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My payment methods are either cash or cheque. I am Interested in the EMT option for payment, but wondering how you guys go about setting this up. I'm not sure if it is for every bank but here we are charged to send money through EMT. Do you discount this from their amount due or you don't discount at all.
I accepted email money transfers and was never charged to recieve money. I'm with TD Bank. Don't know if that makes a difference.
I am with pc financial .... I can receive all the EMT's for free but I am charged $1.50 (I think) for sending one. Some banks don't charge at all For sending or receiving ..... But no I would deduct anything .... Some banks allow you to set it up online and others you have to go in. When your client sends you a payment they will have to set up a security question.... All my families use their kids name. But I love EMT !!!!
I like getting EMT's- no trip to the bank! Just make sure you have a strict late fee policy. I find parents who pay with EMT's end up being late more often since they send it to you from home.
With my bank, I pay to send but not to receive so I wouldn't be charged to receive their payment. I am just worried that they wouldn't be too happy with a fee to send money to me if their bank charges.
I accept EMT. There is 1.50 charge for the payer but nothing for me. I have sent EMT's as well and it costs me 1.50, but I can usually justify it as it would cost me more in gas to deliver payment.
My EMT policy is payment needs to be recieved by Wednesday of the payweek. (I accept payment at the end of the week for all other forms) This way I have 2 days to remind them if it didn't go through or if they forgot.
I definitely agree. My families who pay via cheque are rarely late however my families that pay via email interact transfers are frequently late.Quote:
Originally Posted by loulou
With that being said, it is my preferred method of payment too :)
When a parent chooses to pay by EMT they have to pay on the Sunday so the money is their for Monday morning and I'm not left waiting and wondering if it's ever going to come.
My emts are due on fridays (or sooner) for the following two weeks as I shop on the weekends for food and supplies and I have only ever had one family late with the EMT once and I reminded on monday morning and I had it within the hour. I love EMT as I don't have to wonder if it's going to clear and I don't have to go to a bank. Actually I don't think I have been in a bank in a few years now.
I have one family that uses EMT and i love it. I wish i could convince all of them to use it.
Before I had a policy on EMT I had one client who would pay me Fridays... then it turned in to Friday nights... then it would turn into Saturday mornings. Then I found myself sending a text every Sat at noon. "just a reminder, payment was due yesturday" I would have it within the hour. Then It would take longer until I finally put my foot down and made the policy. It feel awful chasing clients for money! We shouldn't have to spend our weekends worried about when our pay is coming.