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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?

#191

Post by nicbou »

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.

The founder's comment in this thread is a pure example of empty marketing speak.

I wish that people dropped the act and were more straightforward. It's notmlike anyone buys this anyway.

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

#192

Post by friendzis »

eins1234 wrote: post #30
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

While it's great to maintain good enough unit economics to not have to pull stunts like this one, it's not necessarily always a plus from a customer perspective. Comparing Mercury and Brex/Ramp specifically, Mercury is notably missing rewards on transactions, while Ramp has unlimited 1.5% cashback, and Brex has a bunch of multipliers ranging from 7x to 1x points. If I have access to all of the options above, it would…

> The model works, given the right set of customers and credit risk profiles.

Sooo... The model only works if you carefully cherry pick the customers?

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

#193

Post by mongol »

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?

#194

Post by raverbashing »

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.

For real?

Communicating such business impactful decision through a pop-up is ridiculous

Older banks may have lots of problems, but they usually don't get those fundamentals wrong

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

#195

Post by rgbrenner »

Animats wrote: post #177
rgbrenner wrote: post #164

Earlier quoted context omitted.

Their revenue growth tells the opposite story: https://www.msn.com/en-us/money/stockdetails/financials/fi-c...

Revenue up, income down. That's usually trying to buy market share.

2019 2020 2021 -75m -50m -52m

It's either flat or increasing. Where are you seeing declining income?

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

#196

Post by hedora »

55555 wrote: post #146
bklyn11201 wrote: post #68

Earlier quoted context omitted.

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

No, but it is contingent on maintaining a minimum balance at BofA/Merrill.

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

#197

Post by chews »

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…

Your “partner” bank ratcheted account minimums upward. It’s no longer profitable in a modern inflation scenario to service the accounts you built your business on.

Bankers be hankering for more bankering.

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

#198

Post by Animats »

rgbrenner wrote: post #195
Animats wrote: post #177

Earlier quoted context omitted.

Revenue up, income down. That's usually trying to buy market share.

2019 2020 2021 -75m -50m -52m It's either flat or increasing. Where are you seeing declining income?

"VIMEO, INC. revenues grew 38.30% in FY 2021 as compared to FY 2020 to 391.68M. Net income fell 4.22% to -52.77M."

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

#199

Post by chews »

MaxGabriel wrote: post #52
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, 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…

Question for ya,

Why can’t a Mercury wire or ach successfully clear to Circle?

As a Mercury customer what I know is that not a single one I’ve tried has worked resulting in days locked funds.

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

#200

Post by retcon »

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 were your reasons for attempting to sell your services to smaller businesses in the first place?

You have made decisions capable of inflicting tremendous pain on entirely innocent people eg employees.

How are you to be believed that you will not randomly hurt more people?

Buddy this isn't PR this is proving you're not a dangerous child entirely before you defend your job.

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