What methods of payment are acceptable for the architectural/engineering expenses for a Better Blend franchise?
Better_Blend Franchise · 2024 FDDAnswer from 2024 FDD Document
FRANCHISE AGREEMENT
| Type of expenditure | Amour | nt | Method of payment | When due | To whom payment is to be made |
|---|---|---|---|---|---|
| Initial franchise fee (see Note 1) | $35,000 - | $35,000 | Check or wire transfer | Upon signing the franchise agreement | Us |
| Rent (one month) (see | $2,000 - | $6,000 | Check | Upon signing lease | Landlord |
| Note 2) | |||||
| Lease Security Deposit (see Note 2) | $2,000 - | $6,000 | Check | Upon signing lease | Landlord |
| Utilities | $500 - | $1,500 | Check, debit, and/or credit | Upon ordering service | Utility providers |
| Architectural / Engineering | $10,000 - | $15,000 | Check, debit, and/or credit | As incurred | Architect; e |
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 15–17)
What This Means (2024 FDD)
According to Better Blend's 2024 Franchise Disclosure Document, the acceptable methods of payment for architectural and engineering expenses are check, debit card, and credit card. These expenses are estimated to range from $10,000 to $15,000 and are due as incurred. Payment is made directly to the architect or engineering company providing the services.
This means a prospective Better Blend franchisee needs to budget between $10,000 and $15,000 for these services. The flexibility of using a check, debit card, or credit card provides some convenience in managing these payments. Franchisees should confirm with their chosen architect or engineering company which payment methods they accept, as not all providers may accept all listed options.
It is important for franchisees to factor in these costs and payment methods when planning their initial investment. Using a credit card may offer benefits such as rewards points or deferred payment options, but it's crucial to manage credit responsibly to avoid incurring interest charges. Keeping detailed records of payments made via check, debit, or credit card is also essential for accurate financial tracking and tax purposes.