What is the time limit for Even Hotels to charge or deduct certain amounts, after which they are deemed waived?
Even_Hotels Franchise · 2025 FDDAnswer from 2025 FDD Document
- 1.5. Hotel agrees that FreedomPay shall have no liability or obligation to Hotel for any transactions not submitted or reported to FreedomPay for settlement within sixty (60) days after the actual date of the transaction.
For transactions submitted or reported after such time limit, FreedomPay will attempt to settle such transactions if the data is available, but FreedomPay will have no liability to Hotel if it is unable to settle such transactions.
Source: Item 23 — RECEIPTS (FDD pages 99–438)
What This Means (2025 FDD)
According to Even Hotels' 2025 Franchise Disclosure Document, FreedomPay, a third-party payment processor, will not be liable or obligated to the hotel for transactions not submitted or reported for settlement within sixty days after the actual transaction date.
For an Even Hotels franchisee, this means that it is crucial to ensure all transactions are submitted to FreedomPay promptly. If transactions are submitted after this 60-day period, FreedomPay may attempt to settle them if the data is available, but they are not obligated to do so. This could result in a loss of revenue for the franchisee if settlement is not possible.
This stipulation highlights the importance of efficient and timely transaction processing. Franchisees should implement internal controls and procedures to ensure that all payment card transactions are submitted to FreedomPay within the specified timeframe to avoid potential financial losses. The franchisee is responsible for securing PIN keys and KSNs from their acquiring bank to facilitate pin-debit card transactions.