Running a child care business takes dedication, persistence and desire. To continue providing top-notch care to the children, you’ve got to have a healthy financial footing for your center.
“Adequate revenue in the bank is the cornerstone of a successful business.”
Income for your child care center comes from the parents. As you know, one of your biggest challenges is collecting payments in a timely manner. Parents often have problems making ends meet, which may cause them to avoid their monthly bills.
A Realistic Payment Solution
You’ll want a Tuition Payment Solution that works for both the parents and the center. Conversations about money are not always easy; the emotional bond that providers have with the children can make these situations uncomfortable. Patience and flexibility are very important aspects of a child care center’s policies, and having empathy for financial problems of parents is part of your job. However, at the end of the day, you still need to be paid.
Just like parents, your bills are unrelenting. Unlike you, however, insurance companies aren’t as understanding if they don’t get paid on time. Missing payments means your center’s coverage will lapse. Likewise, if you aren’t able to pay your utility bills, your power and phone will be turned off. These are just a couple of examples of the reality you face, which is why you must tread carefully between compassion and stringency regarding tuition payments. Your center is a business and the goal is to be profitable, as well as an enriching and safe place for the children.
The simplicity of Electronic Payments removes the collection difficulties that child care centers have had to deal with in the past. When parents sign up for Tuition Express, they will no longer say, “I forgot my checkbook.” Instead, you will automatically receive a payment when it is due. Stressful confrontations are eliminated and your center will run more efficiently and with a higher profit margin.
Most companies offer customers automatic payment options and some have even made it mandatory. It’s a win-win situation: convenient for parents, and a way for your business to ensure getting paid on time.
The 21st-Century Parent
Today’s payment methods are primarily electronic. In fact, the 21st-century parent doesn’t carry a checkbook or much, if any, cash. Quick and easy payment options—card swipes, online payments, and bank-to-bank transfers—are a necessity; companies that don’t offer some of these choices are likely losing business. Offering Convenient Payment Methods for parents means you’ll get your own bills paid on time.
“Quick and easy payment options, like card swipes, online payments, and bank-to-bank transfers, mean you’ll get paid on time.”
Without the worry of tuition payments, you’ll spend more time doing what you do best—giving the children the nurturing and guidance you’re known for. It feels wonderful to make such a big difference in so many people’s lives.
When all is said and done, it is your center and you’ve earned the money owed by each parent. You deserve to have it.