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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?

#121

Post by christoph »

United857 wrote: post #44

So can we call this... Brexit?

I came here to say this... maybe consider a rebrand/rename? I don't suggest that lightly, but their name has some serious negative (for some people) connotations (not for me... it's politics, which I frankly just don't care about, life is too short). I instantly assumed their business was tied to some political allegiance with EU/Brexit finance/payments, which alone made me almost not click into the article. I read the article and I'm confused why they are called "Brex". Odd choice. For a sizeable section of the market, they might as well name themselves NaZEE (not that I agree necessarily). Just being honest with how I see it. They really aren't doing themselves any favours with the current name.

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

#122

Post by mizzao »

bengotow wrote: post #4

That's unfortunate... I feel like every startup I know of just recently switched to Brex. I wonder how many are being kicked off the service.

We're a startup on Brex. Not sure if we're about to get the boot.

If you're going to service startups as Brex, 80-90% are going to just cost you money and then disappear when they fail. Not sure how they're going to turn a profit this way even if a small percentage get big.

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

#124

Post by mbesto »

sgk284 wrote: post #39
yawnxyz wrote: post #2

So... what alternatives are people moving to? I really liked the dynamic credit card generator, and Brex Travel was luxurious... Also, I'm curious what the new cut off is, and who their new customers are. Is the new downturn causing their "strategy change"?

[disclaimer: I work at Brex, but am not speaking on behalf of the company] I think one thing being lost in translation here is that Brex considers small businesses to be different from startups, and it's an important distinction internally that is likely getting lost externally. For example, we just acquired Pry to help with founders at small startups figure out financial projections and needs. If you're an early sta…

> The policy cited here is more about no longer being a good fit for "traditional" small businesses.

Of which you, nor anyone else here, can clearly define.

Hilarious, indeed.

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

#125

Post by MaxGabriel »

markdown wrote: post #106
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/

Do you know if they service LLC's with foreign owners (EIN but no SSN)?

Yes we do, this is a very common customer profile for us

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

#126

Post by formerkrogemp »

It's probable outcomes like this that make accountants and other professionals so hesitant to take a chance on neo banks and Fintech startups. Money is pretty important to a well functioning business. Being left in the lurch after developing processes for this sort of thing isn't a good look at all.

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

#127

Post by divyekapoor »

sivers wrote: post #17
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

I've founded many companies of many sizes, from 0 to 85 employees, over the last 25 years. I've used many business banks in many countries. (Wells, Citi, HSBC, ING, BoA, BNZ, OCBC, DBS, Wise, even private banks.) But I've never been so impressed and happy with my bank as I am with Mercury. Mercury continues to impress me, even though right now I'm a super-small-fry, their service, features, and attention are top-notc…

+1 - have had a super solid amazing experience with Mercury. Highly recommended.

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

#128

Post by proxyon »

christoph wrote: post #121
United857 wrote: post #44

So can we call this... Brexit?

I came here to say this... maybe consider a rebrand/rename? I don't suggest that lightly, but their name has some serious negative (for some people) connotations (not for me... it's politics, which I frankly just don't care about, life is too short). I instantly assumed their business was tied to some political allegiance with EU/Brexit finance/payments, which alone made me almost not click into the article. I read t…

No post body was provided.

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

#129

Post by proxyon »

FireBeyond wrote: post #117
vxNsr wrote: post #95

Earlier quoted context omitted.

Not really, there is as much fraud protection as ACH. If you’re will to make use of direct deposits and ACH transfers, you can use Zelle. Just don’t expect to be handled with kid gloves.

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…

How is this any different from ACH or wire? What protection is there if you wire your money to a Nigerian prince vs. if you Zelle it to a Nigerian prince?

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

#130

Post by axg11 »

duxup wrote: post #96
axg11 wrote: post #64

Earlier quoted context omitted.

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

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.
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