If you're a fraternity or sorority treasurer looking for an online platform to manage chapter finances, LegFi and MyGreek are probably going to be two of the leading platforms that have come up.
Treasurers are talking about both as options for both dues collection and expense management, but what are the differences between the two?
In this article, we're going to peel back the layers and take a look at both MyGreek and LegFi to try and help you work through which platform is best for your own fraternity or sorority chapter. We'll look at collection features, how easy the two platforms are two use, how to handle expenses and much more - so read on!
LegFi is a paid software focused on helping treasurers collect dues and manage finances, while MyGreek offers a free, modern platform for fraternity and sorority treasurers to easily manage dues collection, budgeting, and expenses.
Let's take a closer look at each of them.
LegFi is a fraternity and sorority financial management platform founded in 2007 and designed to help chapter treasurers bill members, collect dues, and manage expenses.
LegFi was purchased in 2018 by OmegaFi but still operates under the Legacy Financial name (or LegFi for short).
MyGreek was created in 2024 by a Kappa Sigma alumni. It is a free, modern platform for treasurers that makes billing members and managing expenses easy without the expensive fees other platforms charge.
Dues collection and budget management are very much part of MyGreek's core offering, and treasurers can take advantage of the platform's ease of use to save time and lack of fees to save money.
To get setup on LegFi, you have to reach out to their sales department and sign a contract before your chapter can begin. LegFi was built in 2008 and has had several updates since then.
To get setup on MyGreek, you only have to provide your EIN and complete a quick onboarding form. No contracts, no hidden fees, and no comittments. It's as simple as that. MyGreek was built in 2024 using modern frameworks and design principles.
So, how do MyGreek and LegFi compare when it comes to dues and budgets?
LegFi organizes dues billing as Invoices. Invoices can contain multiple line items that become categorized as different Revenue Categories.
In order to start invoicing members on LegFi, you need to navigate to the Invoices tab on the navigation menu. Next, click on the Create New Invoice button. You'll then see a screen like this:
This form lets you individually add members that you want to charge. Once you've selected them manually, click Add Charge. You should then see this screen:
To add a charge in LegFi, you need to:
Once you're done filling out this info, click Send Invoice.
With MyGreek, you can get started billing your members by adding a Charge Type to your chapter. Charge Types are a categorization for charges. For example, "Fall 2025 Dues", "Spring 2025 Formal" or "Fall 2024 Sweatshirts".
To get started creating a Charge Type, click Collections in the navigation pane and select Charge Types. Click + Add to get started. This screen will then pop up:
To add a charge in MyGreek, you need to:
Once this is done, click Groups in navigation or select members individually in the Collections > Balances tab.
For groups, click the Group Name to visit the group page. Once there, click the + Charge button. For individual members, once they are selected, click the + Charge button. You will then see this popup:
Here, you will select your Charge Type and either update the values or click Next and Submit Charges.
To create a budget in LegFi, click the Finances button on the navigation. Next, click Go underneath Budgets.
Then, update the Date Range at the top as needed and select the Filter button to view budget activities for a specific time period.
To edit the budget, click Manage Budget.
Now, input your Revenue and Expenses by clicking into the respective tables which will update your accounts. You can only update revenue and expenses for each month.
To manage categories, you can click the Manage Categories button.
To create a budget in MyGreek, click the Expense Management button in the navigation. Next, click Ledgers. A ledger is a group of categories. For example, you may have a ledger for housing that contains repairs, maintenance, food, etc. and one for chapter that contains rush, social, brotherhood, etc. These categories will persist through budgets.
In order to create these categories, click a Ledger. Then, scroll down and click Add Category. This screen will pop up:
You can add multiple categories at once. Once these are added, navigate to Expense Management > Budgets. Here, you can create a budget for a specific range of time. For example, Spring 2024 or Fall 2025. Click Add Budget and you'll see this:
Once you've added your budget, click the budget and scroll to your ledgers.
Here you can update individual categories within that budget. Click Update and you'll see:
And now you're all set to categorize expenses!
LegFi costs between $2 per member and $4 per member a month. For a chapter of 30 members, this would be $720 to $1440 annually. LegFi charges a credit card processing fee of 3.15% and a debit card fee of 3%. This is mostly standard. However, LegFi does not let you pass processing fees to the member. In order to accomplish this, you would have to go back and see who paid with a card, and then re-charge them the processing fee accordingly.
MyGreek, meanwhile, is free. There are no per-member or platform fees. The only fee charged is the standard processing fee of 3% for credit and debit cads, and .8% for ACH ($5 max). The processing fee can be passed to members automatically so the chapter doesn't have to worry about eating the cost of the fees.
MyGreek and LegFi are two options out of many compelling alternatives if you want to bill members, collect dues, and manage budgets online. Either of the platforms may be for you, depending on your specific set of circumstances.
LegFi has a leg up on the competition when it coms to crowdfunding and does a good job of keeping your finances managed in one place within the single interface. It's widely considered a more consolidated platform compared to those like OmegaFi and Greek Capital Management because of the focus on treasurers.
MyGreek is a modern platform that makes billing members, collecting dues, and managing members simple. The automatic payment plans, bank sync, and variety of collections options make managing chapter finances easy.
All in all, MyGreek's versatility, customer service, pricing, and the level of flexibility you have in managing finances make it an alternative that's truly worth considering. It's extremely easy to move across to MyGreek if you're already on LegFi - just visit MyGreek or talk to the team to find out how.
