Accounts Receivable and Debt Collection Policy and Procedure

AIM:   

To ensure the timely payment of accounts and fairness to all clients.All new Clients as from Feb 2009 will be required to pay a refundable Bond of $150.00 to the Centre on enrolment of their child/children.  This Bond will be held in a separate account and will be refundable on the child/children leaving the Centre.  Any monies still outstanding on departure from the Centre will be deducted from the Bond.

All accounts will include the weekly hours used. All clients wishing to use our credit facility will be required to complete a Credit Application form.

For clients using monthly accounts, hours are calculated at the end of a month but will be rounded out to accommodate full weeks.

All accounts are posted to clients either weekly or monthly.

Weekly accounts are due within three days of receipt.

Monthly accounts are due on the 20th of the month.

Monthly accounts may be available on application.

Payment options available are cash, cheque, automatic payments, or telebanking.

The client shall undertake to pay the account in full on or before the due date. In default of such prompt payment, the client will then undertake to pay late payment fees of 2.5% per month on any amount outstanding and to indemnify the Child Care Centre and pay all costs and expenses on a solicitor and own client basis if legal action is necessary, and/or Debt Collection Agency Fees which we may incur in recovering from the client any overdue amounts.