Payment schedule

Hello Everyone!

Currently I have parents pay me at the end of the week after care has been provided, and while I have never had a problem with this I am always nervous that someone isn't going to pay. I've mentioned on this forum before that I lost all my daycare documents due to my computer crashing so I have been busy re-writing everything and while I've been doing that I have been coming up with some policy changes and one thing Id like to change is my payment schedule to be paid in advance. I know I've read that most of you ladies get paid in advanced so I am wondering if it is monthly, weekly, biweekly.

Ideally I would like to change it to getting paid on the first of the month for the month, or getting paid bi-weekly as I HATE going to the bank every week. But I am wondering if this would create a financial burden for some prospective clients?

Any thoughts would be greatly appreciated!

I get paid the Friday before for the following 2 weeks. I used to allow weekly payments but it was too much of a hassle. Now I offer biweekly or monthly. EMT's are great but only work if all your families pay by them because you still have to hit up the bank. Some of my clients haven't wanted to do EMT because they get charged hefty fees on top of daycare fees. I am pretty easy going though so I had one family paying cheques so it wasn't a big deal that my new family wanted this option as well.

Biweekly the Friday before care.

A month in advance seems like a lot of money. Not a problem once they are in the routine of it but the first few would be a big hit on the bank!

I started only allowing post-dated cheques. But I now accept EMT (I trust my families enough to have them ensure it is on-time and I don't have to chase them down). EMT has the benefit of being available immediately with no holds. Post-dated cheques mean no chasing down payments and aside from a trip to the drive through bank machine is pretty hassle free.

I also have a 2 week deposit for the final 2 weeks of care. Should anything ever happen with a non-payment I have money in the bank to cover it so it doesn't impact me as badly.

I charge 2 weeks in advance as I find this is pretty much the norm for parents so it's easier on their bank account too. I agree with lee bee, a month is a lot of money. I accept cash or cheque.

I request a months notice for withdrawal and a one week deposit that is used towards this, so in the end they owe me 3 weeks of payment.

Post dated cheques for at least 6 months at a time, due either all on the 1st or divided btwn the 1st and 15th of the month. As well a 2 week deposit that goes towards the last 2 weeks of care.

I do a two week in advance EMT. Usually the Saturday or Sunday prior to care. I do need to chase one family once and a while, but Monday mornings at 7:00 they get an email from me stating late payment and the additional late fee. :)

I am totally flexible with payments....but always in advance. I don't care if they pay weekly, every other week or monthly!! I also don't care how they pay!! I have three that use EMT, one cash and one cheque.

I think that if you prefer to have everyone pay on the same day you should just let everyone know but give a set time period before the change so clients can make adjustments. I also agree with others who mentioned that a full month fees may be hard for some, especially those that get paid weekly.

I get paid on Fridays for the following two weeks ... Cash or emt only currently all my families pay emt ..... Some banks are free for this service and some charge a dollar or two...... I love emt as I don't have to leave my house to do my banking however with the new technology there are some banks that you can take a picture of the check with your phone and deposit that way

It is common practice in my area that payment is required before the first of the month, for the month's fees in full.
I have one family that pays on the first and fifteenth, which is more than fine with me. I also have one family that is a slightly different arrangement in that they pay every two weeks (which is not always the 1st/15th).
As long as the fee is paid IN ADVANCE, and I am aware of when the payments are coming, I am flexible.

Should add, too- I don't care how they pay me. I prefer email transfer, as it is quick and easy. But I still accept cheques and cash as well.

Thank-you everyone for your input. I thought monthly may be a bit much ask, I think I will give parents the option of bi-weekly or monthly payments. I will be sure to make sure what ever schedule they choose, payments will be made in advance of care.

I charge monthly and it is due the 1rst of the month that services are provided. I've never had a parent complain about it so I'm assuming that it hasn't been a problem. I couldn't imagine going to the bank weekly.