Deposit or retainer?

[Rudgey]

I have three new families coming to visit me over the next week and I know that each of the families want to start in my childcare around Aug/Sept. As I am new to all of this, what is the best way to hold a place for their child. Do I charge a deposit or retainer, also how much would it be? Do families normally expect to be charged to hold a place, has anyone had an problems asking for this? Thank you in advance.

I personally don't charge retainers, just a (fairly) large non-refundbale deposit if they dont take up the space and first months fees if they do.

I am a big softy and charge a 4 week deposit, which I refund if they start against their first fees. I know others would charge a retainer starting from when the contracts are signed. Up to you.......

I found my childminder in feb and signed contract in march for an end of may start and she charge me £100 deposit refunded off my first mth bill. She didnt charge a mth in advance she charges at end of the mth.

I suppose you could charge a mths non-refundable deposit and a mth fee up front then the non-refunable deposit is taken off the final mths bill when they give notice - I know a couple of childminders I considered did this (also nurseries in my area seem to do this)

good luck with all your vists

Do you have a place for the children now, which you will be holding empty for them, or do you have other children who will be leaving in Aug?

The usual practice is to charge a deposit if you don't have a place available but anticipate that you will be able to offer a place when it's required.
If you do have a place available and will be keeping it open for the child, then this is normally when you'd charge a retainer.

My own policy is to charge a deposit of £50 that counts towards the first invoice. Some people refund this at the end of the contract. My retainer would be half fee and I wouldn't refund that at all. If I'm able to fill the place in the meantime, maybe someone wanting an extra day, I would refund any day that the place wasn't available.

Some parents prefer not to pay a retainer and I will agree to contacting them and giving them first refusal on the place if someone else wants it. If they then said they wanted the place in those circumstances, I would definately charge the retainer. Some childminders wouldn't do this and would take the view that they should pay the retainer if they want you to stop interviewing other parents for the place. You are, after all, holding the place open for them.

So long as you clearly state what your policy is to parents, you should be fine.