What are Bonchon's obligations regarding the accuracy of information provided to Stripe?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
Upon Stripe's request, you must provide User Information to Stripe in a form satisfactory to Stripe. You must keep the User Information in your Stripe Account current. You must promptly update your Stripe Account with any changes affecting you, the nature of your business activities, your Representative, beneficial owners, principals, or any other pertinent information. You must immediately notify Stripe, and provide to Stripe updated User Information, if (a) you experience or anticipate experiencing a Change of Control; (b) you experience or anticipate experiencing a material change in your business or financial condition, including if you experience or are likely to experience an Insolvency Proceeding; (c) the regulatory status of the business for which you are using the Services changes, including if it becomes subject, or no longer subject, to regulatory oversight; or (d) a Governmental Authority has notified you that you or your business is the subject of investigative action.
You authorize Stripe to retrieve information about you and your business from Stripe's service providers and other third parties, including credit reporting agencies, banking partners and information bureaus, and you authorize and direct those third parties to compile and provide that information to Stripe. This information may include your, or your Representative's, name, addresses, credit history, banking relationships, and financial history.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
According to Bonchon's 2025 Franchise Disclosure Document, franchisees have specific obligations regarding the accuracy of information provided to Stripe. Bonchon requires its franchisees to provide User Information to Stripe in a form satisfactory to Stripe upon request. Franchisees must ensure that the User Information in their Stripe Account is current and promptly updated with any changes affecting them, the nature of their business activities, their Representative, beneficial owners, principals, or any other pertinent information.
Furthermore, Bonchon franchisees must immediately notify Stripe and provide updated User Information if they experience or anticipate a Change of Control, a material change in their business or financial condition (including Insolvency Proceeding), a change in the regulatory status of their business, or notification from a Governmental Authority regarding investigative action against them or their business.
These obligations are in place to ensure that Stripe has accurate and up-to-date information about the Bonchon franchisee's business, which is crucial for maintaining compliance with legal and regulatory requirements, managing risk, and providing uninterrupted service. Failure to comply with these requirements could potentially lead to disruptions in service or other penalties.
It is also important to note that Bonchon franchisees authorize Stripe to retrieve information about them and their business from Stripe's service providers and other third parties, including credit reporting agencies, banking partners, and information bureaus. This information may include the franchisee's or their Representative's name, addresses, credit history, banking relationships, and financial history. Franchisees should be aware of this authorization and ensure that the information provided to these third parties is also accurate and up-to-date.