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Brex summary
Pros
- No need for separate accounts
- 50,000 signup bonus points for spending $9,000+ in first 30 days
- No fees, interest or account minimums
Cons
- Only offers corporate accounts
- Accounts don’t earn interest
Editorial score
Fees?
No fees at all
Security
FDIC insured and SSL/AES encrypted account
Customer service
Early morning, evening and weekend service with multiple communication options and a dedicated fraud team
Online experience
Excellent user friendly site with transparency of rates and full online banking capabilities
Mobile experience
Excellent mobile app with all mobile banking features enabled, including digital check deposits
Advantages Over Traditional Banks
Brex is not a traditional bank but instead an LLC that partners with FDIC-insured banks to store your uninvested cash deposits. Brex's business account is called Brex Cash. It's a cash management account that works much like a business bank account for secure deposits, payments, tracking, and built-in expense management to understand your spending. It also comes with a credit card that's automatically paid daily, like a debit card, except that it builds your business credit and gives you reward points on every purchase.The Brex Cash account and card are for all business types.
Here are some of the advantages Brex offers over a regular bank:
- Get every employee a separate credit card that you can monitor and control.
- Track and organize receipts with the Brex mobile app or via SMS or email.
- Earn up to 8X rewards on ridesharing, 5X on Brex Travel, 4x on restaurants/food delivery, 3x on Apple products, 3x on recurring software, and 1x on everything else
Cutting-Edge Banking Services
Brex wants to save companies time by changing the way startups and small businesses bank. Brex believes customers should be able to sign up for a credit card and business cash account in the same amount of time it takes to sign up for a new email address.
Here are some of the highlights of Brex accounts:
- Brex Cash and cards pair instantly.
- Instant receipt management through the mobile app, SMS or email.
- Reduced monthly reconciliation time by up to 50% with quick integrations with Xero, QuickBooks, NetSuite, Concur, and Expensify.
- Virtual cards for specific expenses to prevent unexpected employee charges.
- More points on daily card payments.
- Discounts valued at $150,000 that can be redeemed at any time.
- The ability to instantly approve or deny expenses via email.
- Beta features such as bill pay, money-saving reports, and more.
Traditional Banking Services
Since Brex is not a traditional bank, the services offered will vary from the average business bank account. However, Brex does offer several traditional services, including the following:
- Reward corporate credit cards
- Fraud protection
- Free ACH and wire payments - even internationally
Unlike traditional banks, Brex can offer corporate cards with a limit 10- 20 times greater than its competitors with no personal guarantee or collateral deposit.
Interest Rates and Fees
Because Brex works like a financial management platform and not a traditional bank, it doesn’t have overdraft fees or monthly account fees. Likewise, cash you keep in your Brex account will not acquire interest over time.
Customer Service
The Brex team offers live support during business hours. Contacting the Brex Help Center takes less than 2 minutes and can be done by phone, chat, or email at any time.
Brex’s business hours are:
5:00 AM-12:00 AM PT weekdays and holidays, 5:00 AM - 10:00 PM PT on weekends.
Phone: (833) 228-2044
Email: support@brex.com
Mobile Apps
For a streamlined experience, use Brex’s app. Since Brex is a tech-forward company, the mobile app is meant to save customers and their team time with easy-to-use features.
Brex’s app allows you to:
- Upload your receipt and memos on the go. Brex will organize them for you.
- Check your spending easily.
- Access your Brex card without bringing your wallet.
- Lock or unlock any of your cards.
- Get push notifications to stay on top of employee spending.
- Deposit checks.
Security
Even though Brex is not a bank, customers can still expect a high level of security and account protection. Brex works with PCI DSS-certified partners to safeguard your payment information. The company also never sells customer information or data and only shares limited information for business purposes.
Brex also offers quick fraud and theft protection. Customers immediately get their money back for any compromised transactions or chargebacks. Furthermore, all accounts are secured with enhanced 2FA.
Summary
Brex is a must-have for startups that don’t want to be bogged down by traditional business credit limits or companies that don’t have their business credit established yet. The tech features Brex offers can help small businesses stay on top of expenses and budgeting without the need for extra time or manpower.
Disclaimer
Brex Mastercard® issued by Emigrant Bank, Member FDIC. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. Brex Treasury is not a bank; Brex Cash is not a bank account. Testimonials may not represent experiences of all clients. Terms apply, visit brex.com.
Ashley Eneriz is a financial writer who has been published on Credible, GOBankingRates, MoneyCrashers, Huffington Post, Business Insider Australia, Life Hacker, Fidelity, CBS News, and MSN Money. She also writes children's books. She writes for BestMoney and enjoys helping readers make sense of the options on the market.
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