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Posts tagged ‘tuition policies’

Do You Accept Checks in Your Child Care Business?

Do you accept checks as a form of payment in your child care business? If so, it is vital that you read this blog post very carefully. In fact, today I want to share some check writing policy tips with you that will protect your business cash flow.

I can remember how I felt when I received my first returned check about 10 year ago from a parent.  When I received the returned check notice from my bank, I was furious. In fact, I could hardly believe that a parent (who sees me everyday) would do such a thing.

Moreover, I can honestly say that 10 years ago I was only in the business of childcare about four years and was not quite sure how to approach a parent about a returned check.

Now…keep in mind; I was also upset about this issue and wanted to call the parent and speak the thoughts that were running through my mind.

After receiving my first returned check from a parent, I decided to create a check writing policy and I still implement that policy today in my Child Care Center.

Today I want to share with you, 5 simple check writing policies tips from my Tuition Policy Makeover eCourse.

1. Be sure to create a check writing policy and issue the policy to parents upon enrollment.

2. Require that parents provide you with their driver’s license number when presenting a check to you; in case you need to seek legal action to collect the funds on a returned check.

3. Also, inform parents that you reserve the right not to accept their checks; in the event their check is returned to you.

4. Charge a return check fee. In the state of Missouri I am able to charge a return check fee  in the amount of $25. Be sure to check the return check fee limits in your state. (click here)

5. Three-to-four days after receiving a check from a parent, check your bank account to assure that the funds have cleared your account.

Every time that you accept a check from a parent without the check being processed through a check reader or the checks is not electronically processed; you are taking a risk!  So be sure that your parents know that you have a very strict check writing policy.

  Accepting Checks is a Convenience for parents and in some cases…very risky for you!!

Less riskier payment forms:

-Cash

– Credit Cards

-Money Orders/Cashier Check

–Paypal

For more tips on how to create a Check writing policy or how to deal with returned checks; be sure to subscribe to the Tuition Policy Makeover eCourse Today!

I look forward to reading your thoughts and comments about this week’s blog post.

Shiketa

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Category:

Tuition

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What You Should Know About Credit Card Information

credit card

Do you process credit card payments in your child care business? If so, be sure to read this entire blog post.

Several hours before writing this blog post, I was opening mail at my Child Care Center and came across my credit card processing statement. I noticed that there was a charge of $19.95 on my statement, so I called my credit card processing company.

The credit card processing representative explained to me that I was charged an extra fee, because I had failed to validate my Credit Card policy with them. Furthermore, she explained to me that if I took about five minutes to answer a few questions; the charge would be removed from my statement.

Moreover, after answering questions about my credit card processing policies, I was inspired to share with you; 5 ways to protect your customers/parents credit card information.

1. Create a policy that indicates who can accept credit card payments in your business.

2. Do not collect credit card information via text message or email.

3. Be sure that parents are aware of your  credit card processing policy.

4. If you keep credit card information on file, be sure to keep it locked away in a secure place.

5. Shred credit card information, if the transaction is a one-time payment.

When parents provide you with their credit card information, they trust that you will keep their information private and protect their account information.  So be sure to follow the steps above, to protect your business image and to protect parents credit card information.

I look forward to reading your comments below about this blog post!

Shiketa

Resource Article

Makeover Your Tuition Policy

Category:

Business Management, Record Keeping

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