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don't do it unless you have protection in the bank with deposit.
All my families have a 1 week deposit in the bank. They also pay for daycare one week in advance. So if a family falls behind one week, I have protection from the security deposit! So if I decide to give the one week cushion, I still cannot lose $ because of the deposit in the event they do not show up with payment the following friday!
so if you have this protection, it is your choice! If you don't have the protection, then look at the responses so many have provided. You are not a bank, so if any family wants "financing" from you...CHARGE THEM. How about $10 a day every day your tuition is late. Then they will either find the money to pay you and move on to Grandma's free daycare. Let's face it, if you are going to loose them, better to loose them before you get stiffed out of your payment!
Working with families regarding payment is common place in this industry, particularly family-based care, but it does not mean you need to get ripped off while helping folks!
Best
Big Lou
All my families have a 1 week deposit in the bank. They also pay for daycare one week in advance. So if a family falls behind one week, I have protection from the security deposit! So if I decide to give the one week cushion, I still cannot lose $ because of the deposit in the event they do not show up with payment the following friday!
so if you have this protection, it is your choice! If you don't have the protection, then look at the responses so many have provided. You are not a bank, so if any family wants "financing" from you...CHARGE THEM. How about $10 a day every day your tuition is late. Then they will either find the money to pay you and move on to Grandma's free daycare. Let's face it, if you are going to loose them, better to loose them before you get stiffed out of your payment!
Working with families regarding payment is common place in this industry, particularly family-based care, but it does not mean you need to get ripped off while helping folks!
Best
Big Lou
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