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How to Track Childcare Payment Logs with Technology

How to Track Childcare Payment Logs with Technology

How to Track Childcare Payment Logs with Technology

Keeping track of your expenses and income is crucial for your childcare business. Payments should be easy to receive, process, and track so you can spend more time focused on your daycare. 

Luckily, you have more options than ever when it comes to selecting a payment system. Digital child care payment solutions offer a faster and more convenient way to manage your payments. Some daycare digital solutions can even track expenses, attendance, meal logs, and events.

If you’re new to tracking daycare payments, this guide can help you learn:

  • Why you track your daycare payment tracker digitally 
  • What to consider when researching daycare payment solutions
  • How to track childcare payments 

Why you should track your childcare payments digitally

The benefits of using technology to track childcare payments include:

1. Streamline your workflow 

A software solution for your child care payment process can streamline your administrative workflow and bookkeeping. 

For example, you can set up recurring invoices with brightwheel. You can also automate the delivery of electronic payment receipts (another timesaver and parent-pleaser).

Digital payment solutions help you manage your tuition and billing from one centralized platform. You can safely and securely connect your bank account and set up direct deposits, saving you those dreaded trips to the bank.

Save time, get paid faster, and avoid lost invoices or misplaced checks. 

2. Improve your internal business practices 

A child care payment software can do more than handle daily tasks—it can also  improve how you manage your business. 

Daycare payment trackers can track your income and produce detailed reports about your payments. For example, brightwheel allows online viewing of your outstanding, pending, and past-due payments in an easy-to-read dashboard format.  

How to Track Childcare Payments

You can also track revenue by classroom, student, or date, and forecast future revenue by week, month, or year. This report also allows you to track any subsidies or discounts, which can be a huge timesaver.

Another helpful brightwheel report is the aging report, which allows you to easily track past due payments by child, classroom, or enrollment status. Having this data at your fingertips is helpful when you must follow up with families regarding late or missing payments.

Track childcare payments_Aging Report

3. Offer families ease and choices 

These days most financial transactions already happen in the cloud and paying for childcare shouldn’t be any different. Giving parents the option to pay via online transfer or credit cards means easier payments for parents and faster deposits for you. 

With brightwheel, you can conduct your billing and tuition collection entirely online, which is a huge benefit for busy families. Parents can even enable an automatic payment option, so they don’t need to remember to pay their bill.

Digital payments help families keep a digital record of their childcare expenses that can easily be purposed for tax filing. Parents are keen to use credit cards for budgeting purposes or to reap points with purchases. 

4. Make your childcare program stand out 

Offering an online solution can be a great way to signal to prospective families that you run a modern program and can directly help your marketing efforts. It can be hard to stand out and compete with other child care choices available to families.

Demonstrating that you’re familiar with  the latest technologies can build trust and a reputation as a program always striving to improve. 

Aside from digital childcare payment logs, brightwheel also offers parent communication tools, classroom activity tracking, and other features that can help make your program shine and boost your enrollment. 

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Daycare payment tracker cons  

Ditching manual daycare payment systems for digital solutions is the best decision you’ll ever make. There’s no doubt since the benefits speak for themselves. While this is an excellent move for your business, you should also be aware of the downsides.

You should budget for the transition since daycare payment solutions pricing varies. The cost of sustaining your preferred daycare payment tracker will probably eat into your budget. It’s best to prepare for this in advance.

Also, operating new technology can be a hassle. It’ll take some time before you can comfortably use the technology stress-free without making mistakes. You’re advantaged if you have lifetime customer support from the daycare payment digital solution provider.

What to consider when looking for the best daycare payment tracker 

With so many daycare payment trackers, choosing the best one for your business can be a hurdle. Researching your options is crucial before settling on a solution . Here are some critical  factors to consider when shopping for a daycare payment tracker:

1. Ease of making payments

Life gets in the way for many parents. They have jobs to go to, a family to care for, and a life to live. The last thing they want is a complicated or outdated way to make daycare payments. 

You can make their work easier by switching to online payment solutions. This way, they can make payments from anywhere and anytime stress-free. Additionally, they should be able to  automate the payment process with a recurring billing option.

2. Security

Data breaches are on the rise in the US. According to a CNet report, data breaches jumped 68% last year (2021) to the highest total  ever recorded. 

You don’t  want to compromise parents' and children's private information. So, it’s crucial to consider data safety when shopping for a daycare payment tracker.

How to track child care payment | Frequently asked questions 

1. What time do banks release funds? 

You should expect direct deposits in your bank accounts between 12 a.m. and 6 a.m. on the same day or within one business day after the client makes payment. Knowing when direct deposits hit your bank to facilitate proper planning and efficient daycare business operations is crucial.

2. How long can a bank hold your money? 

According to a Forbes Advisor report, banks can hold your money for up to two business days, even if you’re cashing an “on-us” check. 

They can also hold your funds for an extra five days, meaning you might  wait seven days to access them when dealing with local checks. Sometimes, banks can hold your money for lengthier periods when they deem fit.

3. Can checks be tracked?

There’s nothing you can’t track in the era of technology, including checks. But it’s only easy to track checks that you’ve already cashed. Often, banks keep a record of the transaction, making it easy to track cashed checks.

The best daycare payment tracker—consider brightwheel 

Moving your childcare payment logs to a digital solution is one of the best decisions you could make for your childcare program. You’ll save time, improve workflow, and make your families happy. 

Bid farewell to the frustrations and inconveniences of operating manual daycare payment systems—brightwheel has your back.

At brightwheel, we’re committed to supporting high-quality early education for all early education professionals. Reach out to us today to find out how we can work together to make this a reality.

 

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