When is the Pump It Up late payment fee due?
Pump_It_Up Franchise · 2025 FDDAnswer from 2025 FDD Document
| Type of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| Late Payment Fee (1) | $75 for each day that any payment is late. | Due on demand. | We will debit the Late Payment Fee from your business checking account. |
Source: Item 6 — OTHER FEES (FDD pages 15–21)
What This Means (2025 FDD)
According to Pump It Up's 2025 Franchise Disclosure Document, a late payment fee of $75 is due on demand for each day that any payment is late. Pump It Up will debit this fee from the franchisee's business checking account. This means that if a franchisee misses a payment deadline, they will immediately owe $75, and an additional $75 will be charged for each subsequent day the payment remains outstanding.
This "on demand" payment structure is fairly standard in franchising, as it allows the franchisor to promptly address and rectify any payment discrepancies. Franchisees should ensure they have sufficient funds in their business checking account to avoid incurring these daily late fees. Setting up payment reminders or automatic transfers can help prevent late payments and the associated fees.
It's important for prospective Pump It Up franchisees to understand that these late fees can accumulate quickly, potentially impacting their profitability. Franchisees should prioritize timely payments to avoid these charges and maintain a positive financial relationship with Pump It Up. Understanding the due dates for all fees, as outlined in Item 6 of the FDD, is crucial for effective financial management.