My Business Venture Reviews & Complaints

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3.5
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How did they treat you? ▼

Pros & Cons
Pros: Cons:
E-commerce success potential Hight initial fees
Possible profitability E-commerce challenges
Risk of commonality in services

Overview

In this review of My Business Venture, an emerging e-commerce service provider, we offer an in-depth look at its offerings. We'll show how it stands apart from competitors with its turnkey online stores and vast product inventory, highlighting its user-friendly website builder, secure payment processing, and comprehensive marketing tools. We also examine the effectiveness of its product sourcing and inventory management services, along with the support and training offered to businesses.

Critical to our analysis are the real-world experiences of users, including customer and employee reviews, common complaints, and any legal challenges the company has faced. We'll also break down My Business Venture's contract terms, rates, and fees to provide a clear understanding of its offerings. Concluding with an evaluation of the pros and cons, this article aims to give a balanced view on My Business Venture, helping readers decide if it's the right e-commerce partner for their business.

About My Business Venture

Founded in 2013, My Business Venture is an e-commerce business services provider launched by the former manager of E-Commerce Exchange‘s New York office. In 2022, My Business Venture partnered with with BigCommerce, an Open SaaS e-commerce platform.

My Business Venture Products and Services

Payment Processing

My Business Venture (MBV) primarily provides turnkey online stores, web hosting, and marketing services, with the option to supply credit card processing for customers who request it. A representative has indicated that MBV does not actively advertise merchant accounts or seek new credit card processing clients, instead referring interested customers to i3 Verticals. MBV lists various payment services, including EMV card readers and swipers, POS solutions, mobile payments, MOTO, B2B, and access to the Authorize.Net payment gateway.

Comprehensive eCommerce Solutions

My Business Venture offers a range of eCommerce solutions designed to help businesses establish a strong online presence. These services include website design, shopping cart integration, and payment processing, providing a comprehensive package for businesses entering the digital marketplace.

User-Friendly Website Builder

A significant feature of MBV’s services is its user-friendly website builder. This tool allows businesses to create professional, responsive websites without advanced coding skills. It includes customizable templates and a drag-and-drop interface, making it easy to design a site that aligns with a business's brand and needs.

Secure Payment Processing

MBV integrates with trusted payment gateways like Authorize.net to ensure secure payment processing. This integration allows businesses to accept a variety of credit cards and digital wallet payments while protecting customer information through advanced encryption and tokenization.

Seamless Shopping Cart Integration

My Business Venture provides seamless shopping cart integration, enhancing the customer shopping experience. The system supports multiple payment methods, tax calculation, and shipping options, streamlining the checkout process and increasing the likelihood of completed transactions.

Built-in Marketing Tools

MBV’s eCommerce solutions include built-in marketing tools to help businesses attract and retain customers. These tools encompass search engine optimization (SEO), email marketing, and social media integration, enabling effective audience targeting and online presence growth.

Product Sourcing and Inventory Management

To help businesses maintain a well-stocked online store, MBV offers product sourcing and inventory management services. These services give access to a wide range of products, from electronics to home goods, and help manage inventory efficiently, reducing the risk of stock shortages or overstocking.

Training and Support Services

My Business Venture provides training and support services to help businesses make the most of their eCommerce solutions. Training covers the use of various features and tools, while support services offer ongoing assistance and troubleshooting.

Scalable Solutions for Business Growth

As businesses expand, MBV offers scalable solutions that adapt to evolving needs. This flexibility ensures businesses can continue to provide a seamless shopping experience, even as their operations and product offerings grow.

My Business Venture Customer Reviews

Here's What Their Clients Say

Customer Reviews Summary
Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A
Recent Lawsuits No

Limited Complaints

Several negative reviews have been surfaced for My Business Venture from sources beyond the Better Business Bureau (BBB), where concerns about the company being labeled as a rip-off have been raised by some customers. A notable portion of criticisms received in the past year revolve around the perceived high costs of the company’s stores and their alleged lack of sales generation. It is noteworthy that My Business Venture actively participates in CPO’s Complaint Resolution program, showcasing a proactive approach to address and resolve merchant grievances filed through CPO. We invite additional reviews or feedback on My Business Venture in the comment section below.

Legal Issues and Financial Penalties

An incident of a voluntarily dismissed civil suit was identified against the holding company of My Business Ventures, TDS Enterprises, Inc. The suit alleged that TDS Enterprises DBA My Business Ventures engaged in selling website franchises without providing adequate disclosure. It is important to note that the complaint was dismissed with prejudice, preventing its re-filing.

Range of Customer Support Options

My Business Venture offers various customer support channels including live phone assistance available during business hours, after-hours support via email, and assigns a dedicated one-on-one trainer to each user. Despite these support options, some complaints have highlighted deficiencies in the company’s customer service delivery.

My Business Venture Customer Service Contact Details:

  • Toll-Free Customer Support: (800) 639-6644

Other Support Channels:

My Business Venture Online Ratings

Here's How They Rate Online

Online Ratings Summary
BBB Report 10

10 Complaints

My Business Venture currently has an “A+” rating with the Better Business Bureau and has been accredited since 2009. The company has received 10 complaints in the past 36 months.

An “A” Performance Overall

Given My Business Venture’s complaint record and resolution ratio, we agree with the BBB‘s rating at this time, but business owners should always be aware that there is reason to be skeptical of the BBB’s reviews.

My Business Venture Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Cancellation Penalties No
Monthly & Annual Fees Yes
Processing Rates Variable
Equipment Leasing Yes

Four Service Packages Available

My Business Venture provides users with four pricing tiers through i3 Verticals. The first (“Standard”) requires a $795 startup fee and $99.83 per month for 36 months, granting access to 14,000 products. The second (“Professional”) costs $2,795 initially, adding the “Diamond” marketing package and 24 months of search engine submission. The third (“Enterprise”) starts at $3,995, including Professional features plus a custom logo and training package. The top plan (“Premier”) demands a one-time payment of $4,695, seemingly encompassing all Enterprise features. The company’s website states a flat rate of 2.19% plus $0.20 for all merchant accounts.

Virtual Terminal and Payment Gateway Pricing

Alongside storefront payment processing, My Business Venture advertises virtual terminal and payment gateway services. It features Authorize.Net and Pay-Me-Now Virtual Payments as its gateway providers. However, all merchant accounts, including transactions through these gateways, are charged at a rate of 2.19% plus $0.20.

High Startup Costs

Complaints about My Business Venture’s pricing often focus on high initial costs rather than payment processing fees. Some reviews express concerns about the substantial investment required upfront before potential earnings. While My Business Venture may offer superior customer support and marketing services, investing thousands upfront without assurance raises doubts. Few competitors demand such significant upfront investment for creating an online store.

An Average Performance

This pricing structure has led to an average score of “C” in this category, with rates not competitive with budget-friendly merchant accounts. Specific details regarding early termination fees or monthly minimum fees in the standard My Business Venture contract are encouraged to be shared. Explore our list of the best merchant services for further options.

My Business Venture Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
Uses Independent Resellers No
Telemarketing No
Misleading Marketing No
Discloses All Important Terms No

No Independent Sales Agents

My Business Venture primarily markets itself as a turnkey e-commerce solution for aspiring entrepreneurs. Under this model, its payment processing services are not heavily emphasized in its marketing materials. There is also no evidence at this time that the company employs independent sales agents. This compares favorably to our list of best credit card processors.

Potentially Expensive Terms

There is a low-to-moderate number of My Business Venture complaints about the quality of the online marketing services that the company offers. My Business Venture charges at least $795 to set up a new business, but clients have claimed that the company charges thousands of dollars per month for its online marketing packages. If businesses can’t afford the company’s SEO and paid marketing services, then they claim that they are stuck with websites that don’t rank well in search and have no active advertising campaigns. If you suspect that you are overpaying for your service from My Business Venture, you can renegotiate your pricing with a third-party statement audit.

Lacking Competitive Pricing

Another My Business Venture complaint is that the company is unable to offer competitive pricing for the products that come with its online stores, which leaves businesses unable to compete with online shoppers. A company representative has stated that most of these negative My Business Venture reviews stemmed from high shipping costs charged by My Business Venture’s shipping partner, but that the company now covers the cost of shipping on all items sold through its users’ stores. This issue is unrelated to payment processing, but it does support clients’ complaints that the company makes unrealistic claims about the profitability of using its service.

Our My Business Venture Review Summary

Our Final Thoughts

My Business Venture stands out in the e-commerce sector by offering comprehensive, turnkey online store solutions that cater specifically to new entrepreneurs. Unlike its competitors, such as Shopify and BigCommerce, My Business Venture simplifies the startup process by providing over 14,000 ready-to-use products and integrating with secure payment gateways like Authorize.Net, which enhances customer trust and transaction security. Its user-friendly website builder, extensive product inventory, and robust marketing tools position it as a strong option for those new to digital sales.

However, potential clients should be aware of some criticisms regarding the platform’s high initial setup costs and ongoing fees. Despite these concerns, the positive user experiences and the company’s commitment to providing scalable solutions reflect its dedication to supporting long-term client growth. For businesses venturing into e-commerce, My Business Venture offers a valuable all-in-one solution, although it’s advisable to stay informed about any changes in service and pricing that could affect business operations in this rapidly evolving market.

Location & Ownership

My Business Venture is headquartered at 732 Smithtown Bypass #302, Smithtown, New York 11787, and does not list its acquiring bank. Since our last update, Joseph Kilgannon has stepped down as the president and now serves as vice president of My Business Ventures. Thomas Stridiron is the current president and CEO of My Business Venture.

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Which is Most Important for You?

If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:

  1. Low Transaction Fees
  2. No Monthly Fees
  3. No Contract
  4. Reliable Customer Support
  5. Quick Signup

Testimonials & Complaints

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3 User Reviews

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