Veda Advantage
If you perform credit checks for your clients, or are looking at becoming a Veda Advantage (previously Baycorp) subscriber in order to perform these checks, check out this new member benefit.
Substantial savings can be made on credit checks as the MFAA has a struck a deal with Veda Advantage. In some cases the savings could be greater than your annual membership fee, making this new member benefit highly worthwhile.
Veda is the leading provider of credit checks in Australia so companies can 'manage risk when selecting customers'. They offer a wide range of services to business from credit checks to title searches. The access to the information is online and instantaneous and understandably, and many of our members already are Veda subscribers.
The Veda fee structure is Tiered 1 - 7 and the fees are based on the volume of checks per month. The higher the volume of checks, the higher the Tier you have and the lower the cost per check.
The arrangement with Veda will pool member monthly volumes in order to achieve higher Tiers and a cheaper fee per credit check. The MFAA will become the 'head account' with a Tier 5 fee structure, and MFAA members will opt to be placed under this account. The more members under the 'head account' the higher the volume recorded and the more savings achieved. The arrangement is re-evaluated every six months.
Savings to Be Had
The savings will be highly beneficial for small to medium businesses in the industry. For example if a member is currently on the lowest Tier the check is $9.17 ex GST per client. If the member opts to be under the MFAA 'head account' the fee will reduce to $4.41 ex GST per check. If you perform 100 checks the saving would be $476, if you perform 600 checks you'd save $2,856.
Existing Veda Subscribers
Existing subscribers who are on Tier 4 or lower should not waste time. Advise Veda that you would like to place your account under the MFAA 'head account' by emailing your subscriber and branch number to edwin.tolentino@vedaadvantage.com
The change in your Tier structure will come into effect the month after you advise the change.
Tier 5 or higher subscribers we encourage to opt to be placed under the MFAA 'mother account'. Your volumes will add to the overall member volumes and will ensure we can achieve the highest Tier and the lowest cost per check. Subscribers on Tier 6 or Tier 7 will still be on the lower rates even though you'd sit under the MFAA account.
All billing will remain as normal - directly between the member and Veda. Direct debit is the preferable option.
New Subscribers
If you are thinking of becoming a subscriber now's the time to join. New subscribers have a discounted joining fee of $420.00 ex GST (normally $615 ex GST) and will start at the Tier 5 structure. Applications to become a member of Veda can be found in the members only section of the MFAA website. All new subscribers will have to opt for a monthly direct debit payment. Extensive training and support is also provided by Veda around Australia.
New Member Applications
The MFAA currently asks all membership applicants to provide a credit check with their application. This costs $32.95 inc. GST from Veda and takes one working day to provide. From now on, applicants will be able to tick a box on the member application to have the MFAA undertake the credit check for them. This will provide cost and time savings for prospective members.
To speed up the member application process while maintaining our stringent criteria we are looking at further partnerships to conduct 100 point checks and police checks. Keep your eye on MB for more.
Become a Veda Subscriber
Veda Direct Debit Form
For more information please contact your dedicated MFAA Veda Advantage consultant, Edwin Tolentino T: 02 - 9278 7547
E: edwin.tolentino@vedaadvantage.com