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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?

#181

Post by cycomanic »

rawtxapp wrote: post #25
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

Mercury is awesome! Not sure if this is right venue for feedback, but if only you could offer ACH without Plaid (which feels like a huge invasion of privacy), it would be even more awesome. Wire transfers cost 20$ each, depositing by check feels like the 1990s and takes time to clear.

Maybe I am displaying my ignorance for banking costs for larger business, but I have lived across NZ, AU and multiple EU countries and I never recall having paid for wire transfers neither for private nor small business accounts. Is this common even outside the US or a US only thing? $20 per wire transfer sounds insane to me. How do they justify that cost?

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

#182

Post by gjs278 »

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…

No post body was provided.

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

#183

Post by cvccvroomvroom »

parkaboy wrote: post #179
djbusby wrote: post #173

Earlier quoted context omitted.

SVB site UX has been "dated" since at least 2014. Good service tho.

It's almost sort of endearing, but not actually. The fact that they use SMS-based 2FA (at least through 2021) is a travesty and a bit concerning, though. Edit: since I can't reply to response below (I think due to thread depth topping out). To clarify: they ONLY support SMS-based 2FA. No TOTP. Sure, other services offer SMS as well, but you wouldn't want to use that for securing any serious amounts of money (millions…

Lmao. That's some bikeshedding. Let me name other SMS 2FA "travesties" (regardless of TOTP support): Paypal, Box, Amazon, Citizen, Google, Zoom, Samsung, Signal, Lyft, (my bank), Coinbase, Discord, Ring, Twitter, ...

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

#184

Post by jlbbellefeuille »

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…

Seconded, I love mercury.

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

#185

Post by blitzar »

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 Brex? [0]

> Brex makes it easy for founders, finance teams, and employees to spend smart, grow fast, and enjoy the ride.

Maybe you should pivot your (customer) marketing material as well as your pitch deck.

[0] https://www.brex.com/product/

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

#186

Post by NavinF »

cvccvroomvroom wrote: post #183
parkaboy wrote: post #179

Earlier quoted context omitted.

It's almost sort of endearing, but not actually. The fact that they use SMS-based 2FA (at least through 2021) is a travesty and a bit concerning, though. Edit: since I can't reply to response below (I think due to thread depth topping out). To clarify: they ONLY support SMS-based 2FA. No TOTP. Sure, other services offer SMS as well, but you wouldn't want to use that for securing any serious amounts of money (millions…

Lmao. That's some bikeshedding. Let me name other SMS 2FA "travesties" (regardless of TOTP support): Paypal, Box, Amazon, Citizen, Google, Zoom, Samsung, Signal, Lyft, (my bank), Coinbase, Discord, Ring, Twitter, ...

He said “(ONLY!) use SMS-based 2FA”.

Some of those sites support webauthn. TOTP is secure enough for the rest. SMS 2FA is only a problem when it’s the only option.

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

#187

Post by friendzis »

duped wrote: post #15
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 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

Those are orthogonal classifications. Startup is an early stage company, bootstrapping income/revenue flows. Small business is well... small, usually in terms of money flows and number of employees.

In contemporary usage "tech startup" usually means an early stage company expected to relatively quickly grow their money flows and have high opex-to-capex and incoming-to-outgoing transaction ratios.

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

#188

Post by nicbou »

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…

What language is this, marketing? I can't be the only one who finds these heavily sugarcoated weasel words annoying.

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

#190

Post by friendzis »

dopeboy wrote: post #76
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

Unless that business is in crypto, in which case you'll freeze their account. This happened to us, which halted our payroll and hurt us. We had to scramble to find an alternative, which is now Brex. To Mercury's credit, their staff was responsive the entire time in helping us transition. But the fact that they couldn't give an ETA on when things would resolve with their partner bank was distressing for us.

I do not think it is fair to complain about regulated banking when you yourself deliberately do stuff with crypto. Even more so when you mention that this particular institution was helpful with resolution out of the hole you dug yourself into.

I don't want to start a debate on how crypto should be treated, but currently it is treated the way it is.

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