Where will Fitstop identify the then-current approved suppliers for gross revenue collection, billing, and remission of funds?
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, the brand will identify its approved suppliers for gross revenue collection, billing, and remission of funds in writing via the Manuals or otherwise.
Fitstop designates an Approved Supplier to handle the collection of membership fees and other gross revenue, provide billing/invoicing services for amounts due to Fitstop or its affiliates, and remit the gross revenue (less any amounts owed to Fitstop) to the franchisee. This system is designed to streamline financial transactions between franchisees and the company, ensuring that both parties accurately manage revenue and payments.
It is important for prospective Fitstop franchisees to consult the most current version of the Manuals and any other written communications from Fitstop to identify the specific Approved Supplier they are required to use. Franchisees must participate in Fitstop's automatic debit/credit transfer program (EFT Program) for payments due under the Franchise Agreement, regardless of the Approved Supplier used for gross revenue collection.