How will Fitstop franchisees be informed of the Approved Supplier for gross revenue collection?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
- 13.1.1 Approved Supplier for Gross Revenue Collection, Billing and Remission of Funds to Franchisee. Unless we designate a different method in our Manuals or otherwise in writing, the Parties agree that we will designate an Approved Supplier to provide the following services on behalf of you and other System franchisees: (i) collection of membership fees and/or other Gross Revenue generated by the Franchised Business, as well as related merchant processing services; (ii) billing/invoicing services for the amounts due to us and/or any of our affiliates under this Agreement; and (iii) remission of the Gross Revenue, less any amounts due to us and/or our affiliates under this Agreement at the time of each such remission, to you.
Our then-current Approved Supplier(s) for such services, like other Approved Suppliers, will be identified in writing by us via the Manuals or otherwise.
- 13.1.2 EFT Program Participation; Designated EFT Account. Regardless of your obligations under Section 13.1.1, you must at all times participate in our automatic debit/credit transfer program as specified by us in our Manuals or otherwise in writing (the "EFT Program") for the payment of any amounts due to us pursuant to this Agreement.
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, Fitstop will designate an Approved Supplier to handle the collection of membership fees and other gross revenue, provide billing/invoicing services, and remit gross revenue to the franchisee, minus any amounts due to Fitstop.
The identity of this Approved Supplier, like other Approved Suppliers, will be communicated to Fitstop franchisees in writing through the Manuals or other written communication from Fitstop.
Fitstop franchisees are also required to participate in an automatic debit/credit transfer program (EFT Program) for payments due to Fitstop, as specified in the Manuals or in writing. This ensures that all fees owed to Fitstop are handled efficiently through the Designated EFT Account.