Ladies, we’ve just made a very minor revision to the payment process to coincide with a new change that is now available on the website for all of you in the Hall of Fame. Essentially we’ve taken some of the manual labor out of sending out the first round of documents. We’re only human, and we don’t always get the documents out right on time. Sometimes early. Sometimes late. We figured since computers are so much better at keeping track of time than us primates, we’ll just let the computer handle the delivering of the documents to you! With this new change, when you log into your account as a Hall of Famer, it will let you download the documents directly as a PDF. We’ve also added a nice little checklist for you that you can print out to make sure you have taken care of everything you need to.
With this improvement in place, we are also switching up the order of a couple things in the payment process. It used to be that we would perform the account review before sending these documents out. But that didn’t always make sense since sometimes people wouldn’t even return the documents to us for weeks, or on a few occasions a couple months! So in those cases it was essentially a waste of our time to do the account review up front, since things could change in that time period. So now, we won’t start the account review until we actually receive the documents back. In theory, this should also make the account review process much faster for most, and probably more accurate as well. Both of which are good things for everyone!
Eventually our goal is to automate the account review and even the sending of the Agreement to Pay document as well. We want to take this slowly however to make sure we get each step along the way perfected, so this is just one more step in the right direction towards a quicker and easier payment process.
9 COMMENTS
Leave A CommentThis is very good to hear. Automation of the paperwork (among other things) is an excellent idea. I do have a question though.
Does that mean this may cut out the initial 30 day account review and the women may get their release date as much as 30 days earlier, assuming you need no further benefactor verification? Or will the process still take about the same amount of time to release the funds as it does now?
It appears to take that same 30 days before you can even download the paperwork. I hit HOF June 20th and have a countdown of 25 days until the pdf is available for me. I’m not sure what the wait is FOR now, but a wait there is. As long as management is speedy with the account review once a girl turns in her paperwork, things should progress at about the same speed as they did before. This just eliminates some of the human error in physically sending out the paperwork. I do wonder why THIS ‘improvement’ when models weren’t really complaining about the process when there are a few benefactor issues that have yet to even be acknowledged…
The countdown timer seems like an unnecessary delay. Why not let the ladies print the forms and get started right away so that in 30 days everything is ready to go? Making them wait 30 days to print the forms seems like it would slow down the payment process since they aren’t going to start account review until they complete everything and get it sent in and received.
I think it is a great idea too. But if like me I waited the 30 days, 33 to be exact BEFORE I got the papers, now I wait 30 more for the review? So thats another month before payment release AFTER papers received…I am just a little confused…but if from now on the papers are sent right away automated link form to every new HOFer so that she can go ahead and fill them out, get them sent in THEN the 30 day review starts sounds like a good idea, and will speed the process up somewhat.
The 30 days is in place to allow at least one full billing cycle to pass so that all charges will show up on credit card statements. Again, one of the main purposes of the account review is to make sure MFI isn’t making any financial risks that could jeopardize the company. If some unscrupulous “benefactor” were to use a stolen credit card to make some donations, the 30 days would allow the actual account owner to see those transactions on their statement in time before it was too late. Every time we release a payment we are taking a calculated risk, like any good business we just want to minimize that risk as much as possible.
It’s not a torture technique!
Not a torture technique? PHEW! Glad to hear, heehee. I think what is worrisome though is do the NEW HoF girls have to wait 30 days to get paperwork and THEN 30 more days for account review, making the total wait time 60 days?
No, the account review starts as soon as the paperwork is received.
As an example, you reach your goal on May 1. You download your paperwork on May 30. You complete the paperwork on May 30, you mail it in on May 31. We receive it on June 5 and we begin the account review. We assign you a payment release date based on the financial risk to the MFI. It could potentially be the next day! Or it could be up to 150 days out (unlikely, but possible).
So what was once a mandatory 60 day minimum waiting period, is not only a 30 day minimum. In reality it’s probably more like 35-40 days due to shipping times, etc… but the point is, we can release the funds sooner now.
I guess I didn’t make that clear.
But yes, as Walter hinted at, it could in theory be 30 days of less waiting.
I think that this *is* an improvement, even if only because it gives Jason and Jay more time to focus on other things. Viva la computers!
Since you admit that you have on occasion not been timely in sending out documents, (your change hee is a good one). If you have a lady waiting that has a few day issue to lock in her price, couldn’t some kind of wiggle, such as allowing her to make the deposit be made?
I admit I don’t know all the details but…