Payment plan for a deposit?

[Luvnmykidz]

Hello ladies, So I have enrolled a few families and I still have some spaces available.I charge a two weeks deposit that is used for the final two weeks of care as long as written notice is given. All my interested families are willing to pay the deposit but are honestly not able to upfront. I don't mind setting up a payment plan but am not really sure how to word a contract in regards to it. I know it should be simple to do but my brain isn't cooperating yet..I think it may still be on vacation.. anyways all suggestions are appreciated

[MarinaVanessa]

I think a little blurb after the part where you describe what your deposit is which says something like ...

"If paying the security deposit in full creates a hardship then $100 of the security deposit can be paid upon enrollment and weekly payments of $50
can be paid, in addition to your weekly rate, until the security deposit is paid
in full. "

... or something like that.

[snbauser]

I only charge one weeks deposit, but this is what my policies say

"If this deposit is a hardship, then payments may be made towards the deposit, but the deposit must be paid in full within 30 days of enrollment."

[TheGoodLife]

I think a little blurb after the part where you describe your deposit is which says something like ...

"If paying the security deposit in full creates a hardship then $100 of the security deposit can be paid upon enrollment and weekly payments of $50
can be paid, in addition to your weekly rate, until the security deposit is paid
in full. "

... or something like that.

I wouldn't add that to the regular contract- gives everyone a plan to do the payment thing. I'd wait until a family expressed a need for payments, then make a special form to add the payment plan to their contract. That way you have something in writing to outline the contracted payment plan, but don't put the idea out there to all families upfront, KWIM?

[snbauser]

I wouldn't add that to the regular contract- gives everyone a plan to do the payment thing. I'd wait until a family expressed a need for payments, then make a special form to add the payment plan to their contract. That way you have something in writing to outline the contracted payment plan, but don't put the idea out there to all families upfront, KWIM?

I actually have mine in my policies and my reasoning is that there are people who might be too embarrased to ask for a payment plan and will just seek care elsewhere. I have had mine in there for 12 years and only had 1 person ever take me up on it. And honestly since it is money to go towards when their care ends, it's not like I'm not getting paid for the work I'm doing at the time.

[Leigh]

I include a basic agreement to pay the deposit over up to 8 weeks, and just leave 8 spaces for them to enter the amount they intend to pay for each of those 8 weeks. It is sort of like this:

I wish to pay my non-refundable two week deposit over a period of 8 weeks. I agree to pay as follows:

week #1______
week #2______
week #3______
week #4______
week #5______
week #6______
week #7______
week #8______

I understand that the entire deposit of $XXX must be paid in full by (date) in order to retain my position on the daycare roster.

Parent signature______________

[Luvnmykidz]

Thanks ladies for the great suggestions. I really appreciate it.