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My Business Venture Review: Fees, Comparisons, Complaints & Lawsuits

  • February 12, 2022
  • By Payments Industry Analyst, Phillip Parker
  • 8 User Reviews
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Rating

 3.5/5
My Business Venture Logo
Website
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(800) 639-6644

Most Recent Comment

  • JL: says:
    January 31, 2022
    "Unless you are extremely patient and 1000% proficient with all of today's technology and how to use it consistently, I would stay away from t..." Read More
See All User Comments

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Rating:
 3.5/5

Agree with our rating?

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My Business Venture Logo
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(800) 639-6644

Most Recent Comment

  • JL: says:
    January 31, 2022
    "Unless you are extremely patient and 1000% proficient with all of today's technology and how to use it consistently, I would stay away from t..." Read More
Leave a Comment

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 Payment Processing

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. In terms of listed payment services, My Business Venture advertises EMV card readers and swipers, POS solutions, mobile payments, MOTO, B2B, and access to the Authorize.Net payment gateway.

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 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.

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 17 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.

Should You Trust My Business Venture?

Lawsuits, Reviews & Complaints

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Complaint Summary

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Total

We have located a number of negative My Business Venture reviews outside of the Better Business Bureau at this time, some of which accuse the business of being a rip-off. Many of the complaints have come in within the last year and mention that the company’s stores are expensive and do not lead to many sales. My Business Venture is a participant in CPO’s Complaint Resolution program and is committed to achieving successful resolutions with merchants who file complaints through CPO.

My Business Venture Lawsuits and Fines

We discovered a voluntarily dismissed civil suit filed against the holding company for My Business Ventures, TDS Enterprises, INC. The suit alleged that TDS Enterprises DBA My Business Ventures sold website franchises without proper disclosure; however, the complaints was dismissed with prejudice and cannot be refiled.

My Business Venture Customer Service Options

The company offers live phone support during business hours and after-hours support via email, as well as a one-on-one trainer for each user. However, many complaints state that the company’s customer service is lacking.

We have located a single My Business Venture customer service phone number:

(800) 639-6644 – Toll-Free Customer Support

My Business Venture also offers a customer support form on its website and customer service email addresses at [email protected] and [email protected]

Is the BBB Rating for My Business Venture Accurate?

Better Business Bureau Profile

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see who will offer you the lowest pricing and best service

BBB Summary

Product & Service Complaints 16
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 1
Delivery Complaints 0

Nearly 20 Complaints

My Business Venture currently has an “A+” rating with the Better Business Bureau and has been accredited since 2009. The company has received 17 complaints in the past 36 months. 16 of the complaints were due to a problem with a product or service and 1 was an issue with a guarantee or warranty. Only 1 of these 17 complaints were resolved by the company to the satisfaction of the merchant. The remaining 16 were resolved to the dissatisfaction of the merchant or received no final response.

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.

How Expensive is My Business Venture?

Rates, Fees, and Contract Terms

This processor offers the lowest rates and best service we've seen

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 top plan (“Premier”) 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 to advertising 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. We encourage merchants to check out our list of the providers of the best merchant services.

Does My Business Venture Use Deceptive Marketing?

Advertising & Sales Strategy

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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. This compares favorably to our list of best credit card processors.

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.

Does My Business Venture Deserve Your Business?

Review Summary & Our Thoughts

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.

5-Star Rated My Business Venture Competitors

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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

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What Others Are Saying About My Business Venture

Customer & Employee Reviews

8 Responses

  1. JL says:
    January 31, 2022 at 3:15 pm
    Discount Shopping

    Unless you are extremely patient and 1000% proficient with all of today’s technology and how to use it consistently, I would stay away from this. Everyone shops on Amazon or Spotify anyway. My biggest issue with MBV was the products. They are not exactly eye-opening products (for example 16GB tablet) Who buys 16GB?? Lol. Prices are high too. Don’t get sucked in by Jason, who reminded me of a professional used car salesman. He’ll hound you to buy in, no matter your experience. He’s got numbers to make. So you can see why he’s on top of you to buy and upgrade to buy even more… then he’ll become less friendly with you once he has your money. Don’t ever bother contacting the CEO. He or she is totally non-existent.

    Reply
  2. Disappointed says:
    May 20, 2021 at 1:37 pm

    They’re not worth it. They claim that they will be there for you each and every time but when you try to call them to talk about a problem they need to resolve, they use their secretaries to push you off. They send you to voice mail and it’s a never ending complaint. They also have outdated and over priced products because they use outdated suppliers. They outsource the management of your site so you really don’t know who has access to the site. There is a lot of sensitive information on there such as your customer’s addresses and card info.

    When you try to send them email, they claim it went to their junk mail. They’re totally unprofessional. Once they deem you as a problem, they try to avoid you as possible when the problem lies within their organization. It’s sad because they have the potential to be a great company, however, they lack what is needed most. Customer/client support. Only if you’re paying them with their useless coaching, then they will talk with you. Other than that, you’re really on your own.

    They sell you in the beginning with their social media management services which could be done by a 5th grader if you want real honesty. If you’re doing this, don’t bother. You can post and use one of the free social media calendar posts yourself. You don’t get much engagement from their posts. You’re lucky if you can get 20.

    Their outdated tips on how to get customers is another joke that you can find anywhere and it’s nothing special. In fact a lot of the suggestions they use are already outdated and no longer exist. They never updated it so that tells you a lot about their company.

    The site is slow to start and there is heavy security on it unless they outsource it to other countries (like India) so if you want to sell outside of the USA and Canada, you will not be able to since you will get an error message. You will also get an error message if you should use a VPN. This is possibly due to security reasons and it’s understandable but you can lose potential customers who are looking to protect their network.

    They also sell you old sites that were once owned by others so you have many “sales” from the past.

    There are other drop shippers you can go to and websites you can use instead of wasting your money with them.

    The reason why there aren’t that many complaints is because from the past there’s nothing that can be done about it so why waste your time? As they say, there’s a sucker born every minute, Let’s just hope you’re not one like me

    They get an F- from me.

    Reply
    1. Corneille Chevalier says:
      July 3, 2021 at 11:57 am

      Hi. I was reading your view about (MBV) Do you think if someone start with the gold package the will find a better result from them?

      Reply
      1. Informed Merchant says:
        July 14, 2021 at 7:18 am

        No. You’re just wasting more money. If that’s what you want, then sure go for it. I personally would stay away from them. You can always do shopify which is much cheaper. The drop shippers you see out there are just merchants like you that are selling you their products that they get from the same place ( you think they’re cheaper but they get you on the added shipping costs and fees). The main branch does not accept anymore new accounts. That’s the source the majority of them use.

        Just note with any online selling, you will not start selling right away no matter what anyone tells you. It takes time and you have to build your brand with trust. When dealing with drop shippers, a lot of them are totally automated and their customer service is VERY POOR. I wish you luck in your entrepreneurial journey.

        Reply
  3. Olufunmilayo Famuyiwa says:
    February 18, 2021 at 10:06 am

    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.

    Reply
    1. LeAnn says:
      June 23, 2021 at 6:28 am

      Thank you for your review. I was just about to sign up with this company, but decided to google reviews first. I am so glad I did. You just saved me money and time, Thank you, and God bless you.

      Reply
    2. Sabrina Henry says:
      August 14, 2021 at 10:46 pm

      I appreciate your review on this company. I was seriously considering signing up until I read your comments.

      Good luck!

      Reply
    3. Mahogany says:
      August 26, 2021 at 1:23 pm
      Merfran

      Thank you. I was wondering why the push to buy now was so hard. I got the same speech about Black Friday, but I don’t see where they merchandise sold is listed and when I asked a third time I was told go read the email they sent me initially.

      Reply

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