Retainer/Deposit Confusion

[Carpet Monkeys]

OK, I'm still pre-reg and have a lady coming to see me this week for care to start in February. I am so confused over retainers/deposits!

1. As I'm still pre-reg am I right in thinking I can't ask her for a retainer/deposit?

2. Once my registration comes through can I then ask her? But what would it be a deposit or retainer?

3. What's the difference between retainer/deposit?

[chewy sweets]

I think you can take a deposit. But you can't look after her child or start settling in before your registered. But i don't see why you can't take a deposit now! I may be wrong. I'm sure someone else will post their opinion as well! :thumbsup:

[Chatterbox Childcare]

OK, I'm still pre-reg and have a lady coming to see me this week for care to start in February. I am so confused over retainers/deposits!

1. As I'm still pre-reg am I right in thinking I can't ask her for a retainer/deposit?

You cannot charge a retainer until you have a place to retain and that means being registered

2. Once my registration comes through can I then ask her? But what would it be a deposit or retainer?

This is up to you.

3. What's the difference between retainer/deposit?

A retainer is an amount paid to hold a place - no refunds or credits. A deposit is money held on account and usually credited against the first invoice

[Daftbat]

I would just add to Debbie's comments. A retainer is used to secure a place which cannot then be offerred to someone else. A deposit is a one off payment which secures a starting date but allows you to make use of the space in the meantime. Retainers are normally paid weekly or monthly.

e.g. I have one mum on retainer at the moment who is on maternity leave. I have a second one who is also on maternity leave but another customer is using her spaces on a temporary contract and therefore i am not charging a retainer to this mum at the moment as the space is not available.

Debbie is right though that you can't charge anything until you are registered.