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CB Collection Agencies Review of The Interchange Brokerage Company
The Interchange Brokerage Company

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

J
Author of the review
1:57 pm EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

BEAWARE! Avoid at all cost! I have seen this type of business set up before and it's not worth your time unless you like to have your credit card charged $55 dollars every month. I feel sorry for the people you fall for this busness model. They will learn sooner or later. It is stacked against you! No Savings-No cost-No risk! Do the math for yourself and you will see who really benefits from this and it will not be you. One last thing. Don't let the A- BBB rating full you. Its a new buisness. Give it time and see what happens.

Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

88 comments
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word9925
San Jose, US
May 17, 2010 5:19 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Are you sure you are not Dave Toney? Very interesting how you have responded to each posting! In all my postings about IBC it has been about one thing and one thing only THE BUSINESS MODEL and how it is stacked against people who work for them (or should I say you Dave) but you always try and down play it and build up how wonderful IBC is and how strong IBC is and how they could never go out of business! I guess that is why IBC charges a fee to all there independent contractors to work for them. Once again please Just GOOGLE THE BUSINESS MODEL before making a decision to go with IBC and you will see why they all say to be very careful of this business set up. To be honest this really sounds like another MLM (multi-level marketing business) it's just sold to the people in a different way!

Well Dave or who ever you are this is the end of my postings as I think people who ever read this will understand my point. I am very happy that I didn't go with IBC and I did found another job as an independent contractor! AND guess what! I never had to give out my credit card and pay a fee before I even started working for them. To be honest, even when I was being interviewed by my new company they asked what other opportunities am I looking at and when I told them about IBC they laughed at how IBC wanted me to pay them to work as an independent contractor... Looking back at it! It’s kind of laughable that I would pay somebody to work for them! Well that is all and I am sure you want the last word so say what ever you want but my point is made! Good luck! And Godspeed!

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ntruong-returns2
, US
May 17, 2010 11:31 am EDT

Well, at least we're speaking to each other like civilized people now.

We can't just get rid of The Interchange because that's how Visa/MasterCard makes their money. If we get rid of the Interchange, we get rid of Visa/MasterCard. Merchants' beef isn't that they are paying Interchange fees, it is that these fees are increasing at a very fast rate, with no one to regulate how high they can go. Thus, businesses are requesting that they have a say in the negotiations to reign down these costs.

The passing of such legislation would not hinder IBC's services because the Interchange rules and rates will still be modified throughout the year, every year, and merchants will still need someone to monitor and make sure that what the are BEING charged matches with what they SHOULD be charged. Their credit card processing company does not have the incentive to provide this service because the Interchange fees are not a revenue stream for these companies (these fees go to Visa/MasterCard).

An opportunity is an opportunity. If you are afraid of the $55 monthly fee, then by all means pass. If you sign up and acquire one or two small accounts your first month (many agents sign up one or two a day if not more), you would have built enough residual income to cover this monthly fee, so going into your second month, you're essentially paying nothing.

My old college roommate is now and independent insurance agent. He had to put out over $7000 of his own money to become an agent and open his office. He now makes well over $250K per year. I didn't take advantage of this opportunity because I didn't have $7000 to invest in becoming an agent, so I passed. Does this make the insurance industry a bad deal? No... it just wasn't for me. The same goes for the $55 per month. If this is not something that you can afford or are willing to pay each month, then you don't have to. I have never pressured anyone to join our business. It is what it is, and what you make of this opportunity is your choice.

Hope that addresses everything, and I hope you found an opportunity that fit your needs and makes you happy!

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word9925
San Jose, US
May 16, 2010 10:41 pm EDT
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Why am I not surprise that you would write a long response back explaining how everything I say about IBC is wrong! Hopefully who ever reads this will see my point!

Listen! If Interchange Brokerage is saving merchant’s money (my hat goes off to them) and that’s great. BUT! AND HERE IS MY POINT FROM MY FIRST POSTING is that the business model they are using is stacked against the Independent contractors that have to join IBC and pay a fee every month! The business model does not work for you and will hardly benefit you who will be selling IBC services! That is why I say BEWARE and AVOID AT ALL COST!

If you are reading this and are looking into giving IBC your credit card information just remember there are many independent contractors jobs out there were they will not ask for your credit card number and charge it every month to work for them. If you question my posting please go and Google business types like this and it will direct you to mainstream network sites that have done reports on why to be aware of business models who ask for your money upfront! Make your own judgment on IBC put if I was you I would just spend your monthly fees to join IBC on yourself and your family!

One last thing that I have to mention! It is very interesting to me that IBC will not just have a petition to STOP overcharged fees to Merchants. I wonder why? Could it be that if a bill is pasted in Washington DC regarding stopping overcharged fees and stronger monitoring of them would hurt IBC and maybe put them out of business? That will explain why IBC has only one petition to only allow a party to sit inside for the merchant behalf! Just a thought!

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ntruong-returns
, US
May 14, 2010 2:55 pm EDT

"BEWARE! Avoid at all costs!" - your words. Why? What should I beware of? What am I avoiding? IBC going out of business? Are you serious? If you had paid attention to the training on the Rate Lock service during your tenure with IBC, you would have seen that they are not eliminating the interchange fees, we are OPTIMIZING them.

Credit card processors have no incentive to go through a merchant's monthly statement to eliminate/modify itemized interchange fees to reflect the current active set of rules and regulations as set by the banks that have an ownership stake in Visa/MasterCard. EVEN IF the processing company optimized the interchange rates when the merchant signed on, these rates change twice a year, and no credit card processing company is going to put out the time and manpower to modify these fees on behalf of the merchants.

Result? The merchant's "optimized" interchange fees are suddenly no longer optimized and that's where IBC can help. If you've read the current petitions to Congress, you should also know that these petitions are only to promote legislation allowing a party representing merchants to participate in the bi-annual negotiations to change the Interchange rules and fees. If/when this sort of legislation passes, IBC will still have a market because these fees will STILL change at least twice a year, and no credit card processor will hire the manpower to modify them on the merchant's behalf.

Did you also know that IBC actively encourages the merchants they help to SIGN the petitions Congress? Check out www.stophiddenfees.com to see the list of merchants they've help to educate about the state of the Interchange.

Besides, as a KV Management agent, our main source of revenue is small business loans anyhow (not IBC). IBC is one of our partners, and I just happen not to like seeing erroneous "complaints" on a reputable company who is trying to make the world a better place (YES they're out to make a buck, but show me a for-profit company that isn't!)

Last, in my previous comment, I stated that I had worked many scam jobs in the past (as in "I was suckered into it"), allowing me the unique experience of knowing how to SPOT a scam from a mile away. In no way were ANY of these unscrupulous companies associated in ANY way with IBC. Your "guilty by association" charge is not only silly, it shows you don't read very well.

I HOPE this goes up on the Google charts, then people can see for themselves what a good service IBC is offering for American Merchants, and what a silly person you are.

Good luck to you!

Good luck to you too.

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word9925
San Jose, US
May 13, 2010 12:56 pm EDT
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Where does it say anything in my posting that I said it's a SCAM? Sounds like all of you are jumping to conclusions already. Good for you! Maybe you will see it's not worth your time to work for IBC. PEOPLE LISTEN UP! JUST BREAK DOWN THE BUSINESS MODEL! ASK THE RIGHT QUESTIONS AND IF YOU DON"T GET A STRAIGHT FORWARD ANSWER WALK AWAY! YOU WILL SEE WHAT I MEAN!

OVER ALL! If you really want to make a BIG change with the merchant fees and if you are a small business owner then I suggest contacting your Senators or Congressperson. They will fight for you in Washington DC. My only thinking is if they should succeed and fix the fees issues. Then what does that mean to Interchange Brokerage Company? Seems to me they would go out of business! DO you think they really want that? $55 dollars per rep, $69 upfront fees, and 50% of the recovery all adds up.

ALSO ONE LAST THING! If you are the marketing arm of IBC (posting above) why the hell would you be responding the way you did to a small little posting on complaint board. Not professional at all. Russia Mafia? What? Plus you stated that you have worked so many business scams in the past. REALLY? Why would you want to state that and let people know that IBC marketing Arm worked around scams before? You ever heard of guilty by association? Your credibility is lost! If you are the Marketing arm of IBC then its more of a reason to not work for an unprofessional organization like you. PLUS! You should now as a marketing person that more attention and posting on this site will move it up to the top of Google search which in return will pop up when you Google IBC website! It’s a complaint board website! There is no slander here only complaints and helping people be aware of situations! I would think somebody who is the marketing arm of IBC would be responding to bigger issues then a small 8 sentence posting. Just a point and good luck to you!

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ntruong
, US
May 12, 2010 6:39 pm EDT

Oh geez. Okay. If you're going to slander an organization, please, please, please back it up with hard evidence. Did they hijack your bank account? Did they sell your identity to the Russian Mafia? What did they do?

I am an agent with KV Management (the marketing arm of IBC) and please, go tell one of our large clients, who are seeing thousands of dollars in savings per month on THEIR merchant credit card statements (numbers don't lie), that we are scamming them and how we are doing it. Please.

I have worked so many business scams in the past, I cannot even tell you. KV Management has been a lifesaver to me. I work 7 days a week, and I am blessed every day, because this is a REAL opportunity. I've even set up a blog to help show people looking for an opportunity how to tell the difference between an opportunity and a scam. Please check it out: http://www.kvmcareer.com

Not every opportunity is the right opportunity for everyone. But if you can't back up your slander, then it just makes you look like a fool.

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jmn494
New York, US
May 08, 2010 11:24 am EDT

First of all, Jessica I noticed you joined this group about a week ago. The message you are giving is that this company is a scam. What is your personal history with them? Why have you said what you said? I am actually involved with Interchange and I have found them to be quite reputable. There is a weekly conference every week and we actually discuss the business model and what is happening. I doubt very much you put any effort, if in fact, you joined this company. It is better to have a personal experience to share with the public so you can warn us as to why there is a problem. Of course, just saying a company is a scam doesn't help anyone now does it?

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O0MEOWMIX0O
seattle, US
Apr 30, 2010 4:05 pm EDT

I strongly disagee with your opinion and think ICB is a godsend.

I once worked for a credit card processor who I met the interchange brokearge company through and they were able to make a HUGE difference for the customer simply by changing things with their CURRENT processor. How is this a scam? They are consultants who review merchant statements so that the customer gets the BEST deal. the ONLY ones who are not happy with their arrival on the scene are PROCESSORS who are price gouging. Maybe you could explain WHY you feel that its a scam rather than try to discredit the only company who is giving merchants options.

They have saved over three million for their customers already? http://www.stophiddenfees.com/ look for yourself