What actions must an Extreme Art Studio franchisee take to comply with EFT payment procedures?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
We will provide mandatory and suggested standards, specifications, operating procedures and rules ("System Standards") that we periodically prescribe for operating an Extreme Art Studio Business, and information on your other obligations under this Franchise Agreement, which may include, but are not limited to: (1) standards, specifications, and operating procedures and methods that Extreme Art Studio Businesses use, including, but not limited to, scheduling and managing classes; (2) customer service standards and policies; (3) qualifications for other employees, including criminal background checks (although you will have sole responsibility and authority concerning employee selection and promotion); (4) staffing levels, training, dress and appearance of your employees; (5) amounts and types of classes to be offered, including lesson class sizes; (6) days and hours of operation; (7) supplies, equipment and inventory management; (8) use and display of the Marks at the Franchised Business and on Operating Assets and other materials; (9) sales, marketing, advertising, and promotional strategies and programs, and materials/media used in these programs; (10) recommended liability waiver forms for customers; (11) use and acceptance of gift cards, loyalty programs, coupons, passes, certificates and discounts; (12) policies regarding credit and debit cards, credit card vendors (including, among other things, companies that provide services for electronic payment such as near field communication vendors like "Apple Pay" and "Google Wallet"), electronic payment, other payment systems, and check verification services, including compliance with the then-current Payment Card Industry Data Security Standards, as those standards may be revised and modified by the PCI Security Standards Council, LLC or any successor organization, or standards that we may reasonably specify; (13) required and recommended associations and memberships; (14) participation in market research and testing and product and service development programs, as well as participation in, and dues assessed for, advisory councils; and (15) administrative, accounting, reporting and record retention.
Source: Item 22 — CONTRACTS (FDD page 49)
What This Means (2024 FDD)
According to Extreme Art Studio's 2024 Franchise Disclosure Document, franchisees must adhere to policies regarding electronic payment systems. These policies are part of the System Standards that Extreme Art Studio periodically prescribes for operating an Extreme Art Studio Business.
The System Standards include policies regarding credit and debit cards, credit card vendors (including companies that provide services for electronic payment such as near field communication vendors like "Apple Pay" and "Google Wallet"), electronic payment, other payment systems, and check verification services. Franchisees must also comply with the then-current Payment Card Industry Data Security Standards, as those standards may be revised and modified by the PCI Security Standards Council, LLC or any successor organization, or standards that Extreme Art Studio may reasonably specify.
In essence, Extreme Art Studio franchisees must follow all guidelines and standards set by Extreme Art Studio and the PCI Security Standards Council regarding electronic payment methods. This ensures secure and consistent payment processing across all franchise locations, protecting both the business and its customers from potential fraud and data breaches. Franchisees should stay informed about any updates or modifications to these standards to maintain compliance.