Retainer fee's

[son77]

When charging a retainer fee how do you ask for the money? Do they pay you the lump sum, or monthly (or weekly) until the placement commences?

Also had anyone had a parent who has been funny about paying retainer fee's?

[mel]

Generally I think retainers are paid on a weekly basis from signing contract until commencement of place. I haven't charged one as yet but I'm sure someone else will be able to confirm if this is the correct procedure.

Mel x

[mrsv8only]

maybe I'm just stupid, but i thought a retainer fee was a one off payment to keep the place open NOT a weekly or monthly fee before minding commences??

[ma7ie]

I'm in this situation at the moment. Got a lady who wants me to childmind her children while she's at university, but it's not every week because she can do most of her work at home. We are currently negotiating whether she wants me on short term contracts or permanent which would mean she would have to pay me a retainer for the weeks she doesn't want me at a cost of £70 pound a week. I will expect to be paid weekly just as if I was minding.

Think the decider will be whether she wants to risk losing her place to a more permanent child.

Marie x

[son77]

I got the idea that a retainer fee (usually half the usual fee) was to be paid up to when the placement starts so in case the parents decided not to take up the place I'm not too out of pocket. In my case the child is to start in Nov so for 2 months I was going to charge 2 months at half fee. Is this right?

[susan]

yes, but if it's a term time only contract then you can charge retainer fees for the school holidays to guarantee there is a place for the child when school starts back again if you see what i mean xxx

[son77]

Maybe I should start again. I want advice on how to charge a retainer fee for a baby who starts 1st Nov for 3 full days per week.
Do I ask for half fee from when signing contract to the day baby starts & when do they pay? Monthly like when I'd normally asked to be paid, so pay begin Sept & begin Oct?

[susan]

evryone will do it differently, I would work out what the weekly fee will be, then work out how much between now and the start date and half it and charge them a one off payment of this amount, if they cant afford it all in one go then you could offer to do it in payments, i insist that a contact is done at least 2 weeks prior to the start date they have asked for or they will lose the place and all the reatiner fee paid.

Does that make sense ?

xxx

[mel]

I think Susan has given great advice. At least if its paid upfront you won't be out of pocket should they change their mind.

Mel x

[nannan]

when I charge a retainer fee over the school holidays, the parent pays me it over the course of six weeks, to hold the childs place till school starts again,

[mayberry]

Hi

What I say is somthing like this

Once a place has been allocated, the place can only be guaranteed upon sign contracts with payment of a retainer fee. If parent wishes place to be kept open. The parent then pays for that place weekly or month in advance till they need the space. when you are talking to the parent you need to be confidant.

I do change full fee normally. I have had parents pay me for three months to keep the space open, because it was three month I only change half fee


The great thing about childminding is that it's your business and you are the boss what you say goes you need to be happy with what you are doing.

Dawn x

[stacie1985]

Hello what I do is on the day of signing contract i work out the retainer fee due when parent is with me and tell them the amount and i do ask for it as a lump sum within the next 7 days after signing the contract. but if i think or they mention they will find it hard i would allow it in bits. but suprisinly everyone so far has been completly understanding as to why i charge a retainer to hold place and been happy to just get it out the way and pay the whole balance

[miffy]

I think Susan has given good advice here.

The idea of paying a retainer is to keep a place open so the money should be paid up-front and then if the place is no longer needed (parent decides not to return to work or something) you are not out of pocket because you might have turned down other work.

Hope that makes sense and good luck

Miffy

[son77]

Thanks everyone, it had made it much clearer to me now.

We sign contracts tomorrow night so will discuss it then.

Hopefully they will be ok about retainer fee, they only live around the corner (so convenient for them) & I know she hasn't been to see any other childminders.

Will have to just make sure I sell myself!!

Thanks again xx

[miffy]

Good luck for tomorrow.

Let us know how you got on

Miffy

[mel]

Hope the contract signing goes well.

Let us know!

Mel x

[son77]

Well we are all signed up. Retainer fee's were not a problem & the parents are both absolutely lovely. Mom is Swedish so I would like to learn a few swedish words (If anyone can help!) but I'm looking forward to when little'un starts.

[lorri]

Well done!

Try this link ...

www.bbc.co.uk/languages/other/quickfix/swedish.shtml

You can hear the words so you know how to pronounce them - it's only got a few simple words and sayings but it's something to start with!

Lorri x

[susan]

son77 said:

Well we are all signed up. Retainer fee's were not a problem & the parents are both absolutely lovely. Mom is Swedish so I would like to learn a few swedish words (If anyone can help!) but I'm looking forward to when little'un starts.

thats fantastic, well done x

[son77]

Thanks for the site Lorri, taking a look now.

Still not sure how I'm going to cope with 3 under 2 but I'm sure I'll find a way!

[emler]

Glad to hear that you got the contracts and retainer sorted without any problems. Good luck with three under 2's - you will certainly need eyes in the back of your head!
Emler x