Daycare Accept Plastic?

[daydreamermom]

I'm just wondering how many of you think that it's beneficial to be able to accept credit card at the daycare or be able to accept payment online? With this age of technology, aren't there any parents who asked you about this?

[nannyde]

No but most pay by wire transfers now. I offer payment via paypal with a five percent fee but haven't had anyone take me up on it.

[gbcc]

Most of my parents pay me online through Minute Menu. I love it!!!! So much!!! I have a few parents that are still skitish of online payments so they pay by check.

[SunflowerMama]

I accept paypal. My website is set-up to accept it.

[TGT09]

I'm just wondering how many of you think that it's beneficial to be able to accept credit card at the daycare or be able to accept payment online? With this age of technology, aren't there any parents who asked you about this?

I offered it in the beginning but no one ever used it so I took it out of my handbook. No one has really ever asked about it but I guess if someone does then I would just offer them my PayPal. I already have an account and it's free.

[originalkat]

I have the option for people to pay via online payments with minute menu. There is a $1.00 fee per payment. However, no one ever seems interested.

[actaktmdt]

I've been comptemplating setting up online through minute menu....it is not free through pay pal though...I lost $9.00 in fees on pay pal in april wheb dcg grandma paid to hold her spot.

[grandmom]

Personally, I like the check being handed to me. It's a great opportunity to say thank you to the parents. So often we're busy with other kids or fixing breakfast when parents come. This check transfer makes me stop and look them in the eye and sincerely give thanks.

I'm a Dave Ramsey follower, and I'd have a really hard time allowing credit cards (not debit) because of the financial stress of credit card debt. I was at a daycare training recently where a bank made a presentation about allowing card payments. The banks are pushing it because they make money off the interest. I say no to that.

[emosks]

If there are fees involved then there is no benefit. Unless the parent wants to incur the fee...and I know I'd much rather just write a check than pay extra each week.

I know with my credit union if any of our parents bank there as well they can just transfer money into the daycare business account for free. We have a few parents that do this now.

We had one parent pay through Minute Menu but it took 5 days to get to us as well as she had to pay the fee. Lose lose situation if you ask me. You can go through PayPal and avoid fees but I believe it's against their policy from what I have heard.

[kdparadise]

Paypal fees?

I have been contemplating cc, of course I had solicitors when I got my business licensed calling to offer a quote free cc machine, but the fees are not worth it for a small home based business - um ya.

I've been contemplating paypal and havent gotten a website up yet, but will!

My concern with Minute Menu, it' less mainstream of a name. People know Paypal and can universally trust it. Their fees ****! They charge a fee to transfer the money to your bank account also.

All that offer paypal, what is the fee you charge? Are you losing some in the transaction?

Are there any other options for cc that are affordable?

[Daycare Mommy]

I'm a Dave Ramsey follower, and I'd have a really hard time allowing credit cards (not debit) because of the financial stress of credit card debt. I was at a daycare training recently where a bank made a presentation about allowing card payments. The banks are pushing it because they make money off the interest. I say no to that.

I was just about to post something similar. I'm in a big ol' financial mess right now because I leaned on my cards when I wasn't making it. I wouldn't want the parents to add to any debt they have to pay me. It's very hard on a family to have to dig out once it's built up and at $6500 per year for each kid that's some serious debt that could be built up fast.

I don't know if it's the same anymore, but doesn't Paypal have a free account that can accept debit cards only with no fees but does not accept credit cards. That might be a better option. The only thing I'd be worried about is some kind of online dispute where Paypal might side with the parent and yank the money back out of my account. I've dealt with that on eBay. It's stressful! I much prefer cash in hand on payday.

[kdparadise]

When you have extra fees that (late, overtime, etc) that need to be added, twinmama do you just bill separately for these offline?

[MarinaVanessa]

I also offer PayPal payments but none really use it. I just charge whatever the PayPal fees are extra for this convenient. The only parents that have ever used it are those that forgot to bring their wallets or checkbooks with them and they are dropping off. I have families pay in advance of care and if they don't pay, they don't stay. I don't even let them run home to get the payment and leave the little here. I've heard of parents saying they'll be right back and drive off and go to work. That won't fly with me. If they say they forget they either take their kiddo with them or (if they forgot their checks or cash) they can pay with their cards right here in the center. I guess a wire transfer would work too if they had online banking. That's something to offer for sure. At least there won't be an additional fee. But besides those parents that forget their payment they usually just pay in check or cash. I don't accept money orders though because I found out that the purchaser of a money prder can cancel the money order funds just like if it was a check!! At least a check I get back as proof if there's a stopped-payment on it.

[Chickenhauler]

Few things to think about when considering CC transactions..

• You're going to give up 1.5-5% right off the top to the credit card company in transaction and clearinghouse fees.
  
• You CANNOT charge this premium back to the customer (daycare parent)-it says so right in your merchant agreement.
  
• If a parent gets mad at you, they can dispute the charges and hold up your payment for months.....the CC company can go so far as to back-charge your account (meaning if suzy says $100 each month was wrong for the last four months, the cc company can withhold payment on the next $400 worth of transactions).

[Former Teacher]

Few things to think about when considering CC transactions..

• You're going to give up 1.5-5% right off the top to the credit card company in transaction and clearinghouse fees.
  
• You CANNOT charge this premium back to the customer (daycare parent)-it says so right in your merchant agreement.
  
• If a parent gets mad at you, they can dispute the charges and hold up your payment for months.....the CC company can go so far as to back-charge your account (meaning if suzy says $100 each month was wrong for the last four months, the cc company can withhold payment on the next $400 worth of transactions).
  

That is EXACTLY why my former center did not take plastic!