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Daycare Center and Family Home Forum>Late Fee Twist....
laundrymom 10:09 AM 01-24-2011
ok, In my new contracts (I do them in august) I am adding a rate increase for late payments. Something along the lines of,.
Due to repeated late payment of childcare fees, I will begin raising the weekly tuition for childcare by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
if they pay late, their rate goes up. PLUS they pay a late fee.
What do you think???
Due to repeated late payment of childcare fees, I will begin raising the weekly tuition for childcare by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
if they pay late, their rate goes up. PLUS they pay a late fee.
What do you think???
DCMom 10:12 AM 01-24-2011
I like it ~ bold and to the point.
dEHmom 10:18 AM 01-24-2011
I think that you need to clearly state that not only will their rate go up, this will be on top of the late fee, so they don't htink there is no longer a late fee. They will just assume that their rates are including the late fee now, and so they'll continue to pay late.
Blackcat31 10:18 AM 01-24-2011
Originally Posted by laundrymom:
ok, In my new contracts (I do them in august) I am adding a rate increase for late payments. Something along the lines of,.
Due to repeated late payment of childcare fees, I will begin raising the weekly tuition for childcare by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
if they pay late, their rate goes up. PLUS they pay a late fee.
What do you think???
Nice idea! ok, In my new contracts (I do them in august) I am adding a rate increase for late payments. Something along the lines of,.
Due to repeated late payment of childcare fees, I will begin raising the weekly tuition for childcare by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
if they pay late, their rate goes up. PLUS they pay a late fee.
What do you think???
Our YMCA does something similar....If you pay on Friday before the next week you get care for $3.00 per hour and if you pay on Monday it is $3.50 per hour and so on until Friday after the care week when it is up to like $5.00 per hour. I think it gives the parents some control over payment and it also gives some flexibility for those that choose to be on top of things. I think you might be on to something.......
laundrymom 10:31 AM 01-24-2011
Originally Posted by laundrymom:
ok, In my new contracts (I do them in august) I am adding a rate increase for late payments. Something along the lines of,.
Due to repeated late payment of childcare fees, I will begin raising the weekly tuition for childcare by $5.00 each time a late fee is charged. Late fees will still be due as contracted but actual weekly rate will increase by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
if they pay late, their rate goes up. PLUS they pay a late fee.
What do you think???
ok I changed it up,.. hows this?ok, In my new contracts (I do them in august) I am adding a rate increase for late payments. Something along the lines of,.
Due to repeated late payment of childcare fees, I will begin raising the weekly tuition for childcare by $5.00 each time a late fee is charged. Late fees will still be due as contracted but actual weekly rate will increase by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
if they pay late, their rate goes up. PLUS they pay a late fee.
What do you think???
dEHmom 10:33 AM 01-24-2011
I think it is great!
Can I steal it?
Can I steal it?
laundrymom 10:36 AM 01-24-2011
Ok Here it is
All payments are due in advance by noon the last day in care each week prior to each weeks care. If payment is made after noon that day, a late fee will occur. A late fee of $15.00 per day will be charged for payment not received by noon on last day of care each week. This includes Saturday and Sunday. If fees are not current child will not be admitted to daycare. You will still be responsible for paying for these days if this occurs. If late payments become an ongoing problem, care will be terminated. Weekly tuition will be raised for childcare by $5.00 each time a late fee is charged. Late fees will still be due as contracted but actual weekly rate will increase by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
All payments are due in advance by noon the last day in care each week prior to each weeks care. If payment is made after noon that day, a late fee will occur. A late fee of $15.00 per day will be charged for payment not received by noon on last day of care each week. This includes Saturday and Sunday. If fees are not current child will not be admitted to daycare. You will still be responsible for paying for these days if this occurs. If late payments become an ongoing problem, care will be terminated. Weekly tuition will be raised for childcare by $5.00 each time a late fee is charged. Late fees will still be due as contracted but actual weekly rate will increase by $5.00 each time a late fee is charged. This is due to my own obligations becoming late when I am not paid on time by families enrolled.
SandeeAR 12:41 PM 01-24-2011
This statement leaves it sort of open ended.....If late payments become an ongoing problem, care will be terminated. Who and when is it declared an "ongoing problem"??? One week, two weeks, 2 months????? See what I mean?
I would put, If payments are late for more than *** weeks, care will be terminated. It depends on how long YOU are willing to put up with getting paid late.
I would put, If payments are late for more than *** weeks, care will be terminated. It depends on how long YOU are willing to put up with getting paid late.
Daycare_Mama 01:06 PM 01-24-2011
Originally Posted by SandeeAR:
This statement leaves it sort of open ended.....If late payments become an ongoing problem, care will be terminated. Who and when is it declared an "ongoing problem"??? One week, two weeks, 2 months????? See what I mean?
I would put, If payments are late for more than *** weeks, care will be terminated. It depends on how long YOU are willing to put up with getting paid late.
I agree with SandeeAR. I love this idea, but you need to be specific at which point care with be terminated. Because you are already "solving" this ongoing problem by raising the rate by $5 each time they are late.This statement leaves it sort of open ended.....If late payments become an ongoing problem, care will be terminated. Who and when is it declared an "ongoing problem"??? One week, two weeks, 2 months????? See what I mean?
I would put, If payments are late for more than *** weeks, care will be terminated. It depends on how long YOU are willing to put up with getting paid late.
I would say something like, "After 4 late payments (i.e. 4 rate increases), care will be terminated" Or 3 or 5 or whatever number is acceptable to you.
Daycare_Mama 01:09 PM 01-24-2011
Also, I'm curious to see how families react to this once their rate is increased permanently.
You're kind of like a credit card company, raising interest rates as soon as you're late!
I like it!
Will you have some sort of "program" where after they make so many on time payments (6 months? 9 months? 1 year?) that it will go back down?
You're kind of like a credit card company, raising interest rates as soon as you're late!
I like it!Will you have some sort of "program" where after they make so many on time payments (6 months? 9 months? 1 year?) that it will go back down?