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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?

#141

Post by cge »

SadTrombone wrote: post #32

> This decision cannot be either changed or delayed. Your account will be closed by August 15. We’ve appreciated your business and wish you all the best in the future. I get that corporations couldn't care less about us as people but the phrase "we appreciate your business" and its variations will forever rub me the wrong way.

While I don't know about this company or the situation, I'm genuinely curious as to the reasoning behind including statements like this. They seem to be purely detrimental. I certainly can't see how they would make anyone less upset about the situation, and can see how they would make people angrier. Wouldn't the page be less provocative without that last sentence?

Do the people writing these genuinely see them as statements people will appreciate? Or is the motivation to burn bridges and ensure that customers they no longer want will be offended?

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

#142

Post by cbreynoldson »

ss3000 wrote: post #65
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.

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

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

#143

Post by yellow_postit »

proxyon wrote: post #129
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…

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?

None with Zelle and Wires. But there is a tiny window of protection/reversal offered by ACH.

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

#144

Post by Aeolun »

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…

> We're doing all we can

Except, you know, not kick people off your platform.

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

#145

Post by true_religion »

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.

It’s always bette for your reputation to cut a product entirely, than to come back and say it’s $1000 per support ticket when support tickets were previously free.

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

#146

Post by 55555 »

bklyn11201 wrote: post #68
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.

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

The 2.625% is capped at X spend, right? If not please please let me know

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

#147

Post by parkaboy »

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 what they told me:

"While being professionally invested is not a requirement for the Brex card with monthly payments, without professional investment, the minimum cash balance requirement shown in connected accounts is $1mm. If you're able to provide proof of XXXXX's professional investment, the minimum cash balance requirement shown in connected accounts is $50k."

Left a really bitter taste in my mouth. Won't ever use them.

Currently banking with Mercury and love it BTW.

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

#148

Post by 55555 »

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

Banks that have their own banking license are better to work with imo. I hope you get one one day.

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

#149

Post by reverseprefs »

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

We’ve put $millions through Brex cash/cards and will leave over this. What’s the best deal Mercury can offer us to switch? yetis-extreme-0j@icloud.com

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

#150

Post by parkaboy »

KennyBlanken wrote: post #140
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…

> We've made the difficult decision You hear that? That's the sound of my eyes rolling. Dude, stop saying cringe shit like "we made the difficult decision." You dumped your least profitable customers in the gutter. > We know how changes in financial services can be disruptive – especially in a moment like now. We're doing all we can Like giving people two months notice? Seems like a perfectly calculated move: be a je…

I'm one of those people who got similarly jerked around last year (https://news.ycombinator.com/item?id=31774174)
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