What is the definition of 'Representative' in the Stripe Services Agreement for Bonchon?

According to Bonchon's 2025 Franchise Disclosure Document, the Stripe Services Agreement defines "Representative" as an individual submitting an application for a Stripe Account. This definition is important because the Representative is the person who is authorized to act on behalf of the Bonchon franchisee when setting up and managing the Stripe account, which is used for processing payments.

For a prospective Bonchon franchisee, this means that the individual who applies for the Stripe Account on behalf of the franchise must be authorized to do so. This could be the franchisee themselves, or another individual within their organization who has the authority to manage financial matters. Stripe may request additional documentation to verify the Representative's authority to act on behalf of the Bonchon franchise.

It is crucial for Bonchon franchisees to understand this definition and ensure that the individual designated as the Representative is fully authorized and capable of managing the Stripe account. Failure to do so could result in issues with payment processing or other complications with the Stripe account. Franchisees should carefully review the Stripe Services Agreement and any related documentation to ensure they understand their obligations and responsibilities.