From where must all payments be made to Fitstop?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
- ©2024 Fitstop USA, Inc. 13.7 Other Fees Payable to Us and Local Marketing Requirement ("LMR"). You must ensure that all payments are timely made and/or payable out of your Designated EFT Account to cover any
and all Training Fees (whether for Instructor Training for a new/replacement Auhtorized Instructor or fee applicable to any other additional/remedial training, as set forth in our Manuals or otherwise in writing), Transfer Fee(s), Renewal Fee, Local Marketing Requirement and/or other marketing/advertising and/or promotional expenditures, to the extent such amounts are payable to us and/or any of our Approved Suppliers.
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, franchisees must ensure that all payments are made in a timely manner and are payable from their Designated EFT Account. This covers training fees for instructors or any additional training, transfer fees, renewal fees, local marketing requirements, and other marketing, advertising, or promotional expenditures. These payments are directed to Fitstop and/or any of their approved suppliers.
This means that Fitstop franchisees are required to set up an Electronic Funds Transfer (EFT) account for making payments. This ensures that Fitstop can automatically debit the necessary fees from the franchisee's account, streamlining the payment process. The fees covered by this arrangement include not only the ongoing royalty and marketing fees but also any other fees that may arise during the course of the franchise agreement.
It is important for prospective Fitstop franchisees to understand the scope of payments that will be debited from their Designated EFT Account and to budget accordingly. Franchisees should also clarify with Fitstop which specific fees are payable to Fitstop directly versus to approved suppliers, as this may affect how they manage their accounts payable.