IvyTek News
IvyTek, Inc. Volume No. 5, Issue No. 1 Summer 2002

Hurricane Safety

Our thoughts and prayers go out to all our customers and their families who suffered through the ravages of the recent hurricanes in Louisiana and Mississippi.

The high winds uprooted trees, damaged roofs and downed utility lines while the rains caused flooding of low lying areas.

IvyTek responded to your requests and inquiries despite being ordered to evacuate Lafayette. We packed the children and grandchildren in the motor home, along with the computers, pager and cell phones, and headed to San Antonio.

As we traveled I-10 we advised customers concerned with safeguarding their computer data and equipment to take the following precautions:

Make a complete backup of your computer files. Include program folders and all subdirectories. Store it in a safe location (usually off site). We have customers who place their backups in safety deposit boxes at their bank. Some take their back ups home and store them in fire and water proof containers.

To prevent damage from sudden power surges and lightning strikes turn off and unplug your computer equipment.

If your location is subject to flooding, consider elevating equipment to protect it from water damage.

Remember, your application can be replaced but we cannot replace your data. Keep it safe! These same precautions should be followed during sever thunderstorms. Back

Fall Kickoff

IvyTek kicks off the fall season with a suite of new management tools:
IF Home, IvyTek Management Information System for Windows and the IvyTek Financial Consolidation System.

Each tool works with our IvyTek Finance software to assist our customers with multiple offices manage their assets.

Imagine the ability to view your branch office data at the home office. Now review the data graphically to spot trends and tackle problem areas. Then effortlessly consolidate your accounting and financial information. Consider the savings. Consider it done. IvyTek Management Software Tools are now available.

IF Home adds the ability to "bring the branch data to the home office" for review and analysis reducing the need to travel to your branch locations to audit and review transactions.

IvyTek Management Information System for Windows provides key data and graphical trend information on outstanding balances, delinquency and cash flows on an individual store or consolidated basis for any given period and provides a focal point for audits via an exception reporting system. (See picture)

IvyTek Financial Consolidation System consolidates accounting and financial information from branch locations to generate trail balances, audit trails and financial statements on individual branches or on a consolidated basis.

With IvyTek on your team you get the software products you need at prices you can afford. Call 800-596-9792. Back

MO Law Changes

As of August 28, 2002 the laws governing payday loans in Missouri were revised. The modifications required the revision of contracts and disclosure statements.

The changes also effected the maximum interest rate, loan term, renewals, principal reduction, and returned check charges as summarized below:

Maximum Interest Rate
Loans must be simple interest and may be at any interest rate, but the maximum amount the borrower may pay in interest and fees for the life of the loan , including all its renewals , is 75% of the original loan amount. NSF fees, late charges, and loan origination fees (if any) would be included in the 75% ceiling.

Term and Renewals
The minimum loan terms is 14 days, with a maximum of 31 days. The maximum number renewals is 6.

Principal Reduction
The borrower must reduce the principal by not less than 5% of the original loan, beginning with the first renewal and each renewal thereafter.

Loan Completion
A loan is considered completed, or paid, if: the check is deposited for payment, or the borrower redeems the check by paying the full amount of the check. Once a loan is completed, the borrower may get another loan from the same lender. A borrower may not have loans totaling more than $500 with any one lender or any affiliated entity.

Returned Check Charges
A charge of $20, plus the amount the bank charges the lender for handling the check may be collected.

For more information visit our web site www.ivytek.com. (see MO Law) or call to request a copy of Missouri Senate Bill No. 884. Back

Did You Know

Because of your rave reviews of our products, 80% of our sales this year have been from repeat business or from your personal recommendations and referrals. As we strive to ensure we are not only meeting, but exceeding your business needs, we just wanted to say "Thank You!" Back

News Bytes

MS Title Loan Package We are in the process of developing a new Title Loan Software package for Mississippi. The package will be similar to our IvyTekPDQ software and will contain many of its easy to use features. It should be completed by year end.

MCCA Meeting A general membership meeting of the Mississippi Check Cashers Association will be held November 21 at the Hilton Hotel on County Line Road in Jackson, Mississippi at 7 p.m. Call 601-545-8003 for more information.

Customized to Suit Our programmers have been hard at work incorporating your suggestions into our software. Expect to see new and improved features such as: multiple balance due warnings for IvyTek Finance and the ability to quickly post checks for deposit via a single screen and a label exporting feature for IvyTekPDQ. Your update should arrive before year end. Back