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My Business Venture 2023: Reviews & Complaints
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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 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.
Comprehensive eCommerce Solutions
My Business Venture offers comprehensive eCommerce solutions that enable businesses to establish a strong online presence. Their services encompass website design, shopping cart integration, and payment processing, providing a one-stop-shop for businesses looking to enter the digital space.
User-Friendly Website Builder
A key component of My Business Venture’s services is their user-friendly website builder, which allows businesses to create a professional and responsive website without needing advanced coding skills. The website builder features customizable templates and a drag-and-drop interface, making it easy for businesses to design a website that reflects their brand and meets their unique needs.
Secure Payment Processing
My Business Venture ensures secure payment processing by integrating with trusted payment gateways such as Authorize.net. This enables businesses to accept a wide range of credit cards and digital wallet payments while safeguarding sensitive customer information through advanced encryption and tokenization techniques.
Seamless Shopping Cart Integration
My Business Venture offers seamless shopping cart integration, enabling businesses to provide a smooth and user-friendly shopping experience for their customers. The shopping cart 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
My Business Venture’s eCommerce solutions come with built-in marketing tools that help businesses attract and retain customers. These tools include search engine optimization (SEO), email marketing, and social media integration, allowing businesses to target their audience effectively and grow their online presence.
Product Sourcing and Inventory Management
To assist businesses in maintaining a well-stocked online store, My Business Venture offers product sourcing and inventory management services. These services enable businesses to access a vast catalog of products, ranging from electronics to home goods, and manage their inventory efficiently, reducing the risk of stock-outs and overstocking.
Training and Support Services
My Business Venture provides comprehensive training and support services to ensure businesses can maximize the potential of their eCommerce solutions. The training includes guidance on utilizing the various features and tools, while the support services encompass ongoing assistance and troubleshooting for any issues that may arise.
Scalable Solutions for Business Growth
As businesses grow, My Business Venture offers scalable solutions that can adapt to their evolving needs. This flexibility ensures that businesses can continue to provide a seamless and user-friendly shopping experience for their customers, even as their operations expand and their product offerings diversify.
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.
Table of Contents
- Costs & Contract: Offers 4 different plans through i3 Verticals for merchant accounts. It also…
- Complaints & Service: Complaints number fewer than 10 on…
- BBB Rating: Has an “A+” rating and has received 10 complaints and 0 reviews in the past 3 years. The company has been…
- Sales & Marketing: Does not appear to hire independent sales agents and has received…
My Business Venture Customer Reviews
Here's What Their Clients Say
|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. If you have your own My Business Venture review to make, please do so in the comments below.
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 complaint was dismissed with prejudice and cannot be refiled.
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. However, many complaints state that the company’s customer service is lacking.
My Business Venture Customer Service Number
- (800) 639-6644 – Toll-Free Customer Support
Other Support Options
My Business Venture Online Ratings
Here's How They Rate Online
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
|Monthly & Annual Fees||Yes|
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 My Business Venture 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 My Business Venture reviews 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 client 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 business owners 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 the company’s score to a “C” in this category, and we do not consider the My Business Venture rates 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 business owners to check out our list of the providers of the best merchant services.
My Business Venture Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||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.
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