My Business Venture was launched in 2013 and is a leading e-commerce business service provider that was started by a former manager of E-Commerce Exchange. In its basic sense, the company is regarded as the turn-key superstore business offering access to more than 10,000 products -including credit card processing. The company’s products and services are available only in Canada and the United States of America.
Payment Processing by My Business Venture
The brand is known to primarily offer access to turnkey online stores in addition to marketing services and web hosting. However, it is also capable of delivering credit card processing solutions. A representative from My Business Venture claims that the company does not market its merchant accounts. It also does not seek new credit card processing business. The company is known to refer to all customers who might have invested in the merchant accounts to the dedicated i3 verticals.
As far as listed payment services are concerned, My Business Venture puts forth advertisements for EMV swipers and card readers along with mobile payments, POS solutions, access to the payment gateways like Authorize.net which offer B2B and MOTO solutions.
As a leading online service provider, My Business Venture offers access to the same list of services as that of BigCommerce or Shopify. However, one of the most distinctive differences between My Business Venture and the competitors is that the former is available with ready-made inventory of over 14,000 products for its users to sell. This implies that the target users of My Business Venture are those who might not be operating a business currently, but might be thinking of getting into the field of e-commerce.
Location & Ownership of My Business Venture
My Business Venture has its headquarters in New York. In the latest news, Joseph Kilagnnon has stepped down as the President of My Business Venture. Currently, he is serving as the Vice-president of My Business Venture. As of now, Thomas Stridiron is the CEO and President of My Business Venture.
My Business Venture Complaints
There are several negative reviews and complaints about My Business Venture outside the accreditation of Better Business Bureau. Some of the complaints have accused the business to be a scam or a rip-off. Most of the complaints have been reported in the past year. These complaints mention that the stores of the company are expensive and do not result in many sales.
My Business Venture also serves to be a participant in the Complaint Resolution Program by CPO. Therefore, it is committed to resolving most of the complaints successfully with merchants who aim at filing complaints through the CPO.
Fines & Lawsuits of My Business Venture
There has been discovery of a voluntary dismissed civil suit that has been filed against the holding company with respect to My Business Venture. According to the suit, there have been allegations that TDA Enterprises My Business Venture had sold out franchise websites without declaring proper disclosure. However, these complaints were dismissed and therefore cannot be refiled.
Customer Service Options by My Business Venture
The company offers access to live phone-based support after hours and during business hours as well as support through email. There is also the presence of a one-on-one trainer for every user. However, a majority of the complaints state that the customer service support of the company is lacking.
With Better Bureau Business, My Business Venture is an accredited business with an A+ rating. The company has been accredited with the BBB since 2009. In total, the company has received around 17 complaints in the duration of the past 3 years. Some of the complaints are with respect to some product or services of the brand and some have been there due to issues with warranty or guarantees.
Only some of the complaints have been resolved by the company to the merchant’s satisfaction and others been resolved to the merchant’s dissatisfaction or have received no response.
My Business Venture Pricing
My Business Venture comes forth with four unique pricing tiers for users to choose from. These pricing plans are provided through the i3 verticals. The first costs of $795 start as the Standard costs. There is also the presence of $99.83 for every month for a duration of 3 years. The pricing package offers access to more than 14,000 products of the company.
The second pricing package is the Premium package that costs around $2,795. There is the provision of the Diamond pricing package that is available for two years for search engine submission. The third costs are known as Enterprise Costs -starting at around $3,995. It includes all the features of Professional tier along with a custom logo along with a training package.
Ultimately, there is the offering of a Premier pricing package that is available as a one-time package -costing around $4,695. The Premier pricing package has access to all the features as included in the Enterprise pricing package. The website of the company states that all merchant accounts will be paying a flat fee of 2.19 percent along with a fee of $0.20.
Payment Gateway and Virtual Terminal Pricing
Along with the payment processing solutions at the storefront, My Business Venture uses a part of its entire website for advertising the payment gateway and virtual terminal services. The company advertises Pay-Me-Now and Authorize.net Virtual Payments as the payment gateway providers. However, the website of the company states that all merchant accounts will be paying an additional rate of 2.19 percent along with $0.20 -including transactions made with the help of gateway services.
Higher Startup Costs
As with the complaints about the advertising methods of the company, the available complaints related to pricing about My Business Venture do not state payment processing fees as a significant issue. However, some of the complainants out there state that the higher initial costs of the products or services are not justified by the overall potential earnings.
An investment of several thousands of dollars is mostly required before a merchant is able to make money with the help of the business. These complainants have raised a valid point by taking into consideration that none of the competitors of My Business Venture require upfront investment of several thousands of dollars -for simply creating an online store.
My Business Venture looks forward to compensating for the higher startup costs by providing improved customer support and marketing solutions than the competitors. However, it is usually not recommended for merchants to spend several thousands of dollars without understanding for sure that the product or service is exactly what they require.
Average Performance Throughout
The overall pricing gap has minimized the scope of My Business Venture to a C in the given category. It can be regarded that the pricing of the company is not highly competitive -especially with budget-compliant merchant accounts. If you have particular knowledge about the standard contract of My Business Venture (including monthly minimum fees or early termination fees), you can share the information online.
Absence of Independent Sales Agents
My Business Venture typically markets the brand as a turnkey e-commerce service provider for budding entrepreneurs. Under the given model, the payment processing services of My Business Venture are not significantly emphasized in the marketing materials. There is no proof at the given moment that the organization makes use of independent sales agents.
Expensive Terms & Conditions
My Business Venture has received a moderate number of complaints about the overall quality of online advertising services that the organization offers. My Business Venture typically charges an amount of $795 for setting up an all-new merchant business. However, merchants have claimed that the company will charge some dollars every month for the marketing strategy and packages.
If the merchants are not able to afford the paid marketing and SEO services of the company, then they can go ahead with claiming that they are stuck with the company’s website that does not rank great in search while not having any active marketing campaign.
Lack of Competitive Pricing
Another major complaint about My Business Venture is that the company is not able to deliver access to competitive pricing for the products that are available with the online stores. This tends to leave the merchants unable to effectively compete with other online shoppers. A company representative has put forth that most of the complaints have come up due to higher shipping costs that are charged by the shipping partner of My Business Venture. However, now the company is able to cover the overall costs of shipping on a wide range of items through the stores of the users.