How soon after receipt must a Cool Binz franchisee deposit sales proceeds into their bank account?

According to Cool Binz's 2025 Franchise Disclosure Document, franchisees are required to deposit all sales proceeds from their Cool Binz business into a designated bank account within three days of receipt. This includes all forms of payment, such as cash, checks, and credit card receipts.

This requirement ensures that Cool Binz franchisees maintain organized and timely financial practices. By mandating a three-day deposit window, Cool Binz aims to streamline financial reporting and royalty payments, as well as maintain a clear record of all transactions.

For prospective franchisees, this means implementing efficient procedures for collecting and depositing sales proceeds. Franchisees must establish a reliable system to track all income and ensure deposits are made promptly to comply with the franchise agreement. Failure to adhere to this requirement could potentially lead to penalties or other consequences as outlined in the agreement. This is a fairly standard requirement in franchising, as it allows the franchisor to accurately calculate royalties and maintain financial oversight.