Your day care business likely has a formal payment policy; it also likely has a few parents who are notoriously late payers. How can you turn those late payers into prompt ones? Here are a few tips to try.
· Start by pre-screening parents using ProviderGuard reports. These reports can identify parents with good and bad payment histories to childcare providers.
· Add and enforce a late fee.
· Offer a small discount for families that pay a full month's tuition in advance.
· Remind parents a few days before payment is due that it's almost time to pay tuition.
· Consider accepting credit cards.