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Daycare Center and Family Home Forum>When Are Payments Due?
AcornMama 12:23 PM 07-31-2013
I'm closer and closer to being up and running, but still tweaking policies, and waiting for my licensing inspection (next week! 
).
I am beyond convinced, thanks to all of you, of the necessity of pre-payment for childcare. What I can't settle on is should I require payment on Friday at pick-up or Monday at drop-off. For those of you that have used one, or both, of these plans, please convince me of why one is better than the other.
I'm probably over thinking this (my lifelong problem).
).I am beyond convinced, thanks to all of you, of the necessity of pre-payment for childcare. What I can't settle on is should I require payment on Friday at pick-up or Monday at drop-off. For those of you that have used one, or both, of these plans, please convince me of why one is better than the other.
I'm probably over thinking this (my lifelong problem).
KBCsMommy 12:32 PM 07-31-2013
I have a policy of prepaying as well. Mine is Monday morning or first drop off of the week for part time dck. But sometimes I can't make it to the bank until later in the week. For me this is annoying.
I would have a Friday payment, if I was you
That way you could always get to the bank on Saturday 
I would have a Friday payment, if I was you
That way you could always get to the bank on Saturday
Blackcat31 12:32 PM 07-31-2013
My payments are due on Fridays at pick up (by 5:00).
I don't necessarily know if this is better than being paid on Monday but I do know that most my families get paid on Fridays and when I first switched to pre-pay I had way too many families that would have spent their money over the weekend and then tried to give me a sob story on Monday so I figured the less time the money sat in their hands the better...
Plus, I require ALL schedules by Friday at 5:00 as well and families are billed according to what they schedule so it seemed easier to take the check with the schedule.
I also use what they pay me to buy supplies for the upcoming week over the weekend so I am prepared for the week.
Also I have more time to go to the bank on a Saturday than I do on Monday after work......
That's my reasoning.
I don't necessarily know if this is better than being paid on Monday but I do know that most my families get paid on Fridays and when I first switched to pre-pay I had way too many families that would have spent their money over the weekend and then tried to give me a sob story on Monday so I figured the less time the money sat in their hands the better...
Plus, I require ALL schedules by Friday at 5:00 as well and families are billed according to what they schedule so it seemed easier to take the check with the schedule.
I also use what they pay me to buy supplies for the upcoming week over the weekend so I am prepared for the week.
Also I have more time to go to the bank on a Saturday than I do on Monday after work......
That's my reasoning.
KBCsMommy 12:33 PM 07-31-2013
What ^^^^^^ she said
TheGoodLife 12:53 PM 07-31-2013
I do Fridays! That way no one can try to drop-off on a Monday w/o payment. Never had it happen, but hey- I'd rather be prepared! Plus then I can either go to the bank Friday or Saturday, or Monday if I don't make it on the weekend!
EntropyControlSpecialist 01:13 PM 07-31-2013
By Monday morning at 7:00 AM (PRIOR TO drop-off). My clients pay online. They have alllllllllll weekend to do so. The invoices are issued on Thursday since childcarepay takes 1 full business day to withdraw the money from their account. Some have it set up on auto-pay and I get it on Friday. Others pay on Friday or Saturday.
craftymissbeth 01:27 PM 07-31-2013
Mine are due Fridays at pick up simply for budgeting reasons. On Saturday I cash my checks of I have any (most of my families pay cash) and buy our week's daycare groceries and supplies. I'm sure there are easier ways of doing it, but it works for me.
ETA: I forgot to add that I am prepaid.
ETA: I forgot to add that I am prepaid.
MommieNana4 01:28 PM 07-31-2013
I am set up for payment on Monday. It is an unsecured loan if they pay on Friday after I have cared for their child all week (IMO). I have not had this happen to me.
melilley 02:09 PM 07-31-2013
I originally had parents pre-pay me on Fridays by pick-up-for the next weeks care, but two of my families don't get paid until Monday's so I let them pay on Monday's at drop-off. I have a separate contract for each day according to when they pay and it's worked out so far.
But with that being said, my husband has a decent paying job so it doesn't really matter whether they pay on Friday or Monday, BUT I definitely would make them pay before care begins for that week!
I guess it depends on how your budget is. If you need money to grocery shop for the next week, Friday pay is best, but if it doesn't matter, then either day would work, but being paid on Monday means you may have to send them home if they don't bring it at drop off.
Sorry, I'm probably not any help. I keep thinking of things and I'm going on and on ...lol
But with that being said, my husband has a decent paying job so it doesn't really matter whether they pay on Friday or Monday, BUT I definitely would make them pay before care begins for that week!
I guess it depends on how your budget is. If you need money to grocery shop for the next week, Friday pay is best, but if it doesn't matter, then either day would work, but being paid on Monday means you may have to send them home if they don't bring it at drop off.
Sorry, I'm probably not any help. I keep thinking of things and I'm going on and on ...lol
snbauser 02:15 PM 07-31-2013
Close of business on Fridays for the upcoming week. I can deposit my checks and have money for shopping on the weekends.
AcornMama 02:34 PM 07-31-2013
I appreciate the replies. Looks like the ability to cash checks/make deposits is a key factor for many of you. I kept thinking about every other possible factor except for actually getting to the bank. Good point! Thanks for the feedback!
Brooksie 02:48 PM 07-31-2013
I do Monday at drop-off. Love the idea of Friday at pick up though. I used to have SO much trouble getting to the bank and would then have to hole my checks until Friday to be able to cash them. Now I have PNC mobile banking and can deposit my checks through my droid. I love it. So easy.
Crazy8 03:30 PM 07-31-2013
I like doing Fridays because if they "forget" they still have the opportunity to get it to me all weekend (with late fees) and if they can remember to bring me a child on Monday morning they damn well can remember a check too. I think I would feel worse turning a kid away monday morning if monday was the pay day - but since it was friday and they had multiple opportunities to get it to me I wouldn't feel bad!!!
An old reason I did it this way when I started was because the only day I could get to the bank was Saturdays but with ATM's and mobile banking that isn't an issue now.
An old reason I did it this way when I started was because the only day I could get to the bank was Saturdays but with ATM's and mobile banking that isn't an issue now.
earlystart 04:06 PM 07-31-2013
I do pre-pay by Friday when I close at 5:30pm. I deposit the checks electronically using the bank's app on my Android phone. Doing it the Friday before means you get to make sure the check CLEARS before providing care. If they gave you a check Monday, and it took 2 days to process at your bank and realize it bounced, then let's say the family skips town, you just gave 2 free days of care (well, if you don't have a deposit on file - which I'm sure you will). Most of my parents use Chase QuickPay now, and they send the request to my email address by Wednesday, I accept it, and the money is in my account by Friday. I don't use Chase as my bank, but lucky for me most of the parents do, and that's all you need to use QuickPay. The other parent who uses Bank of America uses the online "bill pay" option, and the bank mails me a check each week (so it saves the parent from using their checks, and they don't have to remember). I didn't allow this electronic option until several months into doing my daycare, but now I wonder why I didn't do it sooner, because the "paper trail" is all online, so if I forget to manually record a payment, I just login to my account and see when/who/how much.
SunnyDay 04:09 PM 07-31-2013
Friday at drop-off.
daycare 04:12 PM 07-31-2013
I do prepay on the last friday of each month one month in advance.
you can choose to pay weekly, but it will cost you more. I hate having to do accounting every week. those that pay weekly prepay every friday....
When I started out I tried the Monday morning thing, but stopped it when I would get the oh no I forgot my check book BS, I'll drop it off when I pick up. Then I get distracted no check and next thing you know I just provided a free day of care. I have actually only ever had one family not ever pay me in the last 10 years. Which means that they got a free day of my services without pay. never again.....
you can choose to pay weekly, but it will cost you more. I hate having to do accounting every week. those that pay weekly prepay every friday....
When I started out I tried the Monday morning thing, but stopped it when I would get the oh no I forgot my check book BS, I'll drop it off when I pick up. Then I get distracted no check and next thing you know I just provided a free day of care. I have actually only ever had one family not ever pay me in the last 10 years. Which means that they got a free day of my services without pay. never again.....
Nebula 02:29 PM 08-03-2013
I do pay based on how often the parent gets paid.
They pay the first monday after their check. For some this is every monday, for some every 2 weeks, and for some monthly... works out so far.
They pay the first monday after their check. For some this is every monday, for some every 2 weeks, and for some monthly... works out so far.
Mo-C 09:48 PM 08-06-2013
Hi, can you pease tell me what system you use to get paid through your
account?
account?
Nebula 01:18 AM 08-07-2013
Originally Posted by Mo-C:
Hi, can you pease tell me what system you use to get paid through your
account?
I use paypal here, card reader. and I have the paypal business debit card.Hi, can you pease tell me what system you use to get paid through your
account?
payments go instantly into my PayPal account and I can then use my debit card
Play Care 03:20 AM 08-07-2013
Originally Posted by Blackcat31:
My payments are due on Fridays at pick up (by 5:00).
I don't necessarily know if this is better than being paid on Monday but I do know that most my families get paid on Fridays and when I first switched to pre-pay I had way too many families that would have spent their money over the weekend and then tried to give me a sob story on Monday so I figured the less time the money sat in their hands the better...
Plus, I require ALL schedules by Friday at 5:00 as well and families are billed according to what they schedule so it seemed easier to take the check with the schedule.
I also use what they pay me to buy supplies for the upcoming week over the weekend so I am prepared for the week.
Also I have more time to go to the bank on a Saturday than I do on Monday after work......
That's my reasoning.
My payments are due on Fridays at pick up (by 5:00).
I don't necessarily know if this is better than being paid on Monday but I do know that most my families get paid on Fridays and when I first switched to pre-pay I had way too many families that would have spent their money over the weekend and then tried to give me a sob story on Monday so I figured the less time the money sat in their hands the better...
Plus, I require ALL schedules by Friday at 5:00 as well and families are billed according to what they schedule so it seemed easier to take the check with the schedule.
I also use what they pay me to buy supplies for the upcoming week over the weekend so I am prepared for the week.
Also I have more time to go to the bank on a Saturday than I do on Monday after work......
That's my reasoning.
This is how I do it as well.
daycarediva 04:06 AM 08-07-2013
Originally Posted by Blackcat31:
My payments are due on Fridays at pick up (by 5:00).
I don't necessarily know if this is better than being paid on Monday but I do know that most my families get paid on Fridays and when I first switched to pre-pay I had way too many families that would have spent their money over the weekend and then tried to give me a sob story on Monday so I figured the less time the money sat in their hands the better...
Plus, I require ALL schedules by Friday at 5:00 as well and families are billed according to what they schedule so it seemed easier to take the check with the schedule.
I also use what they pay me to buy supplies for the upcoming week over the weekend so I am prepared for the week.
Also I have more time to go to the bank on a Saturday than I do on Monday after work......
That's my reasoning.
Exactly this. I did Mondays for a LONG time and had a LOT of missed payments. "Check is in the bag" "Oh I forgot can I pay you at pick up?" and when you're first starting out, your backbone isn't there yet!My payments are due on Fridays at pick up (by 5:00).
I don't necessarily know if this is better than being paid on Monday but I do know that most my families get paid on Fridays and when I first switched to pre-pay I had way too many families that would have spent their money over the weekend and then tried to give me a sob story on Monday so I figured the less time the money sat in their hands the better...
Plus, I require ALL schedules by Friday at 5:00 as well and families are billed according to what they schedule so it seemed easier to take the check with the schedule.
I also use what they pay me to buy supplies for the upcoming week over the weekend so I am prepared for the week.
Also I have more time to go to the bank on a Saturday than I do on Monday after work......
That's my reasoning.