The Turbulent Journey of Bench Customers Following Acquisition by Employer.com
Imagine running a business and suddenly losing access to your financial records. That’s the predicament Bench customers found themselves in after the accounting startup unexpectedly shut down on December 27, only to be snapped up in a fire sale by Employer.com. As customers grapple with the fallout, some are expressing their dissatisfaction, as reported by TechCrunch.
To give you a quick recap: Bench, a Canadian startup that had raised an impressive $113 million from big names like Bain Capital Ventures and Shopify, closed its doors, leaving thousands of businesses in a lurch without access to crucial accounting and tax documents. Soon after, Employer.com stepped in to acquire Bench in a last-minute deal for an undisclosed sum.
“It’s disappointing because I used to speak so highly of them and had clients working with them too,” one disgruntled customer reflected.
{TechCrunch}
Unlike Bench’s focus on accounting, San Francisco-based Employer.com is known for payroll and onboarding services. The company, spearheaded by CEO Jesse Tinsley, might seem new at first glance—especially considering Tinsley’s recent $450,000 acquisition of the domain name—but it’s actually a dba for Recruiting.com Ventures. This entity has roots dating back to 2015.
- Lack of Expertise: Some Bench customers are uneasy about Employer.com’s absence of accounting know-how.
- Consent Confusion: Customers report being required to consent to terms before accessing their data.
- Refund Woes: Many are trying to navigate refunds for services paid in advance.
For example, one customer recounted his struggle to retrieve five years’ worth of records. Initially greeted by a consent page implying no refunds upon agreement, he later managed to recover some prepaid service fees through credit card intervention. However, the experience left him disillusioned.
“In this case, I hit accept just to continue and deal with this general issue, but it’s relatively suspicious to force the users to do this,” another long-standing customer shared.
{TechCrunch}
Meanwhile, Michelle Gayle from Core Insights Group expressed her frustration with Employer.com’s approach. She described their privacy policy as inadequate for financial services and criticized the lack of communication when trying to address these concerns.
Employer.com maintains that access is available once customers provide consent, which allows them to download or manage their data as they see fit. However, former clients seeking refunds must approach Bench’s bankruptcy trustee or attempt a refund via Stripe.
This situation has sparked discussions online, including a Reddit thread filled with comments from disappointed former customers. It’s clear that while Employer.com asserts its profitability and success in acquisitions, its handling of Bench’s transition has left many questioning its expertise in managing financial services effectively.
