We don't charge deposits as standard, so if this is something you'd like to do, you'll need to let us know, either in the Additional Requirements section of the contract creation process, or by contacting us. All deposits and refunds must be made via tiney's platform, and specific rules apply for placements using Local Authority funding.
Do I need to charge a deposit?
No, and tiney do not charge deposits by default: instead, we send the family their first invoice when they sign the contract, and the payment is due immediately, regardless of when care is due to begin. This means that you've got some payment in advance, but it is not a deposit. If care is cancelled, some or all of this payment may be refundable as per the terms of the individual contract.
You can choose to charge a deposit either instead of or on top of this. This is your own decision, and you should be mindful of the financial impact a deposit payment may have on families.
How can I charge a deposit?
If you choose to charge a deposit, you'll need to inform tiney, either in the Additional Requirements section of the contract creation process, or by contacting us.
There is no provision for deposits in the childcare agreement, so you must discuss this with the family separately and include this in your Policies.
All payments must be made via tiney's platform, so we'll handle the invoicing once you've let us know the amount and payment method. Once payment is made, we'll process it and pass it through to your wallet in the usual way: tiney do not hold deposits on your behalf. tiney's service charge will apply to deposits.
How do I refund the deposit?
You'll need to contact us to initiate the refund, and we will process this. The service charge applied to the deposit will be refunded to the parent, as well as the amount that was paid to you.
Can I charge a deposit on funded contracts?
The Department for Education has issued statutory guidance around invoicing for placements using Local Authority funding. A key point is that providers cannot charge a non-refundable deposit as a condition of taking up a funded placement.
What this means is that you may charge a deposit if you wish, but this must be refunded when care begins. However, if care is cancelled before the agreed start date, you can retain this deposit.
You must make this clear to the family before the deposit is charged, and you should include this information in your Policies.
