How does fee collection work?
Very simply, fee collection is a direct debit service which collects payments from parents’ accounts at the same time every month. The money is then transferred safely to your setting’s bank account.
Does your fee collection service link to any other of your products?
Yes – our fee collection service links to our Abacus nursery management software. This will save you time as Abacus creates the collection file through invoicing and automatic payment reconciliation is available.
How long will it take to set the service up?
After you’ve filled in the initial application form, we’ll send you direct debit mandates to be completed by your parents/carers along with your welcome pack. These mandates should be returned to Parenta’s offices by the first working day of the month for collection from the following month. These can be sent over all in one go or in a several different instances. We’d recommend you allow 2 calendar months to set up this service.
How does it compare to taking money on credit card?
When taking money on a credit card from parents, you will likely incur charges on your business account of around 2%, and you may need to keep reminding parents every month that they need to pay. Using our fee collection service, the direct debit is taken out of their account at the same time each month, with no hassle and no chasing needed.
What is the risk to me?
There is no risk to you at all, as the service is provided by and managed through Parenta. What’s more, all payments made by parents will be covered by the Direct Debit Guarantee.