[kchaptergphib]

I haven't worked with it personally, but I wasn't super-impressed with the presentation of the system, and was surprised how gung-ho some advisors were about it.
First of all, for a chapter (more often the sororities, and the ones that are well-run and have a tough collegiate Financial VP) that keeps most all members up-to-date financially it's absolutely unnecessary.
At one of the meetings by someone from Automatic Payment Highway (or whatever the program was called) I remember him saying that you couldn't pay by credit card until the bill was overdue, so that's not worth it at all, then. This was over 2 years ago, though, so I imagine they'd have changed that rule by now.
Also, your funds are essentially part of the (albeit FDIC insured) bank that Automatic Payment Highway uses. So APH gets all the benefits of your large financial deposits, and you don't. This was kind of the main kicker for me. If you have a good relationship with the bank you currently use, why switch to one that is so far away from you?!
So, in summation, if your collegiate FVP does a good job (doesn't let members continue to participate when they have outstanding bills), if you have a good relationship with the bank that you currently use, and especially if you cannot pay by credit card, I would say it's definitely NOT worth it.
For the (sorry to pick on 'em) chapters, often the less-organized fraternities, who will have seniors who haven't even paid initiation fees, and who have rather lackadaisical financial chairs, I'd say it'd have more of a value.
Good luck with your decision. Make sure it's a good deal for you.