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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?

#321

Post by bradgessler »

pedrofranceschi wrote: post #318
bradgessler wrote: post #171

Earlier quoted context omitted.

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…

Brex founder here. Let me provide more context on what happened, and how this actually allows us to serve startups better. In 2018, we launched Brex and started serving the fastest growing companies out there (DoorDash, Airtable, ScaleAI, Flexport, etc). As we expanded in 2020, we decided to start serving small businesses. We onboarded tens of thousands of traditional brick-and-mortar companies to Brex, along with st…

I've transferred my funds to Mercury and have no plans to keep a Brex account open for current or future funded startups. The fact that you end your reply with "If you believe we made a mistake..." shows that Brex is still blaming the lowly SMB users and not taking responsibility for the problem. That's like apologizing to somebody by saying, "If you believe I offended you, I'm sorry".

I know you won't do anything about this, but you should seriously reconsider your Chief Communications Officer if you're serious about targeting startups (reasons at https://news.ycombinator.com/item?id=31780900). Assuming they're advising the customer communication for this strategy shift, you're getting terrible advice as evident by the poor response here and in the press. This was a huge opportunity to reframe Brex as being all about funded startups. Instead Brex is coming across as arrogant with no concern for customers unless they have boatloads of money and fit into the strategy. It's very unbecoming to startups and sounds like how Oracle would communicate to the world.

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

#322

Post by pkelvin »

Interesting to see how much choice there is here vs in Europe - i've been debating who we open an account with (e.g. Brex/Ramp) given we're with SVB in London and deal in financial services and payments.

We're in the S22 batch and offer payment flexibility beyond corporate cards in the UK and now US - so if you want to spread out your large payments from 3 to 12 months and avoid default dead (or offer this to your customers so you get paid upfront) would love to chat.

Meanwhile would love SVB vs Brex vs Ramp advice for my US banking!

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

#323

Post by pkelvin »

Interesting to see how much choice there is here vs in Europe - i've been debating who we open an account with (e.g. Brex/Ramp) given we're with SVB in London and deal in financial services flows.

We're in the S22 batch and offer payment flexibility beyond corporate cards in the UK and now US - so if you want to spread out your large payments from 3 to 12 months and avoid default dead (or offer this to your customers so you get paid upfront) would love to chat.

Meanwhile would love SVB vs Brex vs Ramp vs Mercury advice for my US banking!

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

#324

Post by pkelvin »

Interesting to see how much choice there is here vs in Europe - i've been debating who we open an account with (e.g. Brex/Ramp) given we're with SVB in London and deal in financial services flows.

We offer payment flexibility beyond corporate cards in the UK and now US - so if you want to spread out your large payments from 3 to 12 months and avoid default dead (or offer this to your customers so you get paid upfront) would love to chat.

Meanwhile would love SVB vs Brex vs Ramp vs Mercury advice for my US banking!

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

#325

Post by sebmellen »

eins1234 wrote: post #98
sebmellen wrote: post #71

Earlier quoted context omitted.

I don’t know of many banks that offer high reward debit cards. IMO Mercury has almost perfected the banking experience, and I am perfectly happy with that. If I want a high-reward card I’ll get an Amex Platinum (a credit/charge card) and stick with Mercury as my bank.

That's a perfectly valid choice! FWIW, I actually do like Mercury's UX marginally better than Brex. I would just prefer to have my banking and spending in 1 place, and if I did that with Mercury, I'd be sacrificing 1%+ rewards, which I would not consider a financially responsible option when Brex exists and has a good enough banking experience. Wouldn't it be nicer for everybody if there were more options that had bo…

Personally I would much prefer to keep my banking (cash storage) separate from my credit. To me, it is nice to have a barrier between the two. This way, your credit provider won't randomly decide to shut you out of your bank because you're too small!

I see your point, but I am not of that opinion.

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

#326

Post by tcarn »

smoussa wrote: post #231

Hey. Engineer at rebank (YC W19) here. You should definitely check us out https://www.rebanknow.com/ if you're looking for an alternative. We cater specifically for small businesses and we're ready to help you switch over.

Funny enough you have Brex as a client!

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

#327

Post by phoenixy1 »

ncallaway wrote: post #107
MaxGabriel wrote: post #100

Earlier quoted context omitted.

> There has got to be a better way for us to accomplish this. One path forward is Oauth, which several major institutions use on Plaid (Capital One, Wells, Chase are ones I know of). This definitely solves “entering login information into random forms”. I’m pretty sure I have seen these institutions offer you some control over what data you share when you link, but it was minimal control, and didn’t work well. Ideall…

There should be a law for this. The EU as an open banking API law, that requires banks to make this data available electronically over an API. The US needs an open banking law. This should not be an optional feature for banks to offer. It should be an absolute requirement. I think it's insane to enter your credentials into Plaid. Almost every banking agreement I've ever seen disclaims liability if your account is bre…

[I work at Plaid] Not to get into too much of this, but the Consumer Financial Protection Bureau has issued guidance that banks are still required to comply with the consumer protection measures provided by Reg E (and thus cannot fully disclaim liability) even when a fraudulent transfer is the result of password sharing. More info at https://www.consumerfinance.gov/compliance/compliance-resour...

Though this is still obviously not a replacement for open banking and would I still love open banking laws in the US (and hopefully better implemented / constructed than the open banking laws in Europe!)

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

#328

Post by robk »

pkelvin wrote: post #323

Interesting to see how much choice there is here vs in Europe - i've been debating who we open an account with (e.g. Brex/Ramp) given we're with SVB in London and deal in financial services flows. We're in the S22 batch and offer payment flexibility beyond corporate cards in the UK and now US - so if you want to spread out your large payments from 3 to 12 months and avoid default dead (or offer this to your customers…

Who are you? Profile is blank

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

#329

Post by rbehera8000 »

chews wrote: post #199
MaxGabriel wrote: post #52

Earlier quoted context omitted.

> 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.

That is correct. If you are open to a Mercury competitor that works with Circle and is more web3 friendly try https://every.io/

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

#330

Post by rbehera8000 »

sam0x17 wrote: post #299
MaxGabriel wrote: post #52

Earlier quoted context omitted.

> 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…

Mercury rejected our LLC when we applied there yesterday so not sure where to go now (and no idea why we were rejected). Is there any reason not to go with Bluevine?

We accept LLCs at Every.io, which is a Mercury alternative: https://every.io/
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