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Our Service Makes the Difference
What are the benefits of your service being Internet-based? What charges can be billed on your system? How will I know who has paid and how much? What if somebody has a question about his or her bill? Who has access to our chapter's information? Can a member view their individual account online? Our chapter owes a lot of money to our headquarters. Can you help us with that? Everything is going good right now; collections are good, I'm not sure it makes sense for us to implement your service. Can your service ensure that things continue to keep going well? How can you make the treasurer's job easier? How can I tell my Executive Board or Alumni Board about the benefits of your service? Right now, we work with an accountant for our payables, and we provide them our receivable information, can you still do that for us? Can I enter information on members' accounts or charge them for fines? How is your service different from Quicken or Quickbooks? Can you provide me with monthly reports on my chapter and members? How user friendly is your system? Collection Process How easy is it to understand your statements? Does each member have to sign a contract with Omega? If a member has a past due balance but has not signed a contract, can you turn him over to collections? What makes your service so effective at improving collections for chapters? How do you age member and alumni balances? Can I send bills to the member and to the member's parents? How often do you send a bill? How do members pay their bills? Funds Transfer How do I receive our chapter's money, and can it go into different accounts? Do you "front" money to us? When you transfer money to our account are we charged for that as well? Collection Performance Does Omega guarantee its service results? Is my chapter "locked-in" to a binding contract? What is the success rate of your service? How quickly can you get my chapter's collections turned around? Cost How does Omega get paid? What variables will affect the rate we are being charged? Will your service be cost effective for our chapter? Chapter Account Setup What are your setup fees? Can Omega download/convert member information from a software package such as Microsoft Excel? Can I put just those people that owe past due balances on the service? Can I put just my in-house or out-of-house members on the service? When can I setup my chapter on the service? Do you sell or provide member information to other companies? When talking to my chapter, a large group feel as though it is the responsibility of the treasurer and the chapter to handle their finances. What do you think? Will you provide a list of your current clients? What do you need from my chapter to setup our account? Our Service Makes the Difference What are the benefits of your service being Internet-based? There are many benefits to an Internet-based service. For example, you have the opportunity to access your account anytime, day or night. This gives you the ability to work within our system when it is convenient to your schedule. Your members are afforded the benefits of being able to view their account history or pay their bill online anytime. What charges can be billed on your system? Any charges that your members incur can be billed on our system. As a matter of fact, to provide consistency to the billing process, we recommend that you bill for all of your member-based fees through our service. This eliminates multiple ways in which your members receive and pay bills for dues, rent, social fees, special assessments, etc. How will I know who has paid and how much? Omega's Internet interface, the Chapter DeskTop™, gives complete access to all account activity. A variety of customizable reports are available to quickly provide the exact information you need - when you need it. What if somebody has a question about his or her bill? A member may contact an Omega Customer Service Representative toll-free during business hours. They may also e-mail Customer Service at any time and expect a prompt response within one business day. We also provide chapter contact information on each statement. Who has access to our chapter's information? Omega provides varying levels of access to your chapter's information. Typically, the Treasurer and/or President will be granted "Administrator" access to the Chapter DeskTop™. There are three other levels of access that can be granted: "Poweruser", "User", and "Guest." These can be used to keep abreast of the chapter's financial status, but have varying abilities to edit or update information. The chapter administrator controls who has access to view and edit information on the Chapter DeskTop™ and access is password protected at any level. Can a member view their individual account online? Yes. Omega's system also features an interface designed specifically for members called Member Access Plus. Member Access Plus provides chapter members the ability to view their account online and pay their bill with credit card, e-check or sign up for AutoPay to have funds automatically drafted from a bank account or charged to a credit card. In addition, Member Access Plus includes an interactive chapter calendar that is available to all members who can sign up to receive email notifications when events are added or changed. A payment trends graph is displayed, giving members a quick view of their on-time payment history. The chapter's member contract can be signed on-line with Omega’s Digital Signature system. All of these features are designed to make it easy for members to view, update, pay, get informed and stay informed. Our chapter owes a lot of money to our headquarters. Can you help us with that? With your authorization, we can deposit a portion of funds collected to your national headquarters in order to service the chapter's debt. You establish the debt reduction plan with your headquarters and then we will implement it. Everything is going good right now; collections are good, I'm not sure it makes sense for us to implement your service. Can your service ensure that things continue to keep going well? One of the many benefits of our service is the consistency that we provide. If your collection rate is already high, establishing our service will provide just the tool you need to keep accurate records and manage the billing system established to keep it that way. Omega facilitates smoother treasurer transitions and provides the tools and support that ensure continued financial success. How can you make the treasurer's job easier? Omega allows the treasurer to concentrate on budgeting rather than spending all of his time collecting. We separate brotherhood from finances, which keeps the treasurer from being painted as the "bad guy". The Chapter DeskTop™ is an invaluable tool that allows for the maintenance of accurate member records and provides reporting to help keep the treasurer's time spent on bookkeeping to a minimum. How can I tell my Executive Board or Alumni Board about the benefits of your service? We can provide you with information to distribute to officers, alumni, or other involved parties to help educate them about our service and how we will benefit your chapter. We can also arrange a Webinar or conference call with one of our Chapter Services Representatives to provide a tour and/or question and answer period at a time convenient for you. Right now, we work with an accountant for our payables and we provide them our receivable information, can you still do that for us? Certainly. We work with many of our chapters' CPA's who have access to the chapter information online as well as monthly Accounts Receivable reports. We also offer a payables service, Bill Pay Express. For an additional small monthly fee, your chapter can enjoy a comprehensive online receivables and payables solution. Can I enter information on members' accounts or charge them for fines? Yes. Through the Chapter DeskTop™, member information may be updated and credits or charges issued. Charges can be assessed on an individual member basis or to a group of members using only a few simple mouse clicks. How is your service different from Quicken or Quickbooks? Omega's accounts receivable service provides invaluable back-office support in preparing and mailing statements, automated e-mail statement notifications to members and parents, Account Manager support for training during officer transition and so much more. Quicken and Quickbooks are certainly good bookkeeping tools; however, the problems inherent with ever-changing chapter leadership and limited time available to undergraduate officers and volunteer alumni cannot be solved with a software package. It is the ongoing consistency and support that Omega provides which sets our service apart. Can you provide me with monthly reports on my chapter and members? Reporting is always available via the Chapter DeskTop™. You can create custom reporting online and pull reports between date parameters established by you. In addition, we provide an e-mailed Term Review report at the end of each term that summarizes the previous term's activity and can be sent to officers and any involved alumni. How user friendly is your system? We have designed all of our Internet interfaces with our customers' needs and convenience in mind. Throughout the development process feedback and requests from current Omega clients were considered and we continue to update and improve the Chapter DeskTop™ and Member Access Plus based on customer feedback. We provide excellent online help to assist with any questions you may have while using the interfaces. Also, each chapter is assigned an Omega Account Manager who is available for on-going training and to answer any questions you may have. Collection Process How easy is it to understand your statements? The statement of account that we distribute to your members or to your members' parents is very easy to understand. All charges are itemized and given their own description. This enables the recipient of the statement to know exactly for what they are paying. The statement shows any previous balance owed, current charges, and a total amount due. The statement also provides a chapter contact name and telephone number as well as Omega's toll free Customer Service number should they have questions regarding their bill. View a sample statement. Does each member have to sign a contract with Omega? We do not require each member of your chapter to sign an individual contract with Omega. Our agreement is between Omega and the chapter as a whole. We do recommend that you have each of your members sign a member contract that outlines their financial obligations to your chapter. The chapter's member contract can be signed on-line through Member Access Plus with Omega’s Digital Signature system. If a member has a past due balance but has not signed a contract, can you turn him over to collections? Yes. Being a member of a fraternity or sorority implies an agreement and an understanding of the financial responsibilities for being a part of that group. What makes your service so effective at improving collections for chapters? A number of factors contribute to the effectiveness of our service. Omega assigns each chapter an Account Manager who is dedicated to providing support to the treasurer and who will constantly monitor the critical factors of the chapter in order to make recommendations to maximize your chapter's potential. Omega's system provides consistency to the billing and collection process from year to year as treasurers come and go. Members always know for what they are being charged and may pay with a variety of payment options. Omega's system removes the brotherhood or sisterhood from finances, eliminating the treasurer's role as the "bad guy" and holding the members to a higher level of accountability. How do you age member and alumni balances? We age balances according to the chapter's established custom billing cycle. As a debt ages, a delinquency message appears at the bottom of each statement notifying the member of their account's delinquency status. Can I send bills to the member and to the member's parents? You choose the statement destination (home or school). We send one statement each cycle; however, you have the ability to change the destination as needed. Also, a member, or member's parent, can have access to the member's account online via Member Access Plus. In addition, a statement notification e-mail is sent to member and parent e-mail addresses that we have on file, providing notification that a statement has been mailed and a reminder that it is viewable online. Statements can be viewed and printed online, anytime. How often do you send a bill? Your billing cycle is established according to your chapter's unique needs. We recommend that at least 3 statements per quarter or 4 statements per semester be mailed. How do members pay their bills? 1. Members can pay by check, money order, or cashier's check in the addressed envelope enclosed in each statement. 2. We accept VISA, MasterCard, American Express, and Discover payments via our toll free number or online 24 hours a day, 7 days a week. 3. Members can pay online, or by phone, with a check by simply providing their bank account information. 4. Members and parents can sign up for AutoPay to have funds automatically drafted from a bank account or charged to a credit card. 5. A member can still remit payment directly to the Chapter Treasurer. Funds Transfer How do I receive our chapter's money, and can it go into different accounts? Omega will receive and process payments each business day of the week. Once we receive payments on your members' accounts, we will deposit those payments, less Omega's fee, into a non-interest bearing trust account. The next business day we will transfer those funds via ACH into your designated chapter bank account. You have the option of implementing a "percentage split" whereby a percentage of funds received can be deposited into accounts for Housing Corporations, savings accounts, National Fraternities or any other entities. Do you "front" money to us? No, we do not. As we receive payments on your members' accounts, we transfer those funds directly in to your bank account or a combination of accounts. When you transfer money to our account are we charged for that as well? No. There is not an additional fee for the money transfers. Collection Performance Does Omega guarantee its service results? Because the fees for our service are performance-based, we don't get paid unless the chapter gets paid! This is your guarantee. Also, our experience shows that chapters who use our service for at least a year achieve an average collection rate of greater than 96%! Is my chapter "locked-in" to a binding contract? No. We hope that a chapter will give our service the opportunity of a full year to produce the results that the rest of our customers enjoy. However, a chapter can discontinue service at any time with a 30-day written notice. What is the success rate of your service? Chapters who have been on our service for at least 2 full semesters or 3 full quarters, typically have a collection rate of 96% or higher. We serve Greek organizations on over 400 college campuses in all 50 states. How quickly can you get my chapter's collections turned around? Omega's goal is to provide a long-term solution to your chapter finances. You will typically see results after one full term on our system; however, an average increase of 20% is usually achieved after 2 full terms on our system. Cost How does Omega get paid? Omega's fees are based on a percentage of your chapter's budget. You can get a quote within the context of your chapter's budget online. What variables will affect the rate we are being charged? As the chapter's average bill per member increases, Omega's percentage rate decreases. Will your service be cost effective for our chapter? The industry average collection rate for organizations without a structured billing system in place is typically 60 to 70%. Omega's average collection rate is above 96%. The cost of our service is almost always less than the savings realized from our superior receivables management. Chapter Account Setup What are your setup fees? There are no setup fees charged for chapter services. Can Omega download/convert member information from a software package such as Microsoft Excel? Yes. If you already have your member information in another format we will gladly convert the file or re-key the data. An Excel template is available in the online setup. Can I put just those people that owe past due balances on the service? No. We are a full service, accounts receivable company dedicated to the long-term financial stability of chapters. Collecting from only those who are currently past due does not solve the problem of recurring delinquent collections. Can I put just my in-house or out-of-house members on the service? We strongly recommend that you include all of your members on the service. This will enable you to manage your members under one system and to take full advantage of the services that Omega offers saving you time and eliminating potential confusion among your members. When can I setup my chapter on the service? You can start your chapter on Omega's service at any time. We have a very simple setup process that you may complete during the beginning, middle, or end of your school term. We can even setup your account during the summer months, sending statements for summer dues or past due balances to get your chapter started off on the right foot for the new school year. Do you sell or provide member information to other companies? Absolutely not. Your chapter's information is considered extremely confidential. For more information, please read our Privacy Policy. When talking to my chapter, a large group feel as though it is the responsibility of the treasurer and the chapter to handle their finances. What do you think? We agree that it is the responsibility of the treasurer to manage the chapter's finances. We also believe that it is the treasurer's responsibility to implement whatever system or tool is necessary to assist in that management. Managing the finances of a chapter is no different than managing the finances of a business, and most businesses utilize a financial tool to assist them. Will you provide a list of your current clients? We will be happy to provide a list of references in your area or other chapters from your fraternity or sorority who use Omega. What do you need from my chapter to setup our account? Omega's quick and easy setup process consists of two phases. The first phase is completed online where we ask for membership information to include names, addresses, and beginning balances. We also need general chapter information such as contact names with telephone numbers and the schedule of charges. Read more about Omega's setup process or call 1-800-276-6342 and ask to speak with a Sales Representative. |
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