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.
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!
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!
Good advice about staggering start dates! Wish I was smart enough to do that when I started it.
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.
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?
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.