When do you get paid??

I am just curious about what others use as their pay day and why.

Personally I have used Thursdays for payday. It has worked great. Full timers can't say they forgot the money because they still have one more day to pay me so I never have to go through the weekend without pay. Luckily everyone has been really reliable.

But what about you? Do you do weekly? monthly? One of my neighbours asks for payment on the Monday of every week which I found fascinating and that makes me wonder what others are doing.:D

I get paid on the child's last day of attendance during the week, in advance, for the following week. Families who write me postdated cheques date them for Friday.

They are welcome to pay in two week increments or monthly, but I do require to be paid in advance.

I ask for payment on pick-up on Fridays. Otherwise it's a late fee of $20. No-one has been late as of yet!

I get paid in advance for the month - on the first of every month ...or the Friday before if the first falls on a weekend or holiday. It's tough only getting paid once a month but I'm getting used to it.

I get paid on Monday for the coming week. It is sort of pay in advance. There is a late fee but in all honesty if they don't make a habit of it and I like the family I do give a grace day. With part-timers this has been great (they pay on their first day for the week). It means hubby can go to the bank after work on Thurs on his way home and the money is in by the weekend. I do receipts on Friday/weekend along with my bookkeeping and they are clipped on the back of the front door for parent pick up on Monday when they bring the new payment. Many just hang their cheque and take their receipt which works well - saves me from forgetting I put it in my pocket at the door.

I do have a friend that gets paid on Friday for the coming week so they are paid up and deposited before the week comes. That way if a family leaves with no notice the money for the week is already in the bank.

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Originally Posted by mlc1982

I get paid in advance for the month - on the first of every month ...or the Friday before if the first falls on a weekend or holiday. It's tough only getting paid once a month but I'm getting used to it.

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Oh that is interesting. Any reason why you chose to do a monthly payment? How does that go over with the parents? I would think it could make for a difficult deposit for them.

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Originally Posted by playfelt

I get paid on Monday for the coming week. It is sort of pay in advance. There is a late fee but in all honesty if they don't make a habit of it and I like the family I do give a grace day. With part-timers this has been great (they pay on their first day for the week). It means hubby can go to the bank after work on Thurs on his way home and the money is in by the weekend. I do receipts on Friday/weekend along with my bookkeeping and they are clipped on the back of the front door for parent pick up on Monday when they bring the new payment. Many just hang their cheque and take their receipt which works well - saves me from forgetting I put it in my pocket at the door.

I do have a friend that gets paid on Friday for the coming week so they are paid up and deposited before the week comes. That way if a family leaves with no notice the money for the week is already in the bank.

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It seems a lot of you are getting paid in advance. I get paid for the current week on the Thursday of every week. I never paid ahead when I was using a home daycare and therefore that thought never even occured to me when I became a provider. It is interesting to me.

I have a question for you Playfelt....how come you do weekly receipts? That is another thing I never would have thought of or had done to me both as a provider or as a parent using a provider. I give annual receipts every february for tax purposes but that is all. Do u just do weekly receipts or also an annual receipt? Were the weekly receipts something that parents wanted from you?

As part of my bookkeeping I give reciepts for every payment. Be it weekly, biweekly or monthly, they get a reciept for every payment so that I can keep track of cheque # and amounts more accurately in my own records. It works for me.

I also require payment in advance so that I can pay for my supplies/groceries/crafts for the coming week out of that week's funds. Otherwise, I'd be a week behind in where I draw my funds from, does that make sense?

I get paid either bi-weekly or monthly depending on parent's preferences, but it is always in advance on the Friday before the weeks being paid for. When I had my child in daycare with an agency, we had to pay monthly in advance, but I offer bi-weekly because it is easier for a lot of people.

There is a receipt book from Walmart that I really like the way it is set up. I reciept each payment so there is proof that it was made. It is more for me than them in a way but parents like to have the proof too. I still give an yearly tax statement to them that is a chart and records how much they paid each month and then the total.

The idea behind getting paid in advance is for a family that doesn't give notice as in shows up on Friday without money, and then never returns on Monday. So you not only have a space to fill you have done care for no money. Getting paid in advance is crucial if you do not charge a deposit towards the last weeks of care for this reason. Mostly I look at it as booking a service. If you want care for the week then you order it and pay for it. I have some that pay every two weeks - fine as long as it is in advance, one that pays with post dated cheques, one that does interac transfers so I accept options just in advance and then I issue a receipt on Friday. Usually I write them up on Friday/weekend and pin them to the door and parents take the receipt and leave their new cheque clipped to the door. Works well.