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E-Commerce Exchange Review
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E-Commerce Exchange appears to no longer be in business, or has been fully rebranded as My Business Venture. This profile will no longer be updated and we ask our readers to check the My Business Venture for more up-to-date information.
Offering Merchant Services Since 1996
E-Commerce Exchange is a full-service internet and retail merchant account provider. Founded in 1996 under the corporate name “TDS Enterprises, Inc.,” the company provides various merchant services targeted at online business types. E-Commerce Exchange appears to be a reseller of iPayment, Intuit, Revel Systems, and Sage contracts.
Also Known As “My Business Venture”
E-Commerce Exchange’s corporate address is located in Smithtown, New York, at 732 Smithtown Bypass, Suite 302, and it is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California. The company’s leadership team is not publicly listed, although it is a subsidiary of iPayment. E-Commerce Exchange now does business under the name My Business Venture (mybusinessventure.com), and the company’s owners insist that neither company sells or services merchant accounts at this time. As of this update, the domain for E-Commerce Exchange is no longer active.
E-Commerce Exchange Review Table of Contents
- Costs & Contract: E-Commerce Exchange refers merchants to Paysafe as well as Authorize.Net and other payment gateway providers.
- Complaints & Service: E-Commerce Exchange has received more than 60 public complaints.
- BBB Rating: E-Commerce Exchange (as My Business Venture) has an “A+” rating and has received 23 complaints and 0 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2009.
- Sales & Marketing: E-Commerce Exchange has previously used independent sales agents and has received some complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With E-Commerce Exchange
E-Commerce Exchange Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||60+|
|Live Customer Support||Yes|
|Most Common Complaint||Poor Service|
Decreasing Complaint Rate
We are able to locate approximately 60 negative E-Commerce Exchange reviews, most of which also name other associated businesses. Many issues involve complainants paying monthly lease fees and other associated fees with none of the generation of income that they were promised by the company’s sales literature. In the comment sections of many of these complaints, the issues were resolved with the complainant offering apologies to E-Commerce Exchange for misunderstanding the nature of the issue.
E-Commerce Exchange Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against E-Commerce Exchange. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
E-Commerce Exchange Customer Support Options
This trend of recent positive resolutions, coupled with the fact that most of the complaints date from over five years ago, inclines us to award the company a “B” in this category. The company’s complaint total is too high to be considered a top-rated merchant account provider for customer support at this time. Merchants who are placed with iPayment by E-Commerce Exchange can expect to receive customer support from iPayment.
E-Commerce Exchange Online Ratings
Here's How They Rate Online
|Product & Service Complaints||18|
|Billing & Collection Complaints||2|
|Advertising & Sales Complaints||2|
|Guarantee & Warranty Complaints||1|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Over 20 Complaints
E-Commerce Exchange has been an accredited business of the Better Business Bureau since 2009, but the name on the company’s BBB profile is currently “My Business Venture.” As of this update, the company maintains an “A+” rating with the BBB, despite 23 complaints filed against it in the last 36 months. These complaints include 2 with advertising or sales issues, 18 problems with their products or services, 1 with guarantee or warranty, and 2 with billing and collection. E-Commerce Exchange has successfully resolved 12 complaints, while the remaining 11 either were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant.
A “B” Performance Overall
In light of these figures, we have adjusted the BBB’s rating to a “B.” For more information on why we adjust BBB ratings, please see our Rating Criteria.
E-Commerce Exchange Fees, Rates & Costs
A Closer Look at The Contract
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Monthly Minimum Fee||$40.95|
|Early Termination Fee||$199|
|PCI Compliance Fee||$35 - $174 Per Year|
Contracts Through iPayment
There is very little information available about the standard E-Commerce Exchange contract. The website for E-Commerce Exchange formerly provided a list of the company’s PCI Compliance fees for each of its merchant accounts, with iPayment charging $129 per year, Sage charging either $75 or $174 per year, and Intuit charging between $35 and $100 per year. Some merchants report a required monthly fee of $99 to pay for marketing packages, and one complaint mentions a cancellation fee that sounds like a Liquidated Damages fee.
The company’s contracts appear to include some nonstandard elements, particularly with respect to their marketing packages, but the terms overall appear to be average for the industry. They may also vary depending on the backend processor that a merchant is paired with through E-Commerce Exchange. We would not expect them to compete with the cheapest merchant accounts in the industry. If you have any information about the standard E-Commerce Exchange contract, please leave it in the comment section of this review.
E-Commerce Exchange Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
No Longer Selling Merchant Accounts?
According to a company representative, E-Commerce Exchange has ceased selling merchant accounts. However, as of our last review, the company’s website prominently advertises that it can sell debit and credit card processing. The company representative has stated that E-Commerce Exchange will refer interested merchants to iPayment in exchange for a referral fee. Merchants who find themselves in an iPayment merchant account through E-Commerce Exchange are advised to seek a third-party statement audit to find and eliminate hidden fees.
Outside Sales Reps
When it was actively selling merchant services, E-Commerce Exchange appeared to rely on independent resellers. This is a practice that can often result in incomplete disclosure of contract terms. However, most complaints about the company don’t seem to express dissatisfaction with nondisclosure. Instead, they express frustration with the company’s ability to deliver the advertising exposure it promises. Apparently, E-Commerce Exchange and its resellers heavily promote marketing packages that some merchants view as costly and ineffective, with some of these merchants reporting that they could obtain the same service and results for significantly less money. The company’s complaint volume regarding this issue warrants a “D” rating at this time.
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