Where must the designated bank account be located for my Beggars Pizza franchise?
Beggars_Pizza Franchise · 2025 FDDAnswer from 2025 FDD Document
Franchisee must maintain a designated bank account for the operation of the Beggars Restaurant.
Franchisee must deposit all revenues from the operation of the Beggars Restaurant in such bank account within two (2) days of receipt including, without limitation, cash, checks, credit card receipts, or the value of other forms of payment.
The designated bank account must be located within the United States and governed by its laws.
Source: Item 23 — RECEIPT (FDD pages 39–192)
What This Means (2025 FDD)
According to Beggars Pizza's 2025 Franchise Disclosure Document, the designated bank account for your Beggars Pizza restaurant must be located within the United States and governed by its laws. This account is crucial for managing the restaurant's finances, as all revenues, including cash, checks, and credit card receipts, must be deposited into this account within two days of receipt.
Furthermore, upon signing the franchise agreement, you'll need to provide the bank and account number, along with a voided check, to Beggars Pizza's supplier. This authorizes the supplier to withdraw funds via electronic funds transfer (EFT) for all payments you owe them. You are also responsible for covering all costs associated with these transfers.
If you decide to change banks or accounts, you must inform the supplier beforehand, providing the new account details and authorization for withdrawals. Failing to provide this information or withdrawing consent for EFT withdrawals constitutes a breach of the franchise agreement. This arrangement ensures that Beggars Pizza's supplier can efficiently receive payments for products and maintain a smooth supply chain.