Readit NewsComparing 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.
I'm not sure but I think PG has talked about this strategy.
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)
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
Sometimes a bank compliance team can not legally say why a bank applicant is not approved. In those situations we can also not tell an applicant that, that is the case.
Though that is pretty rare, if you email me your company name/email I can take a look to see if I can provide more insight. We generally try to accept everyone we can legally accept if they are not in a prohibited industry etc.
Misleading -- Tea Room (for us) does almost nothing which was advertised:
- Treasury was marketed to be available to everyone who isn't taxed as a sole proprietor. We're a non-profit, and found out after moving all our money that we weren't eligible. I asked support to clarify this, and it looks like they've removed /all/ information about eligibility from the site which is a small improvement I guess.
- There don't seem to be any startup deals for Tea Room members. There isn't anything on the page on the site for Tea Room.
- We haven't gotten any tea. (I don't actually care about that, but come on, it's in the name.)
We moved to Mercury because Treasury would have been immensely useful to us. In all other ways BofA is /fine/ and we would not have moved if it were advertised honestly. I think it's deceptive because none of this was obvious to us before we planned out a migration and wired the $270k over to get access.
Exporting - From my understanding the CSV format matches the QB specification. Are you saying that it matching the filters is an issue or that the format is incorrect.
Treasury for nonprofits - We only just launched Treasury (in December) and nonprofits are a relatively small part of our business so this hadn't come up during our alpha. I am going to investigate why our clearing house does not support nonpfotis, and make sure the restrictions is clearly stated.
Tea Room Deals/Perks - We recently launched this https://mercury.com/perks. Did you see this already and it doesn't match what you want or did you miss it?
Tea - We were revamping the tea packaging so it might be on pause right now. But we do really ship some pretty nice tea normally :).
The other thing that you get with tea room is free domestic + international wires.
Anyway, I can see why your experience was disappointing. I really appreciate the feedback and hopefully we can improve to deliver something better in the future.
I don't think we have specific documentation of that feature, but I am happy to demo it. Our api documentation is here: mercury.com/api.
I am sure there is something specific Tyler was talking about. Would love to learn what it is so we can fix it.
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.
Appreciate the feedback.