Is this only for Brex Cash (bank account product) and not Brex (corporate credit cards)?
as far as I'm aware, this only affected cash accounts. Users with the 30 day cards are safe
Why am I no longer qualified to be a Brex customer?
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Re: Why am I no longer qualified to be a Brex customer?
#82So customers have less than 2 months to find new banking partners, migrate their data, inform their partners about banking changes, etc... This is one reason why I'm avoiding all fintech/startup/neo banks in the future. My most solid experience was with a top 5 US bank. They have a shitty customer service and a plethora of offers; but my direct deposits go faster, I don't get pestered over 5 figures amount going in/o…
Any typical user choosing a big corporate bank over a credit union for a personal account is insane.
As someone who has used both, I whole-heartedly believe that anyone who would put some marginal financial benefits of a CU over the ease of use, consistency and convenience of a big corporate bank is insane. So it appears we’re at an impasse.
Re: Why am I no longer qualified to be a Brex customer?
#83> 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.
"We appreciated your business so much we want you to get off of our platform and never come back." Seriously though "appreciate your business" is the "thoughts and prayers" of crappy customer service.
I mean it might be more honest to say “you’ve always been a cost center and we’ll be damn glad to see the end of you” but would it really make you feel better?
Re: Why am I no longer qualified to be a Brex customer?
#84Re: Why am I no longer qualified to be a Brex customer?
#85Earlier quoted context omitted.
Okay. We don’t have a credit card right now, only debit. For small businesses doing high reward credit cards is not a sustainable business. Which is why Brex is shutting them down.
That's totally understandable, for the small business segment. I was just saying that for a VC-backed tech startup, the lack of rewards is a huge turn-off, compared to some of the other options for spending available to us.
Agreed. We would need a credit card to target that spend.
Appreciate the feedback.
Re: Why am I no longer qualified to be a Brex customer?
#86Earlier quoted context omitted.
[disclaimer: I work at Brex, but am not speaking on behalf of the company] I think one thing being lost in translation here is that Brex considers small businesses to be different from startups, and it's an important distinction internally that is likely getting lost externally. For example, we just acquired Pry to help with founders at small startups figure out financial projections and needs. If you're an early sta…
How do you actually make that distinction? My flippant guess is that the difference between the two is that a "traditional" small business is profitable
Startup has the chance of going big and they want their cut of that.
Small business never will go profitable for them so they don’t want to waste time on it.
Think “enterprise”.
Re: Why am I no longer qualified to be a Brex customer?
#87Brex 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…
As someone who got dumped when Crashplan decided to no longer offer service to individual users, regardless of the business realities, this is a universally shitty thing to do to your supporters. Why should anyone do business with you if you might pivot away from them (on such short notice, no less) in the future?
Re: Why am I no longer qualified to be a Brex customer?
#88Earlier quoted context omitted.
We've been using both Mercury and Brex for different purposes, but I guess we'll go Mercury full-time. I really hope Mercury doesn't pull the same stunt.
Mercury is committed to banking customers of all sizes: https://news.ycombinator.com/item?id=31772903
Though to be fair, everyone is committed to their customers until they aren’t.
Re: Why am I no longer qualified to be a Brex customer?
#89Brex 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
When I want to sound cool I say I work at a tech startup. When I want to sound likable I say I work at a small business.
Re: Why am I no longer qualified to be a Brex customer?
#90CEO 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…
> Brex has a bunch of multipliers ranging from 7x to 1x points.
sounds like Brex has been losing money on unit economics while making it up on volume, and now with VC money tightening ...
Wrt. small business vs. startup - i'd guess that any company older than 3-5 years which hasn't become big enough (in spending or revenue) and not showing fast growth can be considered a small business :)