Good or Bad idea to take on a known 'bad payer'?

[mumnosbest]

An old colleague/friend (kind of) has asked me to mind her 2 DC, for a couple of hours a week. This would top my earnings up, which I could do with right now. However I know she's a very bad payer from past experience, needs nagging and pays lat (a week or 2), also her previous CM says she was a late payer. So do I take on the much needed business and consider the fees a bonus but not rely on punctuality or give it a miss?
Anyone had any experience with writing late payment fees into a contract? Did that go down well?

She's not a close friend, so I'm not worried about risking our friendship, just know her through my old job and works nights out.

I would insist on payment in advance or no deal. She pays at beginning of week or you don't work.
In my experience it is very hard, impossible even to get back money if someone does not pay. I accept payment in arrears only from those I really trust, or know from others will pay on time. My new policy is to only accept payment in advance for any new parents. It is horrible waiting for eveyrone to pay you when its all in arrears!

Could you agree to take them on the condition that she sets up a standing order to pay the fees?

If you, from the start, tell them that it is payment in advance and DO NOT EVER go back on it then I can't see it being a problem. If they don't pay, you don't look after the child. I would write into the contract that those are the rules so it is in writing too. I have a late payment fee of £5 per day. As yet (fingers crossed) I've never had to use it!

I only take payment in advance but it's only once a week, so if it's only one day (couple of hrs), when would I ask her to pay? She could't pay on the day as I wouldn't see her till she picked the kids up as I'll be collecting them from school. Not sure she'd go for a standing order either.

Sorry DH is calling but I'll be back asap. Thanks for your help so far

make her pay when she picks them up, so its payment once a week, if she doesn't pay say you can't pick them up the next week

Make her pay for the first week and second week in advance and then weekly on collectin so she is always paying for the week following IYSWIM

Direct debit at the beginning of the month? That's how I pay my CM. Tell her that's your system