Monthly Payments

[Msdunny]

Those of you that allow monthly payments for a discount - how much of a discount do you offer? I am playing with the idea, although I do like that weekly income. I have invoices sent out automatically through the Square app, so it isn't a headache for me to collect, but it may be easier for some families to pay one a month.

Thanks in advance for the input!

[PB&J]

$10/child/month.

[Meeko]

Why discount?

I give parents the option to pay weekly, bi-weekly or monthly.

They get to choose what payment schedule works best for them, but they don't get to keep some of my hard earned pay too!

[Cat Herder]

I would not discount. I personally don't want to bill monthly as each month would be a different total and would open me back up to the "what do I owe?", "when do I owe?" and "why do I owe that?" discussions, again.

[Msdunny]

Why discount?

I give parents the option to pay weekly, bi-weekly or monthly.

They get to choose what payment schedule works best for them, but they don't get to keep some of my hard earned pay too!

I don’t necessarily want to discount, but I knew that some providers do and was wondering why and how much.

[Blackcat31]

I honestly don't know any providers anymore that discount for anything.

I think both providers and parents have realized there really isn't any valid reason to discount anything as those things parents view as warranting a discount (siblings for example) are actually more work than less work therefor no discount should apply. Atleast not fairly.

[Msdunny]

I honestly don't know any providers anymore that discount for anything.

I think both providers and parents have realized there really isn't any valid reason to discount anything as those things parents view as warranting a discount (siblings for example) are actually more work than less work therefor no discount should apply. Atleast not fairly.

This was my original thought, but I thought I had read that folks discounted for monthly payments. I was curious as to their reasoning and if it would be worth it. I’m not having trouble with weekly Billings, but thought i might offer monthly you parents who might like it for budgeting. I’m rethinking that now, and probably won’t make the change. Thanks all!

[Tin Blues]

Half of my parents prepay monthly and I don’t offer any discount.

[rosieteddy]

Never offered a discount.All parents ended up pre paying for the month .We counted Thursdays.It would be 4 or 5 weeks tuition due.I posted the number of weeks owed at beginning of the last week of month.

[AmyKidsCo]

I discount a little because I'd rather deal with 12 invoices/receipts per year instead of 49. Less chance I'll mess up. ::

My discount is about $50 for the whole year.

[laundrymom]

I offer a discount if they pay on time. kind of.
Like.
Say my base rate is $500 a week. It’s not. Lol. But just play along.
If they pay on time, by noon on Friday I only charge $500. If they pay after noon But before 5 pm. I charge $550.
So they only pay the base rate when they follow the agreed to terms so in a way that’s a discount. Right?

[Blackcat31]

I offer a discount if they pay on time. kind of.
Like.
Say my base rate is $500 a week. It’s not. Lol. But just play along.
If they pay on time, by noon on Friday I only charge $500. If they pay after noon But before 5 pm. I charge $550.
So they only pay the base rate when they follow the agreed to terms so in a way that’s a discount. Right?

...off topic here... but Hi! Nice to see you back on the board! happyface

[Msdunny]

I offer a discount if they pay on time. kind of.
Like.
Say my base rate is $500 a week. It’s not. Lol. But just play along.
If they pay on time, by noon on Friday I only charge $500. If they pay after noon But before 5 pm. I charge $550.
So they only pay the base rate when they follow the agreed to terms so in a way that’s a discount. Right?

Love this! Perfect!

I think I’ve decided to not try to fix something that isn’t broken. My parents pay weekly, and on time because they are automatically invoiced and have set up about payments. And I like getting paid what I’m worth, so no discounts for care! Thanks for helping me think this through!

[Former Teacher]

My former center had a discount. Granted we didn't have "contracts" but parent's couldn't flip/flop.

If they paid weekly, they had to pay by Friday. If they paid monthly (it was due by the 1st), it was discounted PLUS they were done for the month. Which basically meant if there was 5 weeks in the month, they didn't have to pay for that extra week. Whereas if they were paying weekly, they had to.

[AmyKidsCo]

My former center had a discount. Granted we didn't have "contracts" but parent's couldn't flip/flop.

If they paid weekly, they had to pay by Friday. If they paid monthly (it was due by the 1st), it was discounted PLUS they were done for the month. Which basically meant if there was 5 weeks in the month, they didn't have to pay for that extra week. Whereas if they were paying weekly, they had to.

Yikes! Did the center just lose that week of payment? That would be a lot to give up! My monthly rate is 1/12 the annual weekly total so it's always the same regardless of how many weeks in a month, and I'm only out the discount I give for paying monthly.

BTW, I have some parents who pay 4 or 5 weeks at once to cover the whole month, but they don't get the discount because they're still paying "weekly" - same with the parents who pay 2 weeks' worth every other week.