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My Business Venture Review

Phillip Parker
Phillip Parker

I was tired of watching unethical merchant services companies take advantage of unsuspecting business owners, so I built this website and wrote hundreds of reviews to expose their shady business practices.

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My Business Venture Overview

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Rating

4.3/5
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Most Recent Comment

  • Olufunmilayo Famuyiwa:
    "PLEASE TO EVERYONE WHO WANT TO OPEN ONLINE BUSINESS. DO NOT LET ANYONE PUSH YOU BY TELLING YOU 'OPEN NOW YOU WILL START SELLING' without y..." Read More
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Rating:
4.3/5
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Most Recent Comment

  • Olufunmilayo Famuyiwa:
    "PLEASE TO EVERYONE WHO WANT TO OPEN ONLINE BUSINESS. DO NOT LET ANYONE PUSH YOU BY TELLING YOU 'OPEN NOW YOU WILL START SELLING' without y..." Read More
    Reply Leave Your Own Comment
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Providing All-In-One E-Commerce Services

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. My Business Venture primarily offers turnkey online stores alongside web hosting and marketing services to its customers, but it can also supply credit card processing for customers who ask for it. A My Business Venture representative has stated that the company does not advertise merchant accounts or seek new credit card processing business and that the company refers all customers who are interested in a merchant account to i3 Verticals.

Location and Ownership

As an online store provider, My Business Venture offers many of the same services as Shopify or BigCommerce, but a major difference between it and its competitors is that My Business Venture comes with a ready-to-go inventory of more than 14,000 products for new users to sell. This means that its target user is someone who does not already operate a business but would like to jump right into e-commerce. 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.

My Business Venture Review Table of Contents

  • Costs & Contract: My Business Venture offers 4 different plans through i3 Verticals for merchant accounts. It also offers Authorize.Net and Pay-Me-Now Virtual Payments as payment gateway options.
  • Complaints & Service: My Business Venture has received fewer than 10 public complaints.
  • BBB Rating: 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: My Business Venture does not appear to hire independent sales agents and has received some complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With My Business Venture
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My Business Venture Rates, Fees, and Costs

My Business Venture Rates, Fees, and Costs

Cost Summary

Virtual Terminal Rate 2.19% + 0.20%
Payment Gateway Fee Undisclosed
Standard Plan Setup Fee $795
Standard Plan Monthly Fee $99.83 (For First 36 Months)
Professional Plan Setup Fee $2,795
Enterprise Plan Setup Fee $3,995
Premier Plan Set Up Fee $4,695
Early Termination Fee $0
PCI Compliance Fee $15.95 Per Month

Four Service Packages Available

My Business Venture offered 4 pricing tiers for users to choose from through i3 Verticals. The first (“Standard”) costs $795 to start and $99.83 per month for 36 months and includes access to the company’s 14,000 products. The second (“Professional”) costs $2,795 to start and adds the company’s “Diamond” marketing package and 24 months of search engine submission. The third (“Enterprise”) costs $3,995 to start and includes all of the Professional tier’s features plus a custom logo and a training package. Lastly, the Premier plan costs a one-time payment of $4,695. The Premier plan seems to include all of the Enterprise plan’s features. The company’s website states that all merchant accounts pay a flat rate of 2.19% plus $0.20.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, My Business Venture also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. The company advertises Authorize.Net and Pay-Me-Now Virtual Payments as its payment gateway providers. However, the company’s website states that all merchant accounts pay a rate of 2.19% plus $0.20, including for transactions made through these gateway services.

High Startup Costs

As with the complaints about the company’s advertising methods, the available pricing complaints about My Business Venture do not often cite payment processing fees as a major issue. However, some complainants state that the high initial cost of the service is not justified by the potential earnings and that an investment of thousands of dollars is often required before a merchant can make any money on the business. These complainants raise a valid point considering that none of My Business Venture’s competitors require an up-front investment of thousands of dollars simply to create an online store. My Business Venture may compensate for these high startup costs by offering better customer support and marketing services than its competitors, but we generally do not advise merchants to spend thousands of dollars without knowing for sure that the product is exactly what they need.

An Average Performance

This pricing gap has lowered My Business Venture’s score to a “C” in this category, and we do not consider the company’s pricing to be competitive with budget-friendly merchant accounts. If you have any specific knowledge of the standard My Business Venture contract (including any early termination fees or monthly minimum fees), please share that information in the comment section below this review.

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My Business Venture BBB Rating Summary

BBB Summary

Product & Service Complaints 18
Billing & Collection Complaints 2
Advertising & Sales Complaints 2
Guarantee & Warranty Complaints 1
Delivery Complaints 0

Nearly 25 Complaints

My Business Venture currently has an “A+” rating with the Better Business Bureau and has been accredited since 2009. The company has received 23 complaints in the past 36 months, with 2 related to advertising or sales issues, 18 due to product or service problems, 2 related to billing or collection disputes, and one due to warranty issues. My Business Venture has resolved 9 complaints to the satisfaction of the merchant, while the remaining 12 either were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant.

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 merchants should always be aware that there is reason to be skeptical of the BBB’s reviews.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates 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.

Potentially Expensive Terms

My Business Venture has received a low-to-moderate number of 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 merchant’s business, but merchants have claimed that the company charges thousands of dollars per month for its online marketing packages. If merchants 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 complaint is that My Business Venture is unable to offer competitive pricing for the products that come with its online stores, which leaves merchants unable to compete with online shoppers. A company representative has stated that most of these complaints 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 merchants’ complaints that the company makes unrealistic claims about the profitability of using its service.

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Sales & Marketing Example

Our Opinion Of My Business Venture

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A Decent Option for E-Commerce Services

My Business Venture rates as an above average e-commerce service provider according to our rating criteria. The company’s turnkey business products have generated most of its complaints and represent the bulk of its business. Credit card processing through i3 Verticals appears to be a minor portion of its revenues. Merchants may prefer to instead select a top-rated all-in-one e-commerce platform. We will continue to monitor merchant feedback, seek clarification from company representatives, and update this review as more information becomes available about the company.

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Why I'm Qualified to Write About Credit Card Processing

I’m a small business owner who previously worked in the credit card processing industry. I started this blog in 2009 to help other business owners by exposing credit card processors that engage in unethical marketing, rate and fee trickery, and fine-print-contract schemes. Over the last decade, I’ve reviewed hundreds of merchant services providers which has helped to educate over 5 million businesses on the nuances of credit and debit card acceptance. I’ve appeared in the New York Times, Los Angeles Times, Inc. Magazine and a host of other publications to offer insight on the subject of card acceptance. 

I offer merchant account and credit card processing consultation for the following needs:

  • Selecting the right credit card processing services for your business.
  • Reducing credit card processing fees with your current merchant account provider.
  • Negotiating credit card processing fees when changing merchant accounts.
  • Strategies for reducing and recovering funding holds and chargebacks.

 

Schedule a call with me today!

 

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PLEASE TO EVERYONE WHO WANT TO OPEN ONLINE BUSINESS. DO NOT LET ANYONE PUSH YOU BY TELLING YOU ‘OPEN NOW YOU WILL START SELLING’ without you asking everything that contains. I am using myself as an example, I regretted ever listening to JASON one of MBV agents. After pushing, I listened to him, saying “it’s black Friday, open now so you don’t missed out” I opened with almost $4000.00 with no sales up till now. Except him asking me to pay more and charging almost $70.00 every month with zero sales. RIGHT NOW I’M ONLY THINKING OF JUST LOSING THE MONEY INITIALLY PAID THAN TO CONTINUE PUTTING MONEY TO WHAT IS NOT CERTAIN. THEN COMPARING THEIR PRODUCT WITH SAME OTHERS SELLING ONLINE TOO, the price is ALMOST TWICE AS THAT ONE. I TALKED TO JASON ABOUT IT, NO CONCRETE ANSWER.
Moreover after 3days of paying them you cannot recover your money back. I bet you you will not know all the back up until after 3 days.
PLEASE FOR THOSE SEEKING FOR THIS KIND, THINK VERY WELL, SEARCH VERY WELL BEFORE YOU PUT YOUR MONEY THAT IS SO HARD TO EARN. THANKS.

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