-profit credit union I used for my car loan was quite possibly the worst and most painful technology interfacing experience I've ever encountered. - There are all sorts of out of state and international benefits by us…

[deleted]

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

#162

Post by cvccvroomvroom »

parkaboy wrote: post #147

Not surprised by any of this. Feels like it comes from the top, culturally. I had a terrible experience "onboarding" with Brex last year. They actually "approved" my bootstrapped startup and sent me a physical card only to rescind it a shortly thereafter, because--even though we met the funding minimum--it wasn't "professionally invested" on further review. Bootstrapping apparently required a $1MM minimum. Here's wha…

Yuck. Brex comes across as risky, mercurial, and snobby rather than useful, professional, and reliable.

Does anyone else know about or use Silicon Valley Bank? How do they compare to Mercury?

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

#163

Post by asaddhamani »

2(!!) months to find a whole new bank for a startup or small business is a ridiculously small amount of time.

I've never heard of Brex before this but this is really bad marketing for them. Don't put your faith and one of the most important aspects of your business in these "hip" fintech companies hands. They will not feel any shame pulling the rug out from under you.

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

#164

Post by rgbrenner »

Animats wrote: post #160

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=...

Their revenue growth tells the opposite story:

https://www.msn.com/en-us/money/stockdetails/financials/fi-c...

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

#165

Post by cycomanic »

xur17 wrote: post #77
MaxGabriel wrote: post #52

Earlier quoted context omitted.

> We're doing all we can, and working with other financial service providers to make this transition as smooth as possible. The biggest thing for us would be if you could support Plaid's Identity product by returning names and emails when someone links a Brex account with Plaid. When someone links an account using Plaid, having this data available means we can compare that to the names/emails we have on file and have…

I just wanted to say that I absolutely understand why you prefer users to use Plaid's identity product (the startup I work at does this as well), but I HATE that it's becoming the standard way to link checking accounts. Both from a data sharing perspective, and from a training users to enter login information into random forms perspective. There has got to be a better way for us to accomplish this.

It really annoys me how some service/startup gets build around the large "infrastructure" (in a broader sense) deficiencies in the US. Because of the size of the US market and the amount of VC funding they then become big and move into markets that have had perfectly functioning solutions (like the EU in this case). Because they are so flush with cash (and much conversation/advertising online is very US centric) they then become dominant even in markets which had a perfectly functioning system that never needed they solution.

Uber is an example of this (taxis had issues in Europe/Australia as well, but by far not as problematic)

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

#166

Post by cvccvroomvroom »

draw_down wrote: post #31
duped wrote: post #15

Earlier quoted context omitted.

How do you distinguish between a tech startup and small business? Not to doxx anyone but I'm familiar enough with the financials of several businesses that would call themselves either depending on the context, and the only meaningful distinction I can think of is venture funding

Growth rate

Yeap. Small businesses will likely stay small because the key differences are in the founders' mindset. Both can start out at leveraged brokeitude.

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

#167

Post by parkaboy »

cvccvroomvroom wrote: post #162
parkaboy wrote: post #147

Not surprised by any of this. Feels like it comes from the top, culturally. I had a terrible experience "onboarding" with Brex last year. They actually "approved" my bootstrapped startup and sent me a physical card only to rescind it a shortly thereafter, because--even though we met the funding minimum--it wasn't "professionally invested" on further review. Bootstrapping apparently required a $1MM minimum. Here's wha…

Yuck. Brex comes across as risky, mercurial, and snobby rather than useful, professional, and reliable. Does anyone else know about or use Silicon Valley Bank? How do they compare to Mercury?

We used SVB at my previous startup. Somewhat ironically, their UX is SUPER dated and a bit kludgy (been a year since I've checked, though) and their fees are high, BUT they're high touch and good to be in with strategically (especially when it comes to debt financing).

I don't know if I'd suggest them early on when bootstrapped, but definitely worth a gander once larger or VC-backed.

Mercury's UX is sexy AF and enjoyable to use. They did have an internal screw-up with our initial account setup due to a mix-up with their partner bank (Evolve Bank & Trust), but their customer support is top notch and got it resolved quickly. They also have some nice promotional deals. In comparison to SVB, though, they're not nearly as high touch and also don't have physical locations.

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

#168

Post by cycomanic »

cbreynoldson wrote: post #142
ss3000 wrote: post #65

Earlier quoted context omitted.

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.

Have you logged into Brex? I didn't receive an email, but got a notification in the website.

That is ridiculous. I think closing down someone's account especially if there is still money in it warrants registered mail (even email is not sufficient) and definitely not a note on the web page.

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

#169

Post by cvccvroomvroom »

tomc1985 wrote: post #87
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…

As someone who got dumped when Crashplan decided to no longer offer service to individual users, regardless of the business realities, this is a universally shitty thing to do to your supporters. Why should anyone do business with you if you might pivot away from them (on such short notice, no less) in the future?

Yeap. It's sends out bad karma.

If the estimated total net profit % per user is low single digits, keep them like "white elephants" or move them somewhere else where they can be serviced with continuity.

Pulling the rug out from under customers with little or no warning is a terrible practice.

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

#170

Post by macintux »

eclipticplane wrote: post #134
FireBeyond wrote: post #117

Earlier quoted context omitted.

No, there really isn't. And the banks themselves say so. https://www.nytimes.com/2022/03/06/business/payments-fraud-z... > Zelle’s immediacy has also made it a favorite of fraudsters. Other types of bank transfers or transactions involving payment cards typically take at least a day to clear. But once crooks scare or trick victims into handing over money via Zelle, they can siphon away thousands of dollars in seconds…

Can't reply to the child comment https://news.ycombinator.com/item?id=31773886 from @proxyon but banks can reverse ACH payments. There are still rules for what can be reversed. Zelle intentionally has no reversal mechanism.

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