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Daycare Center and Family Home Forum>Automatic Payment Question
missheather 10:30 AM 02-27-2014
If you use an automatic payment option how long does it take for the payment to post/become available for your to use?
I would like to use Minute Menu payment option however I am fearful that if a parent pays via this option it could take awhile for the payment to post.
I use to have PayPal for a craft business and I hated that it took 3-5 days for the payment to post into my bank account...
Just wondering if their is a faster way/ payment option that is still electronic.
I would like to use Minute Menu payment option however I am fearful that if a parent pays via this option it could take awhile for the payment to post.
I use to have PayPal for a craft business and I hated that it took 3-5 days for the payment to post into my bank account...
Just wondering if their is a faster way/ payment option that is still electronic.
butterfly 10:37 AM 02-27-2014
I use MMP. It pulls from the parents account on Friday. I get the money the following Wednesday. If there is a holiday before Friday and wednesday then it's always a day later getting into my account. It's kind of a pain, but it's worth it to me not to have to hound parents about payments. I didn't like the stress and worry about if a parent would pay on time... Or if I had to remind them YET AGAIN that payment was due. It's nice that I can email invoices through it also...
CraftyMom 10:49 AM 02-27-2014
That's the one downfall is the posting time. However, it's just the first payment that takes the longest. Once you have it going you still get paid on a weekly basis even though it's a few days behind, kwim?
I would suggest staggering parents' start dates to avoid being "unpaid" the first week of start up. That's what I did. My dcp started using epay through MMK 1-2 weeks apart to soften the blow. Now I absolutely love it! I automatically get paid every week, I don't have to deposit checks, it's great!
I would suggest staggering parents' start dates to avoid being "unpaid" the first week of start up. That's what I did. My dcp started using epay through MMK 1-2 weeks apart to soften the blow. Now I absolutely love it! I automatically get paid every week, I don't have to deposit checks, it's great!
butterfly 10:57 AM 02-27-2014
Originally Posted by CraftyMom:
That's the one downfall is the posting time. However, it's just the first payment that takes the longest. Once you have it going you still get paid on a weekly basis even though it's a few days behind, kwim?
I would suggest staggering parents' start dates to avoid being "unpaid" the first week of start up. That's what I did. My dcp started using epay through MMK 1-2 weeks apart to soften the blow. Now I absolutely love it! I automatically get paid every week, I don't have to deposit checks, it's great!
That's the one downfall is the posting time. However, it's just the first payment that takes the longest. Once you have it going you still get paid on a weekly basis even though it's a few days behind, kwim?
I would suggest staggering parents' start dates to avoid being "unpaid" the first week of start up. That's what I did. My dcp started using epay through MMK 1-2 weeks apart to soften the blow. Now I absolutely love it! I automatically get paid every week, I don't have to deposit checks, it's great!
Good advice about staggering start dates! Wish I was smart enough to do that when I started it.
MCC 11:01 AM 02-27-2014
All of my parents pay me by bank transfer. I get the money immediately.
missheather 11:14 AM 02-27-2014
Originally Posted by butterfly:
I use MMP. It pulls from the parents account on Friday. I get the money the following Wednesday. If there is a holiday before Friday and wednesday then it's always a day later getting into my account.
To me that is a BIG bummer... maybe because I am use to living paycheck to paycheck when working at my previous job... I'm hoping that doing daycare will fix this problem however it is still hard to imagine.I use MMP. It pulls from the parents account on Friday. I get the money the following Wednesday. If there is a holiday before Friday and wednesday then it's always a day later getting into my account.
missheather 11:15 AM 02-27-2014
Originally Posted by MCC:
All of my parents pay me by bank transfer. I get the money immediately.
Does it matter if they use a different bank that you?All of my parents pay me by bank transfer. I get the money immediately.
Cat Herder 05:12 PM 02-27-2014
I have MMK send invoices on Monday Morning. (in advance for the week)
The parents know they have to approve the payments by 7pm Monday or I get moody.
Yes, I check at 7pm, then I send nasty grams. (which is why most go to automatic withdrawal instead of manual pretty quickly 
)
The payment is taken from their account on Tuesday Morning.
The payment is then in my account Friday morning.
If they miss the 7pm cut-off it goes into my account the following Monday.
The parents know they have to approve the payments by 7pm Monday or I get moody.
Yes, I check at 7pm, then I send nasty grams. (which is why most go to automatic withdrawal instead of manual pretty quickly )The payment is taken from their account on Tuesday Morning.
The payment is then in my account Friday morning.
If they miss the 7pm cut-off it goes into my account the following Monday.