What does the technology fee for Fast Fix Jewelry And Watch Repairs cover?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
initial cost of your computer system will range from $2,000 to $5,000.
As further detailed in Item 6, you pay us technology fees for software, technology and related services we provide. Our current technology fee is either $137 or $177 per month ($1,644 or $2,124 per year). We collect this fee from you and remit the entire amount to the licensor of the POS system. The fee is $137 if you have 1 POS station or $177 if you have 2 POS stations. Our current technology fee covers the licensing fees associated with your POS system and includes maintenance, support and updates. The technology fee may change based on: (a) pricing changes implemented by the licensor of the POS system; or (b) new software, technology, Apps, online tools and resources or other technology-related services we provide. However, the fee will not exceed $2,000 per month ($24,000 per year) during the term of your Franchise Agreement.
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Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS, AND TRAINING (FDD pages 19–25)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, franchisees are required to pay a monthly technology fee that covers specific aspects of the POS system. The current technology fee is either $137 or $177 per month, which translates to $1,644 or $2,124 annually. The amount depends on the number of POS stations a franchisee operates, with $137 applying to one station and $177 to two stations.
The technology fee is collected by Fast Fix Jewelry And Watch Repairs and then remitted to the licensor of the POS system. This fee specifically covers the licensing fees associated with the POS system, as well as maintenance, support, and updates for the system. This means franchisees should receive necessary assistance and improvements to their POS system as part of this fee.
It's important to note that while the technology fee covers these specific services, it may be subject to change. The FDD indicates that the fee can be adjusted based on pricing changes implemented by the POS system licensor or due to the introduction of new software, technology, apps, online tools, resources, or other technology-related services provided by Fast Fix Jewelry And Watch Repairs. However, the technology fee will not exceed $2,000 per month or $24,000 per year during the term of the Franchise Agreement. Franchisees must also license Ikeono at a cost of $150 per month, or $1,800 per year.