For Bumble Roofing, what payment method is required for all payments?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
er annum.
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- On the [PAYMENT DATE], and on the [DAY/DATE OF MONTH] of each and every [WEEK/MONTH] thereafter, the sum of [$AMOUNT] will be due and payable in full.
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- On the [DATE OF FINAL PAYMENT], the then entire outstanding principal and interest balances owing under this Note, if not sooner paid, will be due and payable in full.
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- All payments shall be made by preauthorized Automated Clearinghouse transactions ("ACH") or by such other reasonable method as holder directs at a bank specified by maker in writing to the holder as specified above.
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- Any payment is late if not received by holder within 10 days after it is due. If a payment is late, holder may, in its sole discretion elect to;
- A. Declare the entire unpaid principal and interest balances immediately due and payable; or
- B. Accept the late payment along with a late charge in the amount of 10% of the amount of the late payment. The late charge will be for the purpose of compensating holder for additional expenses which it is recognized that holder will incur as a result of the late payment.
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Source: Item 23 — RECEIPT (FDD pages 53–188)
What This Means (2025 FDD)
According to the 2025 Bumble Roofing FDD, all payments must be made through preauthorized Automated Clearinghouse (ACH) transactions. Alternatively, Bumble Roofing may direct franchisees to use another reasonable payment method, which will be specified in writing.
This means that as a Bumble Roofing franchisee, you'll likely need to set up your bank account for ACH transfers to cover ongoing fees or other payments to the company. This is a fairly standard practice in franchising, as it ensures timely and consistent payments to the franchisor.
If a payment is not received within 10 days of the due date, it is considered late. In the event of a late payment, Bumble Roofing has the option to either declare the entire unpaid balance immediately due or accept the late payment along with a late charge of 10% of the payment amount. This late charge is intended to cover the additional expenses incurred by Bumble Roofing due to the delayed payment.
All payments received are first applied to any outstanding late charges, then to any accrued interest, and finally to the outstanding principal balance. Franchisees should ensure they understand the ACH setup process and maintain sufficient funds in their accounts to avoid late payment penalties.