OmegaFi

TGTKPinkWhalepq · #1 04-12-2011, 06:53 AM

Does anyone know what percentage their commission is?

I've seen 30% and I've seen 10%. 10% is easy to swallow but 30

is not feasible. I'm sure it depends on services offered, but I'd like to know if anyone here can help me out.

My chapter just expelled several members for outstanding debt (over 60 days, though a few were long past that) and we are considering OmegaFi as a means to ensure we have better collection from former and current mems.

AGDee · #2 04-12-2011, 07:01 AM

Your best bet is to talk with one of their representatives because it varies by chapter size, services offered, etc. I've not seen it as high as 30% but we (Alpha Gam) have a contract with them for all of our chapters.

TGTKPinkWhalepq · #3 04-12-2011, 07:49 AM

I filled a contact form out earlier when I was browsing their site. I'm getting mixed feelings about no automated response but maybe that's just impatience on my part.

Kevin · #4 04-12-2011, 10:18 AM

I haven't been a treasurer since sometime around 2001. That said, IIRC, their commission was based on a formula. The more the chapter was paying through Omega Fi, the lower the percentage was.

If you can afford it, it's a very good deal. Treasurers already have a lot of stuff to deal with. Actually getting people to pay dues on time and in full is a lot to ask from someone who is usually trying to focus on school, fraternity, etc.

About a decade ago, when I was using Omega Fi, we went from a horrible collection rate to over 100% (which is possible when people prepay a semester's dues). Again, I highly recommend those folks. There are other dues collection services out there, but none really compare.

33girl · #5 04-12-2011, 11:10 AM

Quote:

Originally Posted by Kevin

I haven't been a treasurer since sometime around 2001. That said, IIRC, their commission was based on a formula. The more the chapter was paying through Omega Fi, the lower the percentage was.

So in other words, the smaller chapters - who, it can be argued, need this service even more since their members likely have multiple offices and since they have less $ to work with - have to pay more, while large chapters pay less?

That's not really fair. If they don't want to work with smaller chapters, then they should just say they need a minimum of x members to take on the account, not gouge people.

TGTKPinkWhalepq · #6 04-12-2011, 11:16 AM

We were in a bad situation at the beginning of the semester because the VP Finance that we elected last November didn't make grades and we had to find someone else.

Thankfully the new VPF learned to use quickbooks recently and even discovered we have $8,000+ in accounts recievable from ex-members and alumni over the past 6-8 years. I know we'll be lucky to see any of that but we just expelled four members who owed ~$1,500, and we can't afford to let that disappear.

Plus current members not over the debt limit like waiting til the last day to pay, and that amount will vary between $1000-$2000 at any given time until the end of the month. Our current size is now 26, with 4 more graduating this semester and we're paying HQ insurance for 30 members this fall and next spring.

Just trying to give the summary of our situation. Hopefully our chapter collection rate will follow the same path ya'll's did. I'm President right now and just helping our VPF squeeze pockets and pay bills is turning my hair grey!

TGTKPinkWhalepq · #7 04-12-2011, 11:17 AM

Quote:

Originally Posted by 33girl

So in other words, the smaller chapters - who, it can be argued, need this service even more since their members likely have multiple offices and since they have less $ to work with - have to pay more, while large chapters pay less?

That's not really fair. If they don't want to work with smaller chapters, then they should just say they need a minimum of x members to take on the account, not gouge people.

Oh dear, well this could bode ill for us then.

DeltaBetaBaby · #8 04-12-2011, 11:21 AM

Quote:

Originally Posted by 33girl

So in other words, the smaller chapters - who, it can be argued, need this service even more since their members likely have multiple offices and since they have less $ to work with - have to pay more, while large chapters pay less?

That's not really fair. If they don't want to work with smaller chapters, then they should just say they need a minimum of x members to take on the account, not gouge people.

It's not gouging, it's a business model. The chapter can just say no. Alternatively, the chapter can ask their HQ to negotiate better terms across the org.

33girl · #9 04-12-2011, 11:27 AM

Quote:

Originally Posted by DeltaBetaBaby

It's not gouging, it's a business model. The chapter can just say no. Alternatively, the chapter can ask their HQ to negotiate better terms across the org.

That's what I was going to ask/hope most HQs would do. TGTKPinkWhalepq - I would check and see if your HQ has done this.

Kevin · #10 04-12-2011, 11:31 AM

Quote:

Originally Posted by 33girl

So in other words, the smaller chapters - who, it can be argued, need this service even more since their members likely have multiple offices and since they have less $ to work with - have to pay more, while large chapters pay less?

That's not really fair. If they don't want to work with smaller chapters, then they should just say they need a minimum of x members to take on the account, not gouge people.

This is probably because (and this is speculation, but it seems reasonable) there are certain fixed costs associated with servicing each account, so smaller chapters aren't going to be as profitable, therefore, they'll pay more.

Also, with larger chapters, when we're talking about funneling hundreds of thousands through Omega Fi rather than tens of thousands, there's a lot more money to be made.

Omega Fi does a very good job, when I was using them about a decade ago, our chapter was very small, less than 20. We're a lot larger now, but it was a good deal then and it's a good deal now.

TGTKPinkWhalepq · #11 04-12-2011, 12:00 PM

33 Our HQ does recommend using OmegaFi. I'm not sure how much pull they have with them. I just got a response from one of their reps and will be gathering the necessary details for her today. We have to get this ok'd by our Alumni Board and simple majority of the chapter too.

Also in Bylaws Committee we are proposing an increase in dues as well. If I never post again after next Sunday the chapter may have resorted to mob violence.

Kevin, what kind of action did your chapter take to improve in numbers? We are training our Recruitment Committee this month with some Phired Up reps that the school paid for and some Alum are helping us with a freshman scholarship program

knight_shadow · #12 04-12-2011, 12:02 PM

Quote:

Originally Posted by TGTKPinkWhalepq

If I never post again after next Sunday the chapter may have resorted to mob violence.

I like this person

AnotherKD · #13 04-12-2011, 12:05 PM

Quote:

Originally Posted by TGTKPinkWhalepq

We were in a bad situation at the beginning of the semester because the VP Finance that we elected last November didn't make grades and we had to find someone else.

Total side note- this happened when I was a freshman. The Treasurer didn't make grades, and I am 99% sure that she was told she was still in the sorority and still had her duties to perform, it's just that she couldn't do any of the actual "fun" stuff, including basically anything else that dealt with the sorority, for the rest of the semester. I'm sure you can all guess what her reply was.

DeltaBetaBaby · #14 04-12-2011, 12:52 PM

Not to say you don't need a dues increase, but have you looked at doing payment plans that reward early payments/punish later payments? For example, if you pay the whole semester up-front, you pay $1500/semester, but if you don't pay up-front, you pay $400/month for 4 months.

I'm always amazed to see "payment plans" that really just let people spread their dues out over a bunch of payments but don't give anyone a reason to pay up front. I certainly understand working with women who hit a one-time financial bump, but letting everyone pay late with no consequences is a problem.

victoriana · #15 04-12-2011, 01:10 PM

Quote:

Originally Posted by DeltaBetaBaby

I'm always amazed to see "payment plans" that really just let people spread their dues out over a bunch of payments but don't give anyone a reason to pay up front. I certainly understand working with women who hit a one-time financial bump, but letting everyone pay late with no consequences is a problem.

I fully agree with this. My chapter actually has a bylaw stating that payment plans may only be granted to "x" number of girls per semester. We do give people time to pay dues, though. They just have to be paid by the second business meeting of the semester. If a member doesn't pay dues, they go into financial poor standing, which means no fun stuff. If a member is in poor standing for two semesters in a row their membership can be brought up. This system works well for us. There are ways to make exceptions for women with extenuating circumstance, but it's not so lenient that we have a problem with everyone paying dues late.