Running a child care business takes dedication, persistence and desire. To continue providing top-notch care to the children, you’ve got to have a healthy financial footing for your center.
“Adequate revenue in the bank is the cornerstone of a successful business.”
Income for your child care center comes from the parents. As you know, one of your biggest challenges is collecting payments in a timely manner. Parents often have problems making ends meet, which may cause them to avoid their monthly bills. Continue reading
It’s no secret that collecting childcare tuition is one of the hardest things you have to do as an owner or director of a childcare center. Parents who pay late always have an excuse. The fact is, they are just paying you last (or not at all) and putting your business—your livelihood—at risk.
By creating policies (and adhering to them) you can avoid a lot of late payment situations. For example, charge a late payment fee and stick to it. To make sure parents know your policies, post them in an obvious place or give them a handout. Be aggressive about collecting on time. If you’re passive, you will have delinquent accounts.
Daycare Tuition Collection Made Easy
For many people who use Procare Software, the issue of daycare tuition collection is a thing of the past. By using Tuition Express, Procare’s tuition collection and payment processing service, centers can eliminate handling paper money or checks. Payments are received 5 different ways (outlined below) and tuition fees are deposited to your account overnight. Parents are automatically emailed receipts and can check their balance online at any time!
Easy Ways for Parents to Pay – And For You to Collect
- Electronic Funds Transfer (EFT) – Weekly or monthly payments transfer from each parent’s bank account directly into yours. Learn more about Electronic Funds Transfers for Childcare.
- Recurring Card Payments: Store encrypted parent credit card information to collect tuition payments when they are due.
- Card Swipe Processing for Childcare: Parents pay just like at the grocery store by swiping their debit or credit card at a card reader connected to a computer at your front desk (or a staff person may swipe the card for them) and you get the lowest card processing rates in the industry.
- Online Payments for Childcare: Parents can pay at their leisure–from work, home or on the go.
- Pay at Check-In: Parents see their balance as they check in and simply swipe their card to pay. The Procare Touch Check-In Computer includes an integrated card reader, or an external USB card reader may be attached to any computer.
Since Tuition Express is fully integrated with Procare, payments and are automatically recorded to each family’s ledger card and deposit reports are created for you.
Tuition collection can be a time-consuming and unpleasant task. Tracking down parents to collect checks or remind them of upcoming payments is an inefficient use of time, but is necessary to ensuring regular cash flow at your center. With Tuition Express, payments can be automated—giving parents the flexibility they need, while ensuring your center’s tuition policies are adhered to and payments are received on time. That’s tuition collection made easy.
Learn how to enhance your childcare payment processing with Automated Tuition Collection from Procare.
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“Oh, Mrs. Jones, thank you for your payment. Let me just write you out a receipt.” Sound familiar? It’s the age-old way of taking payments for child care or just about any other business. Now be honest. You’ve probably got a manual receipt book tucked in your desk drawer, just like thousands of other child care, daycare and preschool owners.
Video: Tuition Processing in the 21st Century
Does it work? Well sure, if you don’t mind being interrupted as various parents drop off payments throughout the day. That is, assuming they “remember” to pay at all, let alone on time. Some of them may even pay by cash, which could leave you open to finding a bit less money in the till at the end of the week. And, if someone “forgot” to make out a receipt, how would you know for sure – wink, wink?
The hand kept receipt book may have been a fine tool for the 1970’s, 80’s and even the 90’s. But, now that we’re well into the twenty-first century, it’s no longer the most efficient or secure way to accept payments for tuition and other fees at your child care business. What words would best describe the perfect payment processing system for your preschool or child activity center? Ultra-secure? Super convenient? Parent friendly? Easy to use? Those phrases all define Tuition Express, a service provided by the biggest name in child care management, Procare Software. Continue reading