Why am I no longer qualified to be a Brex customer? • Hacker News Board

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

#201

Post by abofh » Fri, Jun 17, 2022, 6:50 AM UTC

MaxGabriel wrote: post #46

toomuchtodo wrote: post #33

Earlier quoted context omitted.

I assume they will support FedNow instant payments as they’re rolled out over the next 18-24 months. Those payments cost the financial services provider 5 cents per transaction up to between $100k and $500k (depending on configuration with the Fed). They settle immediately 24/7/365. Wires via FedWire will be reserved for amounts between $500k and $50M, which doesn’t sound like a $20 fee would be unreasonable for to a…

(I'm CTO of Mercury) To clarify, when rawtxapp said "Wire transfers cost 20$ each", they probably mean wiring _to_ Mercury from their bank costs $20. Mercury doesn't charge for sending wires. The reason they're mentioning the 3rd party bank fees is they'd prefer to use ACH pull to have Mercury take the money directly from their existing bank account (similar to how your gym or electric company might do). We do offer…

So if I manage to catch your ear, can I ask if there are plans to allow earlier ACH (or even better, RTP) in the future? It's a mild annoyance that even scheduled ACH transactions don't go out until the last ACH window of the day - especially when I'm paying myself! :)

It's definitely not a deal breaker, but it's the kind of thing I'd be willing to actually spend a few cents on to cover the transaction costs - earlier settlement means better Fridays for me!

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

#202

Post by retcon » Fri, Jun 17, 2022, 6:50 AM UTC

bradgessler wrote: post #171

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 don’t understand why you’re still not laying out the new criteria for being a Brex customer? It’s a wasted opportunity. Whoever approved this communication squandered a chance to reframe what Brex is now about. Had the announcement said something like, “what’s the new criteria? $1m deposits … blah blah blah … we actually lose money on smaller customers … yadda yadda … it’s not sustainable”, you could have establish…

>I don’t understand why you’re still not laying out the new criteria for being a Brex customer?

In a bygone era I'd have suggested that shame came into it.

It's because you can't convince anyone you're competent whilst acting up like this.

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

#203

Post by retcon » Fri, Jun 17, 2022, 6:53 AM UTC

bradgessler wrote: post #171

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 don’t understand why you’re still not laying out the new criteria for being a Brex customer? It’s a wasted opportunity. Whoever approved this communication squandered a chance to reframe what Brex is now about. Had the announcement said something like, “what’s the new criteria? $1m deposits … blah blah blah … we actually lose money on smaller customers … yadda yadda … it’s not sustainable”, you could have establish…

>PR mess on your hands

The idea that this doesn't require face to face handling simply chills me to the bone. Is this how we're preparing for the worst economy in fifty years?

edit: PR used to begin with word of mouth. Just because we're online doesn't mean you can sh*post excuses and be done.

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

#204

Post by mccorrinall » Fri, Jun 17, 2022, 7:00 AM UTC

saagarjha wrote: post #176

The title of this page says “why” but there is exactly zero on this page which explains why. There’s half of one sentence that introduces what (“we are less suited to meet the needs of smaller customers”) but even that is dressed up to the max. This is a poster child in what everyone hates about corporate communication: entirely opaque, misleading word salad. Do better.

The title says why with a question mark at the end.

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

#205

Post by ynx » Fri, Jun 17, 2022, 7:00 AM UTC

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

FWIW, Schwab doesn't have Zelle

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

#206

Post by hgomersall » Fri, Jun 17, 2022, 7:00 AM UTC

cvccvroomvroom wrote: post #175

djbusby wrote: post #173

Earlier quoted context omitted.

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

I could care less about UX. If it looked like Larry Wall's personal site, but functioned well and was reliable (tech and relationships), I'd pick them every time. If it ain't broke, don't break it. ;) PS: SVB's site has always looked a bit behind the times like that they never cared enough to make it look glitzy because functionality and communication were considered first. Slick websites also give a captological imp…

"functioned well and was reliable" _is_ UX. Having a pretty site might improve the user experience, but being broken and unreliable will have a far bigger impact.

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

#207

Post by thrtythreeforty » Fri, Jun 17, 2022, 7:01 AM UTC

saagarjha wrote: post #176

The title of this page says “why” but there is exactly zero on this page which explains why. There’s half of one sentence that introduces what (“we are less suited to meet the needs of smaller customers”) but even that is dressed up to the max. This is a poster child in what everyone hates about corporate communication: entirely opaque, misleading word salad. Do better.

With such a vague explanation, my cynical side kicks in and fills in, "You're too poor, bye." Maybe there's a better reason, but they don't even try to explain.

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

#208

Post by Veen » Fri, Jun 17, 2022, 7:05 AM UTC

saagarjha wrote: post #176

The title of this page says “why” but there is exactly zero on this page which explains why. There’s half of one sentence that introduces what (“we are less suited to meet the needs of smaller customers”) but even that is dressed up to the max. This is a poster child in what everyone hates about corporate communication: entirely opaque, misleading word salad. Do better.

It’s deliberate. The choices are 1) say something true that will make you look bad, 2) say something untrue that might bite you in the ass later, and 3) write ambiguous waffle that explains nothing and commits you to nothing. PR and legal will tell you to choose 3 every time.

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

#209

Post by joshuaissac » Fri, Jun 17, 2022, 7:08 AM UTC

Animats wrote: post #198

rgbrenner wrote: post #195

Earlier quoted context omitted.

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."

> "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."

That is basically what rgbrenner wrote:

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

The difference between 2020 and 2021 is small, almost flat compared to the steep climb from 2019 to 2020.

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

#210

Post by hackernewds » Fri, Jun 17, 2022, 7:10 AM UTC

Veen wrote: post #208

saagarjha wrote: post #176

The title of this page says “why” but there is exactly zero on this page which explains why. There’s half of one sentence that introduces what (“we are less suited to meet the needs of smaller customers”) but even that is dressed up to the max. This is a poster child in what everyone hates about corporate communication: entirely opaque, misleading word salad. Do better.

It’s deliberate. The choices are 1) say something true that will make you look bad, 2) say something untrue that might bite you in the ass later, and 3) write ambiguous waffle that explains nothing and commits you to nothing. PR and legal will tell you to choose 3 every time.

for those that didn't click, pasting verbatim

> Brex is constantly evolving our business, and after changes to our strategy, we are less suited to meet the needs of smaller customers. The following sections will provide you with more context for your next steps.

terrible communication. it's we need ______ so you should deal with _____. that is not empathy