When Are Payments Due?

[AcornMama]

I'm closer and closer to being up and running, but still tweaking policies, and waiting for my licensing inspection (next week! ).

I am beyond convinced, thanks to all of you, of the necessity of pre-payment for childcare. What I can't settle on is should I require payment on Friday at pick-up or Monday at drop-off. For those of you that have used one, or both, of these plans, please convince me of why one is better than the other.

I'm probably over thinking this (my lifelong problem).

[KBCsMommy]

I have a policy of prepaying as well. Mine is Monday morning or first drop off of the week for part time dck. But sometimes I can't make it to the bank until later in the week. For me this is annoying.

I would have a Friday payment, if I was you That way you could always get to the bank on Saturday

[Blackcat31]

My payments are due on Fridays at pick up (by 5:00).

I don't necessarily know if this is better than being paid on Monday but I do know that most my families get paid on Fridays and when I first switched to pre-pay I had way too many families that would have spent their money over the weekend and then tried to give me a sob story on Monday so I figured the less time the money sat in their hands the better...

Plus, I require ALL schedules by Friday at 5:00 as well and families are billed according to what they schedule so it seemed easier to take the check with the schedule.

I also use what they pay me to buy supplies for the upcoming week over the weekend so I am prepared for the week.

Also I have more time to go to the bank on a Saturday than I do on Monday after work......

That's my reasoning.

[KBCsMommy]

What ^^^^^^ she said

[TheGoodLife]

I do Fridays! That way no one can try to drop-off on a Monday w/o payment. Never had it happen, but hey- I'd rather be prepared! Plus then I can either go to the bank Friday or Saturday, or Monday if I don't make it on the weekend!

[EntropyControlSpecialist]

By Monday morning at 7:00 AM (PRIOR TO drop-off). My clients pay online. They have alllllllllll weekend to do so. The invoices are issued on Thursday since childcarepay takes 1 full business day to withdraw the money from their account. Some have it set up on auto-pay and I get it on Friday. Others pay on Friday or Saturday.

[craftymissbeth]

Mine are due Fridays at pick up simply for budgeting reasons. On Saturday I cash my checks of I have any (most of my families pay cash) and buy our week's daycare groceries and supplies. I'm sure there are easier ways of doing it, but it works for me.

ETA: I forgot to add that I am prepaid.

[MommieNana4]

I am set up for payment on Monday. It is an unsecured loan if they pay on Friday after I have cared for their child all week (IMO). I have not had this happen to me.

[melilley]

I originally had parents pre-pay me on Fridays by pick-up-for the next weeks care, but two of my families don't get paid until Monday's so I let them pay on Monday's at drop-off. I have a separate contract for each day according to when they pay and it's worked out so far.
But with that being said, my husband has a decent paying job so it doesn't really matter whether they pay on Friday or Monday, BUT I definitely would make them pay before care begins for that week!
I guess it depends on how your budget is. If you need money to grocery shop for the next week, Friday pay is best, but if it doesn't matter, then either day would work, but being paid on Monday means you may have to send them home if they don't bring it at drop off.
Sorry, I'm probably not any help. I keep thinking of things and I'm going on and on ...

[snbauser]

Close of business on Fridays for the upcoming week. I can deposit my checks and have money for shopping on the weekends.

[AcornMama]

I appreciate the replies. Looks like the ability to cash checks/make deposits is a key factor for many of you. I kept thinking about every other possible factor except for actually getting to the bank. Good point! Thanks for the feedback!

[Brooksie]

I do Monday at drop-off. Love the idea of Friday at pick up though. I used to have SO much trouble getting to the bank and would then have to hole my checks until Friday to be able to cash them. Now I have PNC mobile banking and can deposit my checks through my droid. I love it. So easy.

[Crazy8]

I like doing Fridays because if they "forget" they still have the opportunity to get it to me all weekend (with late fees) and if they can remember to bring me a child on Monday morning they damn well can remember a check too. I think I would feel worse turning a kid away monday morning if monday was the pay day - but since it was friday and they had multiple opportunities to get it to me I wouldn't feel bad!!!

An old reason I did it this way when I started was because the only day I could get to the bank was Saturdays but with ATM's and mobile banking that isn't an issue now.

[earlystart]

I do pre-pay by Friday when I close at 5:30pm. I deposit the checks electronically using the bank's app on my Android phone. Doing it the Friday before means you get to make sure the check CLEARS before providing care. If they gave you a check Monday, and it took 2 days to process at your bank and realize it bounced, then let's say the family skips town, you just gave 2 free days of care (well, if you don't have a deposit on file - which I'm sure you will). Most of my parents use Chase QuickPay now, and they send the request to my email address by Wednesday, I accept it, and the money is in my account by Friday. I don't use Chase as my bank, but lucky for me most of the parents do, and that's all you need to use QuickPay. The other parent who uses Bank of America uses the online "bill pay" option, and the bank mails me a check each week (so it saves the parent from using their checks, and they don't have to remember). I didn't allow this electronic option until several months into doing my daycare, but now I wonder why I didn't do it sooner, because the "paper trail" is all online, so if I forget to manually record a payment, I just login to my account and see when/who/how much.

[SunnyDay]

Friday at drop-off.