Under what condition can Itan terminate the electronic funds processing service?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
sing Customer Payments and Account Transfers. We currently provide electronic funds processing services on your behalf with respect to each customer who has signed a membership or other service agreement with you that authorizes electronic debiting of the customer's account for amounts owed to you. You agree to pay us a monthly EFT processing fee of $10 per month for this service. We will credit your Account fo
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, Itan provides electronic funds processing services on behalf of the franchisee for customers with membership or service agreements authorizing electronic debits. The franchisee is responsible for paying a monthly EFT processing fee of $10 for this service.
Itan will credit the franchisee's account for the customer payment amount, subtracting any bank fees or charges. If the franchisee owes Itan or its affiliates any past due payments, Itan can deduct those amounts from the customer payments owed to the franchisee under the membership or service agreement.
Itan retains the right to terminate the electronic funds processing service but must provide the franchisee with 60 days' prior notice before doing so. This gives the franchisee time to find an alternative payment processing solution.