Payment collection is one of the crucial segments of daycare segment management as it is with several other businesses. If this segment is not taken care of properly, you will find running your daycare center a big challenge and a hassle. While not receiving payments in time can impact the paying of your staff and taking care of the routine expenses, your business growth and stability can severely be affected in such a situation. Here are a few proven tips from industry experts on simplifying payment collection at your daycare center.
Develop clear policies and share them with your customers
It is important that you develop clearly defined, convenient and practicable policies about collecting daycare center payments. It is also important to make sure that these policies are stated to them in clear communication channels without any ambiguity so that they stay well informed in the first place to align their payment schedule with your expectations.
Have a definite control over the receipts
If parents make late payments and you do not mention anything about it, they will go by the understanding that late payments are accepted. It is also important to remind the parents once you find the payment in due is getting delayed. The longer you wait to communicate with them, he more difficult it will be to streamline the schedule of payments.
Be present to receive the payments on the schedule given
When it is the day of payment and the parents do not find your collection representative or staff at the center, it is going to severely affect your receipts. Without the presence of the collector of daycare payments, some parents might also forget that they need to make the given payment as per the schedule.
Set up automated payment reminders
Look for the right technology to set up automated payment reminders sent via the most convenient and popular channels. It will make it easy to collect the payment if it is done through direct debit or credit. Automation of the payment collection process is a sure way to ensure timely payments and also avoid defaults. Best daycare payment software is a sure way to drive in more efficiency across your payment collection system.
Charge a fee over late payments
No parent will be interested in incurring extra payments when it comes to daycare payments. If you charge a late fee, you are minimizing the number of reasons that they will seek to delay the payment and also the number of hassles you will have to face in chasing the payment. Implementing a late fee system on late payments will also come as an incentive to parents who are paying in time.
Take home from the discussion
Investing in the best daycare payment software can ease your financial management, regulate payments, streamline the receipts and payments and drive more efficiency across your different daycare center management functions. Do some research and take referrals from your contacts that are already using such software so that you land on the best solution that can give you peace of mind, drive more professionalism into your daycare center management and bring in more returns on your investment.