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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?

#21

Post by felipemnoa »

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…

I believe they are doing things right now that do not scale so that they can get reviews like yours. It is a strategy to create loyal customers at the beginning.

I'm not sure but I think PG has talked about this strategy.

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

#22

Post by JaakkoP »

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

+1 to Mercury. And from the what I’ve seen from other founders / CEO using you all, I’m not alone!

Incredibly easy setup, great UI/UX and no nickeling and diming with fees of any kind. Makes me wonder what are your unit economics like as you obviously will be making losses from the very smallest of customers?

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

#23

Post by [deleted] »

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

[deleted]

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

#24

Post by immad »

felipemnoa wrote: post #21
sivers wrote: post #17

Earlier quoted context omitted.

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…

I believe they are doing things right now that do not scale so that they can get reviews like yours. It is a strategy to create loyal customers at the beginning. I'm not sure but I think PG has talked about this strategy.

Support is If the product mostly does what it should then support costs shouldn’t be crazy.

(Assuming that’s the part that you think is unscalable for us)

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

#25

Post by rawtxapp »

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.

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

#27

Post by toomuchtodo »

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

+1, I use mercury exclusively for business accounts, y’all are top notch. Congrats on the new clients headed your way.

Edit: already have a landing page up for migrating Brex folks, chef kiss

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

#28

Post by strongpigeon »

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/

Same. I don’t make much money (started by making ~10$/mo. Now averaging 500$/mo). I only deposited $1k in my account and never had much more than that in it to give you an idea of the scale.

My experience has been really good though and the whole process has been really painless. I recommend them too.

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

#29

Post by anonymouse008 »

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…

So current costs vs. revenue mean you can't service your current customer base? Specifically, the customer base that punched the growth numbers to achieve many millions in funding?

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

#30

Post by eins1234 »

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 be financially irresponsible for me to spend through Mercury.

Would like to see Mercury get more competitive here even at the cost of less cushy unit economics.

EDIT: Some of the replies here seem to think Brex is shutting down entirely? Please read the actual article and the founder response above. They're only shutting down operations for small businesses, presumably because that's the only segment that doesn't have sustainable unit economics. % rewards on spend from interchange revenue has been around for decades. The model works, given the right set of customers and credit risk profiles.

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