It’s a good question. Many business owners wonder what Brex is, and that is the question this resource aims to answer.
In the simplest terms, Brex is a Fintech company offering business credit cards and cash management accounts (this is a “bank account alternative,” as Brex Treasury is not a bank, and a Brex Cash account is not a bank account).
But that doesn’t really cover a fraction of the benefits a small business can gain from Brex.
What is Brex, the Company?
While the company started out offering credit cards with great business benefits, it’s since expanded into the Fintech market, with two primary features — credit cards and cash management.
Brex is unique in that its features/benefits are geared only toward small and midsize businesses, not individuals. We’ll cover all key aspects of both the FDIC-insured accounts and the credit offerings.
What is the Brex Business Account?
Brex Business Account essentials:
- No hidden fees
- No minimum balance requirement
- Free to send unlimited ACH and wire transfers (including globally)
- Unlimited users and cards
In order to open up an account, your business must be registered as an LLC, S-corporation, or a C-corporation. This means that sole proprietors will not be approved. Your Brex account comes with one of two credit cards — a Brex card that’s paid off daily or a Brex card with monthly payments. (Both cards are explained below.)
All accounts also have additional features, including:
With the ability to issue unlimited virtual cards to your team, Brex includes powerful expense tracking capabilities. All expenses made to your account, or your Brex card, are well-kept. Search expenditures quickly, make approvals directly in the account, and even follow-up with staff making the purchases. All of that data, at your fingertips.
In addition to detailed expense records, Brex account users also have the ability to control spending. You’ll be able to have a custom expense policy for your company within your account.
This control feature also automates reminding employees to upload receipts and alerts necessary parties for all expenses that violate your preset policy.
Note:Spend control is part of “Brex Premium” which is an additional $49/month. That fee gets you unlimited users for all of the Premium features.Additional note: We’ve partnered with Brex to get you Brex Premium free for 12 months.
Automated bill pay is another Brex Premium feature. Bookkeeper360 clients are eligible for a free 12-month subscription to Brex Premium (regularly $49/mo). There are two interesting aspects of the bill payment feature:
- Scheduled payments:Essentially waiting until you have to pay (and keeping that cash in the bank as long as possible)
- Email invoices to Brex:Either you, or your vendors, send an email directly to Brex who then enters it into your system for you to pay when you're ready. No more manually entering invoices!
As with many other Fintech solutions, Brex accounts have a number of integrations. The listed integrations include:
- Gusto(they’re offering additional points on their credit card, if you sync Gusto to your Brex account)
- SAP Concur
Many third party payment processors andecommerce solutionsoffer payouts anywhere from two days to two weeks. One of the more interesting features of Brex are instant payouts for many of these popular platforms.
For instance, Stripe typically takes two business days, from the time of the transaction, to deposit funds into your account. Brex would notice the transaction and make those funds instantly available to you, either by increasing the spending limit on your Brex card (with no fee), or by depositing funds into your Brex account (for a small fee).
A potential huge win for your cash flow.
Instant revenue access is available for:
You’ll also earn uncapped rewards points on every card purchase, and there are a number of discounts and credits for Brex users on common goods and software products you’re likely already familiar with (or using).
A few of the current offers include:
- 40% off an annual subscription of QuickBooks
- 50% off Gusto, for 12 months
- $150 in Google Adwords credit
What Credit Offerings are Available?
Since Brex began as a credit card company, they still have some great benefits and rewards for their cards, which both have zero interest and give you generous points on every purchase. Points are redeemable for cash back, miles, statement credit, cryptocurrency, and more.
Each account gets a credit card, either with daily or monthly payments.
Daily payments:This card only lets you spend what’s available in your Brex account. However, you’re still racking up points and helping to build business credit like with a credit card.
Monthly payments:This is a card that will be paid off from your preferred account each month. This card is more scrutinized in terms of who’s approved. According to Brex, credit limits on their monthly card are 10-20 times higher than traditional corporate cards.
Again, each Brex account comes with one of these two credit cards. Brex reports to both Dun & Bradstreet and Experian credit bureaus.
Special Offer from Bookkeeper360 + Brex
Brex has a lot of beneficial features for small and mid-sized businesses. We recommend them for any owner looking for a flexible and powerful corporate card that caters to small and medium-sized businesses.
Plus, Bookkeeper360 now integrates directly with Brex!
The Bookkeeper360 app analyzes billions of dollars of transactions annually to assist in:
- Predicting cash flow trends
- Making cost-effective recommendations for small business clients
- And showing a detailed financial snapshot of your company
The new Brex integration will advise a client of eligibility for a Brex card and even allows users to begin the application process from within the Bookkeeper360 App. All in one click.
In addition to Brex, initial launch app marketplace partners include Bill.com, Gusto, Xero, ADP, A2X, and more.
We’ve also partnered specifically with Brex to get our users and clients additional benefits when they open a Brex account. After you spend $1,000 on either a Brex card, you’ll receive 30,000 points.
Plus, you’ll get 12 months of Brex Premium free. The automated bill pay and expense tracking are yours, no charge, for a year.
Ready to find out more? You can find out all of the details and apply right here.