My Business Venture Overview
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. Joseph Kilgannon is the 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 20 complaints and 1 review 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
Types of Businesses Served
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My Business Venture Rates, Fees, and Costs
|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.Are you happy with your My Business Venture fees? Tell us about them before your go!
Response from My Business Venture
If you look thoroughly at My Business Venture’s investment levels, they are actually a fantastic bargain and offer much more than any competitor. However, to provide this level of service and assistance, of course there needs to be an investment associated with it to cover our costs of providing it.
My Business Venture differs from others in many ways. Most other companies are providing bare bones packages that include nothing, then you have to add on each feature separately or go it alone. We know from experience that it is necessary for entrepreneurs to have a certain level of service and features in order to be successful. Therefore, we will not allow someone to get started with a “low level” package that saves them money, lacks the basic tools, and almost ensures they will fail.
Our packages all include most if not all of the following: A website with over 15,000 items in which we keep the entire inventory current, a custom logo, merchant account, one on one training, search engine submission, google xml sitemap, live US based phone support that is unlimited and is included. An integral feature that ensures our customers are successful is the free shipping. This is a hard cost that we cover on every item sold through our customer’s website. We have had customers recoup their investment back many times over in shipping costs alone. Without free shipping, our clients would be at a severe disadvantage. With free shipping, our clients have the competitive advantage no one else selling these products has! So we would rather price our program to include covering all shipping, which has been the biggest reason for our growth and success of our program. Not one of our competitors covers shipping…not one!
For a list of all of our features, please visit https://www.mbvsites.net/packages.html
We regularly turn away potential clients who do not have ample financial resources. If a potential client is struggling to come up with the investment, we will not bring them on board. To get a real turn key business started for a less than a few thousand dollars is not realistic. We are not an affiliate program, an MLM, Amway, or other get rich quick scheme promising big returns for little down. You will not be driving a Ferrari one week after coming on board our program. This is a real business, with a reasonable investment level, that gives you a REAL chance at being successful.
We all know that there is no way a company can have the best product, best service, and the lowest price. There is a huge cost to our company in order to provide top notch service, have live people here to help you, and to provide unlimited support and assistance. As a new business owner, you are going to need hand holding, direction, and the ability to speak to real people to help you. We do not advertise anywhere that we are the cheapest program out there and instead believe it is in the best interest of our clients to have an investment level that allows us to provide a premium product and service to each customer, giving them the best change at a successful venture.
You get what you pay for. Do you go to the cheapest doctor or home contractor and hope they do a good job or do you pick the one who will do the best job at a fair price?
There is a reason our company has tripled in size the last 3 years, and that our CEO speaks at colleges, on the radio, and has appeared on TV talking about our company and the difference we are making not only with our clients, but helping give back to our community as well. We look forward to speaking to you to see if you are a good fit for our program. Thank you for your time!
My Business Venture Complaints & Customer Reviews
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Low Complaint Total
We have located only a few negative My Business Venture reviews outside of the Better Business Bureau at this time, although some complaints through the BBB have accused the company of being a ripoff or a scam. This overall complaint record is commendable. 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
We have not found any outstanding class-action lawsuits or FTC complaints filed against My Business Venture. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
My Business Venture Customer Support 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.
My Business Venture’s relatively clean complaint record outside of the BBB may be related to the relatively short period of time that the company has been active. However, a company representative has stated that My Business Venture has tripled in size in the last three years, so its low complaint rate may be sustainable moving forward. For now, My Business Venture will be assigned an “A” rating in this category.
My Business Venture BBB Rating Summary
Key Points - BBB
|Product & Service Complaints||14|
|Billing & Collection Complaints||3|
|Advertising & Sales Complaints||3|
|Guarantee & Warranty 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 20 complaints in the past 36 months, with 3 related to advertising or sales issues, 14 due to product or service problems, and 3 related to billing or collection disputes. My Business Venture has resolved 13 complaints to the satisfaction of the merchant, while the remaining 7 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.
Truth In Marketing & Advertising
|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.
My Business Venture Marketing Example
About Phillip Parker
Thank you for reading my review. I hope that it has helped you with your research.
Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services
I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.
From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.