Requiring Parents to Pay Via Automatic Transfer

[spud912]

So about half my parents pay via automatic transfer. The other families pay with checks or cash. The automatic transfer is great! The payment goes in instantly, it saves me a trip to the bank, I don't have to deal with the possibility of payment getting lost or misplaced (never happened but it always worries me), there are no issues with not having correct change or checks that are not printed or filled out correctly, etc. Not to mention it's way easier and more cost effective for parents.

Has anyone ever requested only bank transfers?

[laundrymom]

I'm thinking of going the cash only route here.
Following the responses here though.

[VWMom]

Nope. I'm a cash only provider. I send an invoice to each parent by text and that way they can have the correct amount with them upon arrival

[LysesKids]

I'm thinking of going the cash only route here.
Following the responses here though.

I went to Cash & Credit only 5 years ago; it's actually worked quite well because I get paid by the month. I know on the First of every month what I will have for bills & groceries.

[JackandJill]

So about half my parents pay via automatic transfer. The other families pay with checks or cash. The automatic transfer is great! The payment goes in instantly, it saves me a trip to the bank, I don't have to deal with the possibility of payment getting lost or misplaced (never happened but it always worries me), there are no issues with not having correct change or checks that are not printed or filled out correctly, etc. Not to mention it's way easier and more cost effective for parents.

Has anyone ever requested only bank transfers?

I am wondering what app you use for this? I am in the process of researching online payments, as my bank closes at 4:30 during the week, so I have to wait until the weekend to put in any checks!

I am thinking I will be switching to cash or electronic payments online in another month or so!

[Crazy8]

I don't require it but I am loving Square cash now and am working on getting all my families to use it. I didn't want any method that was going to take a few days to clear and found most did. Right now if they pay by check I deposit with my phone right away and its avail the next day. I am a cash envelope budgeting person so I go the next day (its my day off anyway) and pretty much take all of it back out. I love that Square cash is available in my account INSTANTLY and that I can invoice parents the correct amount to pay.

[LysesKids]

I am wondering what app you use for this? I am in the process of researching online payments, as my bank closes at 4:30 during the week, so I have to wait until the weekend to put in any checks!

I am thinking I will be switching to cash or electronic payments online in another month or so!

I use Square for my CC payments; if you accept checks, just do a mobile deposit like a few others do... I transfer $$ between my bank & the credit union thru Mobile all the time.

[Baby Beluga]

I have not requested transfer only payments but do give my clients the option to pay via transfer. Out of five families only one tranfers. The others pay cash and check. For checks I just do a mobile deposit then put the psychical check in their file. For cash payments each family has a tuition envelope where I put their cash. That envelope goes in the safe and I deposit whenever I know I will be near the bank. I did tell clients that I would not give change for cash payments though. If they don't have the exact amount I just credit the overage to their next payment.

[Thriftylady]

I haven't asked my parents to do it. I thought about it, but I refuse to set up automatic bill payments with my bank. Therefore, I wouldn't ask anyone else to do it.

[Snowmom]

I take cash, check and bank transfer.
Out of the 7 families I have, 2 pay by transfer (both bank with my bank- Wells Fargo- and pay by a "Sure Pay" transfer) and the rest pay by check.
I personally hate cash because that means I do physically have to go to the bank, whereas checks I can do a mobile deposit and most $ is available immediately in my account.

I had looked into Square a while back, but I thought there was a percentage fee that they take for each transaction that just seemed not worth it to me.

[Cat Herder]

I beg them to do direct deposit.

The program keeps it's own records AND prints one orderly W-10 at the end of the year. If multiple parents are paying, each receives a W-10 for their portion. Fair play.

If they occasionally pay with cash (the only other option I offer) they will have two printed W-10's at the end of the year, each. Tax preparers have been known to give them a bit of grief over the discrepancy in totals (one cash, one direct transfer) since the forms do not specify.

I also point out that the online payment automatically credits any over payments. I don't on my manual invoicing. I honestly don't count the cash wads they hand me, trust system. I have never been shorted, but have come up $10-$20 ahead a few times. Who paid extra?? I have not a clue, I choose to believe in the toy store fairy since that is the account all tips/gifts/bonuses/over-payments go.

Yes, they are told this during the interview. ::

[Puddleduck]

I only accept e-transfers. It's very common in Canada (where I am) but if I understand correctly the process is a bit more difficult in the US. All the parents need is my email address. So easy!