Payment!

[LaurenD]

Hi
I had my registration visit from Ofsted today - all went well so just waiting for checks to go through and I can get started! I already have a mum who wants me to look after her baby 2 hours a day, 2 days a week. She is coming to visit with her partner tomorrow for a settling in type session and to look at my policies/contract etc. I was just wondering what other people do re:payment - Do you charge at the beginning of the week? Or month? Do you ask for some kind of retainer?
This is all very new to me so I would really appreciate anyones advice/tip etc.
THANK YOU!

I get paid monthly in advance.
I don't charge for my four weeks holidays a year, but charge for any parent holidays. Therefore to get a regular monthly payment I times the weekly rate by 48 (52 weeks in the year minus 4 weeks leave) then devide by 12 (12 months in the year). Giving me my monthly payment amount.
If someone wants a place for the future, but does not want it immidiately and wants me to hold a vacancy then I charge a retainer fee. But otherwise I don't take a retainer or deposit as I am paid on the first of every month, in advance, by vouchers or transfer.
HTH

Monthly in advance
By direct bank transfer

I do a monthly fee too

Whats a monthly fee?
(Sorry if I seem stupid!)

weekly amount times 50 (I have 2 weeks holiday) divided by 12

I send out invoices on about 24th of the month for the parents to pay into my account by 1st of the month - a month in advance. I charge a late payment fee for late payments. Any adjustments are made on the following months invoice.

Hi, I'm a parent - we pay weekly in advance. It seems to suit everyone well and does mean that if I ask for extra care hours with a weeks notice, the payment for that week can be changed to cover it. Our contract also has a different holiday payment policy - we pay half rate for our holidays (4 weeks a year) and half rate for CM holidays (4 weeks a year). I think this also works out quite well as when the CM is on holiday and we have to pay for alternative care we don't have too much of an extra payment, and when we take our holidays our CM is not completely left without income that week. Do make sure you are very clear about holiday pay, bank holidays etc.

I charge monthly in arrears.

Work out weekly figure x 48 weeks ( I have 4 weeks hols at no fee) divded by 12.

Monthly in advance. No holiday pay for me (I budget accordingly), parents pay when they're on their holidays.