The Interchange Brokerage Company review: The interchange Brokerage Company/ Dave Toney 88

GOTTOGO! good luck to you! I hope you have a back up plan! It's all smoke and mirrors for what is really going to happen to you. In time you will see and I hope you will post about how you got suckered into a scam. My advice to you is walk away right now from IBC and found something else but I have a feeling you need to learn this on your own. Goodluck!

Uh folks, KV Management/KVM (which was a marketing company for IBC) WENT OUT OF BUSINESS IN AUGUST, 2010! They operated as a mirror image of IBC; collecting $105/month from independent agents. That money was going directly into the pockets of Kyle, FORMER owner of KV Management. Yep, Kyle was simply at the top of the pyramid and when the heat was turned up THE GIG WAS UP. Folks, AGAIN, IF A COMPANY CHARGES EVEN A DIME FOR YOU TO WORK WITH THEM THEY ARE ALMOST CERTAINLY A SCAM! IBC charges a monthly fee, DO NOT be fooled because they are headed down the same path as KVM. IBC's ONLY goal is steal as much money as they possibly can from earnest yet ignorant reps before disappearing and leaving all of the reps poorer. You've all been warned, walk away, no RUN away while you still can and NEVER EVER give out your credit card info to companies that want you to pay for the privilege of working with them. (this even goes for you Leon, despite the fact you're a crass rude jerk who deserves to lose your money)

You don't have to pay $55.00 a month if you have 24 or 25? clients signed up in the program. The reason is because, it is my understanding, that they want agents to go out there and actually sell. If they're not selling, they can drop out and "quit" and no more $55.00 a month to waste anybody's time.

It is my understanding that the $55.00 per month is WAIVED after a salesperson has 24 or 25 clients signed up. The reason being that they want sales people to actually sell - not just sit on their toosh and hope to make money.

Look, the $55.00, $105.00 or whatever the amount is still a scam. If an agent isn't selling then the agent is only wasting his/her time, nobody else is affected. (and the agent will likely quit anyhow) Since it's straight commission/1099 independent contractor the company's risk is absolutely zero. A non-performing agent only hurts him/herself. Sorry, no matter what claims IBC makes the recurring monthly fee goes into THEIR pockets. If the service could stand on its own merits they wouldn't charge a fee. It's a MLM scam pure and simple. By the way, where are all of you KV Management kool aid drinking clowns now that they've SHUT DOWN? (as will IBC, just wait and see)

According to a complaint filed with /link removed/ KV Management is now doing business as Right Business Services. RBS put in a disclaimer denying any affiliation with KVM or Kyle. Trouble is - THE PHONE NUMBERS FOR KVM AND RBS ARE IDENTICAL! KVM was working alongside IBC and KVM folded because Kyle was taking money from reps that wanted out of the phony program. IBC is as slimy as KVM, it's called guilt by association. IBC's just as bad, just as dishonest, just out to TAKE THE AGENT'S MONEY. Get out while you can folks before wasting another $55 on these swindlers.

I am currently researching this company. I have not yet come to a conclusion. I do have to say that the repetitive comments made by the two or three complainers (?) here are no help to me at all. The fact that you have spent last 140 days of your life bashing the business model of a company that you obviously have no experience with makes your comments worthless. Give it a rest and get a life. I want to hear from someone who has been damaged, wronged, lied to or hurt in some way. That is what this board is for. I don’t think the Plastic guy’s extreme, life shattering emotional distress caused by being asked to join qualifies. Thanks for nothing.

Hey "igotskamed", (you can't spell) it's no skin off anybody's back except yours if you want to dive in and disregard well intentioned warnings about a faulty business model. GO AHEAD, SEE WHERE IT GETS YOU! If you believe you should be made to BUY a sales job, then by all means do so. You write that you want to hear from someone who was "damaged, wronged, lied to, or hurt in some way". Why? Wouldn't you want to instead hear from someone that is successful in this endeavor? Well guess what, NOT ONE individual has come forth to say (and PROVE) that they're doing well with KVM or IBC or RBS or whatever they call themselves today. The early defenders of IBC have made ZERO recent comments saying how great they're all doing. And you know why? Because they're too ashamed to admit they've been SCAMMED! So go ahead, don't heed our warnings, lose money and time and enjoy being played. You deserve it.

Ah...this is the "Complaints" board, not the "I was successful" board. You are an idiot. You won't hear from me again. I have a life. BTW... it is dumb, not dom...I guess you can't spell either.

Hey "igotskamed", nobody cares if they hear from you again. Seems to me if folks write in COMPLAINING about the business model, it qualifies as a COMPLAINT. (duh) How much credence you place on those complaints is up to you. I and others have weighed in with our opinions. What we can't do is hold your hand and tell you what to do. If you don't like what's on this board just make your decision and shut your cowardly mouth. Good riddance jerk...

PS: People that have to proclaim "they have a life"...usually DON'T.

I am a new sales agent for IBC ( 1 month) and find the $55 fee very fair for the back office support I receive. Also, the fee goes away when you reach a certian sales volume. The fee is necessary to support the services you receive until you cover your costs as an employee. I have a friend who has been with IBC for a few months and is no longer paying the fee. I am working hbard to achieve that same 1st goal.

MikeS47, look, I wish you well and if you want to PAY to work with someone that's your call. My feeling has not changed that an agent having to pay a company a fee screams SCAM, I would never do it. As for the fee covering THEIR "back office support", why shouldn't THEY cover their OWN business expense? It's called the cost of doing business. In any event you've decided to do what you've decided to do so good luck.

Some easy questions: It's Oct 15th, 2010, all you folks that sang the praises of IBC or KVM in April, May, June... WHERE ARE YOU?!?!?!?
Oh yeah that's right KV Mgmt went out of business or became Right Business Services, nobody really knows. But all you other people that bragged about what a great opportunity IBC was despite the $55 monthly fee - WHERE ARE YOU? Tell ya where all of you are - $55/month POORER, that's where.

Dom5! You just summed it all up in your last post. Where are they?

Wow what a thread. Thanks to all who posted. I agree that when ever a company asks you to pay to work for/with them that should raise a red flag and set your BS/fraud/scam detector to high alert status. In my case I just ran across a craigslist ad promoting the "opportunity". Prior to contacting them I ran across this post during my due diligence phase.

I find it interesting that NOBODY can answer one simple question asked by a poster early on... how many clients have you sold? how much have you saved them? and who are you (name and number) to prove it so that it can be verified. If this "opportunity" is as successful as some here have claimed then there should be many posts with facts and verifiable success stories. The $55.00 per month is a misdirection. Who cares about $55 - $105 per month IF THE PRODUCT HELPS THE CLIENT! If it does then you will make 100 fold more in commissions. Since nobody can confirm or prove that this helps the client I'm going to pass. If you make a claim and can't prove it then the claim is probably false!

RE: Smells_Fishy: Good move/non-move. ANY sales organization that charges the sales reps a fee probably does not have a viable product or service to sell. What IBC offers SOUNDS good but since they're charging a fee to the reps that signifies that they know it's a difficult (if not almost impossible) sell. If the service was sale-able they wouldn't need the fee. Make no mistake, no matter IBC is making most of their money off the rep fee, NOT the service. It's classic MLM. Notice how none of the early defenders of IBC have returned. Gee, I wonder why.

I agree, I just spent the last hour reading the entire thread to find that the main complaint is paying the 55-105 monthly service charge. I can understand that the people complaining about the fee are not really salesman. Paying a small fee for guidance and sales material is not at all that big of a deal, as long as the service/product is legitimate. Can anyone at all besides Kyle say that they make an honest living from it? In all of the ranting and raving not one person has come forward and clarified the system and whether or not it works. I find it hard to believe that not one person can come on here and say, " Yes it is legitimate, Yes I make a decent living, Yes, I love what I do and love working for IBC." Forget about the fee, if it is a viable business opportunity you will make money. A true salesman would care less about the fee.

I am presently a salesman in the construction industry selling an average of 150k to 250k a month with average commission earnings of 15k to 25k monthly. I spend about $1, 500 a month out of my own pocket on business expenses in order to make that type of money. Is that a scam? I will be more then happy to verify my earnings and expenses to anyone that needs to see that it takes money to make money. I challenge anyone that is currently working as a IBC rep to do the same.

I think that if this was worth anything and not a scam there would be several rebuttals to all of the negative posts. Judging by the lack of positive feedback and not a single person confirming the legitimacy of the business opportunity I have to say that at this time, IBC is nothing more then a run of the mill MLM scam! d.southerland@comcast.net

Dan98155, well said and something tells me that in your case nobody TELLS you that you HAVE to fork over a monthly fee in order to have the privilege of selling for them. That $1500/month you spend are business expenses you probably feel are necessary to be successful. Only part I disagree with you about is that the IBC monthly fee shouldn't bother anyone. It should be bothersome because it's an indicator of an organization that makes its profits from the folks paying the fee, not on the sale of the service. Some early posters defended IBC/KVM and the fee but as you said, not one has returned to say they are doing well selling the program. That in itself speaks volumes.

I have been a rep for them for 1 month. In that time I have signed up 5 accounts and gotten one paycheck (portion of clients set up fee). I haven't received commission checks yet but based on estimates from initial consultations, I should recieve about $440/month for the next three years on these 5 accounts. Granted I'm not getting rich off this but if you sign 4 or 5 per month - you can build a very nice residual income.

The issue of the monthly fee seems to really bother some and truth be told I wasn't so wild about it myself. Supposedly it goes to support the CRM (which is FANTASTIC), training, materials etc. While I think the company should bear this cost, I was willing to take the initial chance and add this product to the list of services I provide.

So far I'm happy with their product, the support they have provided and the projected income to follow. Will know more about that by end of March. Good luck to you and God Bless.

To GodisGood: Great input. It will be interesting to see if projections equal reality; check back in around early April to let us know. Something tells me you'll be honest no matter which way it goes.

PLEASE READ! IT MAY SAVE YOU FROM MAKING A BIG MISTAKE!
David Toney's last Pyramid scheme went Chapter 7 last June "KV Marketing", and don't be fooled by another attempt by this individual to scam merchants with the same business model company only now your "MAUI Certified" or David Certified." I know the industry well, and we have tested his system, example: "$10, 400 in CC sales, $204.54 in fees, 130 trans $80.00 avg. ticket (no questions about debit cards, rewards, corp. cards, swiped vs key entered etc.) and they recommended Rate Lock Plus at a one time set up fee of $99.00! What a Bargain!" This was formulated as a response on "The Greensheet" (www.greensheet.com), the Official Industry Expert's forum, when this topic was brought up yesterday, and shows that his program ABSOLUTELY was NOT written with the appropriate criteria. Everything relies on the type of card and type of transaction, and he missed the boat on both of those key factors, so it DOESN'T ACTUALLY WORK CORRECTLY AT ALL!
If you are an Agent or ISO of this company, am I correct in assuming you don't have much industry experience? If so, I will guess it is as an "Account Executive" or something where you don't understand the Processing Industry. If you did, you would create your own proposals, and create residuals based off of interchange like the rest of us. Any Processor and ISO will show you how to save a business money, so you can reduce a merchants bill and put the money where it belongs- BACK IN THE MERCHANTS POCKET! Don't let David fool you into believing he is a part of the Payment Industry or has any merit within. His company is not recognized by ANY NOT-FOR-PROFIT ASSOCIATIONS that make up our industry meaning that this "Good Guy" is only Certified by HIMSELF. There is no MAUI. Those are just merchants that he has made a savings proposal for, and instead of putting the money back into the business, HE KEEPS IT! And the Registered ISO that actually own's the account will be stuck paying the fee's to the Association for being Registered, incur all costs associated with having and maintaining a merchant portfolio, but NOW David Toney is taking the profits you are supposed to make for doing the job. What he has done is decide that he doesn't want to endure all the work that goes into an account. He instead is showing merchants how to reduce the bill (like ALL Merchant Services Salespeople do at an appointment)and(just like ALL the other Millions of telemarketing calls you get for Merchant Services where they offer to do the same), except he is extracting the profits for himself and his company, meanwhile ALL he did was screw the merchant out of the savings and offered to do NONE of the work that a competitor would then be doing, if a merchant switched to them to save money.
David is completely scamming merchants by marketing a "watch out for the bad guys" scheme that is only created by him. Sure there are horror stories in this industry, as in any industry, but that is why you should due your due diligence into the Credit Card Processing Company you choose to partner with in business. NOT by letting a scam like MAUI into your business. If this was a Merchant Movement that was Not for Profit and backed by the appropriate industry Associations made up of random industry expert boards (examples are the: NEAA, SEAA, ETA, and about 3 or 4 more including Canada (ETA is the big one). And if you are a merchant and do decide to invite MAUI Certification into your business, don't be surprised if the company they put you with is a nobody in this industry, and you have nothing but problems with them because remember they don't make the money anymore, instead MAUI is paid EVERY MONTH for showing you the same savings that ANY competitor would offer to show you except here's the BIG DIFFERENCE- The money goes to the Merchant's business usually, NOT David Toney's, who has NOTHING more to do with the account after he underbid's the account, but offered NO OTHER FORM OF WORK on the Processing Account he just analyzed. So you pay him every month because he lowered the price? ANY SALES PERSON WILL GIVE YOU THIS WITH NO STRINGS ATTACHED IN THE HOPES THAT THEY MAY EARN YOUR BUSINESS THE HONEST WAY- By doing your processing and customer service! The rate reduction is to save the merchant money, not to just shift it to a 3rd party bank account! It is ridiculous and PLEASE DON'T FALL FOR THIS!

Above I stated KV "Marketing" instead of "Management". Typo, sorry.

Thanks to the gentlemen who let us know about the relationship between KV Management and The Interchange Brokers. KV Management did not only file Chap 7 Bankrupt, but also being investigated by the B.E.B for hundreds of bad CC Charges!
Please see complaint from /link removed/ under KV Management

To infofiend: Great posting with lots of sound advice. When I first began posting here it was to warn would-be ISO's to NEVER pay the monthly fee IBC and KVM were charging agents so I was approaching it from a sales agent's point of view. You're approaching it from the merchant's point of view which is fine because if it's no good for the merchant it's no good for the sales agent. I think IBC and KV Management were separate entities but still working together; they both sang the same song, same marketing plan, same fees, same scam.

Please allow me to clear up a few points that seem to be causing some confusion here.

1) We are not, nor never will be a MLM organization.
2) I, David Toney am not in any way an owner of KV Management, nor ever have been.
3) The only relationship that The Interchange Brokerage Company and KV Management had was that KV Management was a master agent for the services we provide, meaning they have full control over their own agents, how they handled their business and the costs they chose to charge.

Additionally here are the timelines related to KV Management and The Interchange Brokerage Company so everyone is aware:
- Master Agent Agreement was signed on 12/2009
- Deals from KV Management begin filtering through on 2/2010
- By 6/2010 KV Management had stopped paying their agents
- By 7/2010 The Interchange Brokerage company terminated their master agent status after hearing about their bankruptcy filing
- July & August The Interchange Brokerage Company began contacting former KV Management Agents and began paying them directly for business written July 2010. We are still paying these agents today and will continue to do so

The Interchange Brokerage Company does charge agents, we are not a scam. We’ve been around for a number of years and have saved merchants close to $6 Million in fees of which the sales agent gets their contractual revenue share.

Take a look at our websites, read our testimonials, contact us directly if you’d like to speak with us further as we have nothing at all to hide about how we do business.

David Toney

Again folks, if a company charges you to work with them as an independent sales agent something's off. If IBC has 600 agents and charges each agent $50/month then IBC makes $30k/mo - FOR DOING ABSOLUTELY NOTHING FOR THE AGENT OR THE MERCHANT. This is a common characteristic of any MLM company; charge the sales agents ongoing fees so that the head of the company (ie: TOP OF THE PYRAMID) makes money whether the service/product sells or it doesn't. New agents that "join" are placed under more established agents creating "up-lines" and "down-lines" which are of course MLM terms. Yet they claim they're not MLM.

Ok, so I have been an agent for IBC since October. I have paid $221 in fees (they waited until I put my first contract through to actually charge me the $55/month). I have already turned a profit for them, plus my income is just starting to grow. For me, it's been a good deal. Plus, my clients are happy with their savings which they have already seen on their interchange fees! I guess a win-win in my book. As for MLM, I also sale for two large direct/home party sales companies. Both of them charged me a $99 fee to sign up and a $10 fee per month to have a website. Not only does IBC offer that, but they also provide plenty of training and unlimited access to a regional sales representative to go to for guidance, plus you can search for leads in their system. As for the history of the company, honestly I don't know much more than beyond what I've read here. So far, so good!

Ok i just wasted an hour of my life letting someone tell me all the reasons I shouldn't pay for a product. has anyone gotten that yet? We PAY FOR A PRODUCT! ( I am a rep for IBC making money feeding family etc.)Someone had to make the backoffice. Someone had to make the sales tool. (Which is really well structured by the way) Someone has to pay for space on a server. My mentor needs to get paid. And heres the big one folks...WE LIVE IN AMERICA. We are a free enterprise society. Everything we believe in and has worked for us as a nation revolves around this one single truth. EVERYONE has a right to make a profit. Shame on you mister plastics man. How many people do you underpay in order to get your product to market? Do you charge more for the product than it costs you to produce? Does ALL of the remaining profit go to you? You should apologize to everyone on this site. You sir are the one who has been misleading here. Shame on you sir. Now to the guy who started this whole mess in the first place. ALL 1099 salespeople pay to play. I have been a sales pro for many years. I have ALWAYS paid an office fee. Ask any real estate agent you have ever met. Did your wife get her hair done this month? If so the stylist who cut it pays a chair fee EVERY MONTH! The person who provides that chair makes...guess what...A PROFIT! As far as I'm concernedyou are all a bunch of Canadianized socialists who need to go back to basic econ class. NOW SHUT UP!

One more thing I need to add. the reason you don't see many postings from successful agents is because by the time we start to make money and provide a good service this conversation fades into obscurity. It becomes a thing of the past. For the most part it becomes irrelivant. The reason you don't hear from agents who tried and failed is because people don't usually post for the whole world, their personal failures. So heres the deal. If you want to contact me feel free. [protected]. Now before you call, understand something. I WILL pitch my product to you. If you don't own a business I WILL try to recruit you either as an agent undr me or as a lead partner. Wanna know why? Because I AM A SALESMAN!

One thing remains constant: NOBODY that has done this for any significant amount of time (a year) has ever posted a comment saying that they're glad they got involved. Want to know why? NOBODY'S DONE IT A YEAR BECAUSE THEY AREN'T MAKING ANY MONEY!
Guaranteed that the guy above will fall into the same category. Hey, some folks have to learn the hard way...

Okay - so, a couple of posts in here intrigued me. Many are just plain CRAP!
What ever happened to "GodisGood" - who started for IBC in Feb of 2011? How about an update? How about "MikeS147"? Both gonna be 1x posters only? "One's & DONE's"? Sure wish we could here some CREDIBLE, VERIFIABLE updates from each of those. - Oh well.
Also - some of the disparagement turned out completely unfounded, and nothing more than excess personal vitriol. Dom5 - you seemed to have some pretty salient information going, but lost credibility (and "steam" it seems) with your absolutely intractable inference(s) - (that turned out to be FALSE) that KV Management & IBC were one in the same. They clearly are (were) not! So... Nothing more now (from either side) since May? IBC still (at least seems) to be going strong. Maybe they ARE for real/legit? Whose time is telling who? - How about an update? Dom? ...GisG? ...Mike? ...ANYBODY?

Sorry to not get back to you sooner and thanks to Inquisitive1 for reminding me to repost. Here's the update on my experience with IBC. First things first - This is NOT a scam. This is a real company that saves money for companies and pays real commissions. The bad news is the savings and ultimately my commissions were not what I anticipated. They came up short of projection but I still made more than 5x my monthly fee to IBC. I receive those checks for the next 3 years.

The truth is that you need to sign up clients with mulitple locations or $1, ooo, ooo or more in merchant services business to make any real money. Next, the Frank - Dodd act has really been good for business and is helping sign more companies to this service.

Finally - I do recommend this service to supplement your existing line of business (as it does for me). It is a good intro product for my line of work and it provides real savings for clients. Your just not going to get rich doing it.

Best of luck to you all and God Bless!

Thank you so much for your update, GodisGood. IBC during their "sales-pitch" phase, sure does make it sound like in no time, you'll absolutely be just "rollin' in the dough". Now, I know that NOTHING is just as easy as that, and am not that gullible. However, all the cries of absolute fraud and illegitimacy did not seem to jibe with my due diligence completely, necessarily either. So - Anyone else have any further insight(s)? Maybe someone else who HAS been in this for something more than a full year, who can also reply and let us know their EXPERIENCE?

I have been with the company since its inception and do not reap the rewards of the monthly agent fees and have been able to support my wife and son for the past 4 plus years. This company is definitely NOT a scam. It is not a get rich quick process either. You get out of it, what you put into it and can make a very nice income.

This business requires the classic professional sales funnel and constant vigilance to ensure continued cash flow. You need small and mid sized prospects to keep the mortgage/rent, car payments, light bill, etc. paid. These tend to close quicker, although not always. You need mid sized to large prospects to provide for retirement, health benefits, and other longer time financial needs. These tend to take a little longer to close, again although not always. Finally, you need some elephants or whales in the funnel. These are the ones that when they come to fruition, you take that vacation you have dreamed of, like we did; 28 days in France last year.

So, if you think you are going to join IBC and get rich quick without a lot of effort or miracle connections, think again. However, if you want to enter into a business that is legitimate, provides your clients honest savings from honest effort, and are willing to put in the time and effort you can make a good to great income.

The complaint sounds like someone who did not get out of IBC what they expected and that is unfortunate. Anyone I speak to about this business I am sure to let them know the business model is simple, however the effort is not. Whether I am speaking to a prospective client or prospective agent. We work hard for our clients and the agents have to work hard for their clients. Simple as that. There is no get rich quick, money tree, or income without effort and sacrifice. Anyone who believes that today is definitely deluding themselves. This business has never been promoted as that and is NOT an MLM.

I have not posted in quite a while so I thought I would just give a quick update. Truthfully over the last 3 months or so I have only dabbled in IBC. I need to knuckle down and get back to working hard but life is just noty going that way right now. I have only signed up 2 new customers over the last 3 months and only increased my monthly residual by $900 so things are a bit slow right now. But hey I ask you this question. Have any of you gotten a $10, 000 a year raise yet this year? If this is how one gets scammed then PLEASE PLEASE PLEASE scam me!

In what way was my post irresponsible icu2? I am honestly puzzled by your assessment.

Thanks for clarifying that for me olisbos. No I am not the Original Poster.

Glad to see some genuinely helpful comments here. To the one fellow who said I wrote KV Mgmt and IBC were one in the same, I may have written that but on a later post corrected that by writing that they were SEPARATE entities who both OPERATED in the same way. Mr Toney (of IBC) himself verified that KVM was a master agent of IBC. It would follow that they indeed operated in the same exact way regarding both their business plan and agent plan.

My contention all along has been that this is not a good program for sales agents and that being charged $55/month (or whatever the fee is currently) to work FOR ANY organization is a rip-off. All this talk about "someone has to pay for back-office support" is nothing more than a diversion from that fact. The person that should be paying for websites and back-office support IS THE OWNER HIMSELF, NOT THE AGENTS WHO WORK ON STRAIGHT COMMISSION!.

I feel a reasonable conclusion is that the overwhelming majority of agents that get into this program quickly find that it sounds good but yields very little income and smartly drop out. Mr "FreeEnterprise" claims he has done very well and thus far is the only person who has made this claim. Nobody knows this individual and he/she doesn't even use a real name. If what he/she says is true it would appear he/she is the lone exception. I stand behind my contention about IBC not being a good program for agents. Like I've said before folks, if they have 600 agents paying 'em $55/month they're getting $33k/month for DOING ALMOST NOTHING. The only guy that this is a good program for is the owner of IBC.

You certainly have the right to an opinion dom5. Heres the problem though. You have a negative opinion about something you have no experience in. That in and of itself strikes me as suspect.

To: FreeEntAmerican: The original complaint (April, 2010) was about the business model, a complaint I agree with. IBC charges 600 agents $55/month for the honor of selling their Rate Lock program. That's over $30k.month the owner of IBC is collecting from agents for doing close to nothing. In my view THAT'S suspect.