When are weekly payments due from a Closet Storage Concepts franchisee?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
All weekly payments required under this section shall be due and deducted from Franchisee's bank account on Monday of each week on the receipts for the preceding week or such other day as Franchisor mandates.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, weekly payments, including royalties and other fees, are due and will be deducted from the franchisee's bank account on Mondays. These payments cover the receipts from the preceding week. However, Closet Storage Concepts retains the right to mandate a different day for these deductions.
Closet Storage Concepts requires franchisees to participate in an electronic funds transfer program for these payments. Franchisees must provide the necessary banking documents before opening their business to facilitate this program. They are also obligated to inform Closet Storage Concepts immediately of any changes to their banking information, such as account number changes.
Closet Storage Concepts also reserves the right to modify the payment methods and may require franchisees to submit payments in any form or manner they prescribe. This gives Closet Storage Concepts flexibility in managing payments and adapting to changing circumstances.