What documents are Fitstop franchisees required to provide to participate in the EFT Program?

According to Fitstop's 2024 Franchise Disclosure Document, franchisees must provide all necessary documents and instruments to establish and maintain the automatic debit/credit transfer program, also known as the EFT Program. This includes providing all information and/or materials, such as a voided check, needed to identify and enroll the franchisee's account in the EFT Program, which Fitstop refers to as the franchisee's "Designated EFT Account."

This requirement ensures that Fitstop can collect fees and other payments due from the franchisee efficiently. The EFT Program participation is mandatory for all franchisees, regardless of any other arrangements for gross revenue collection. This allows Fitstop to have a consistent and reliable method for receiving payments, reducing administrative burdens and potential delays.

For a prospective Fitstop franchisee, this means they need to be prepared to provide banking information and any other documentation Fitstop requires to set up the EFT Program. Failure to comply with this requirement could result in a breach of the franchise agreement and potential penalties. Franchisees should ensure they understand exactly what information and documents are needed to avoid any issues with enrollment in the EFT Program.