Where can I find more information about the EFT process for Southern Steer franchise fees?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
EFT. "EFT" will mean the process relating to the electronic transfer of Fees directly from the Franchisee's bank account to the Franchisor's bank account, as further described in Section 3.3(b) of this Agreement.
Fees. "Fees" will collectively mean and include the Initial Franchise Fee, the Royalty Fees, the Brand Fund Contributions, administrative fees, and all other amounts then due and payable by the Franchisee to the Franchisor pursuant to this Agreement or any other agreement or for any products or services purchased by the Franchisee from the Franchisor or any of its Affiliates.
Source: Item 22 — ITEM. 22 CONTRACTS (FDD pages 61–168)
What This Means (2025 FDD)
According to Southern Steer's 2025 Franchise Disclosure Document, the definition of "EFT" or Electronic Funds Transfer, is described as the process relating to the electronic transfer of fees directly from the franchisee's bank account to the franchisor's bank account. To find more information regarding the EFT process, the FDD refers to Section 3.3(b) of the Franchise Agreement.
As a prospective franchisee, understanding the EFT process is crucial because it dictates how Southern Steer will collect various fees. These fees include the Initial Franchise Fee, Royalty Fees, Brand Fund Contributions, administrative fees, and any other amounts due to Southern Steer for products or services. Knowing the specifics of this process ensures that franchisees are prepared for the automatic deductions from their accounts and can manage their finances accordingly.
It is important to review Section 3.3(b) of the Franchise Agreement carefully to understand the exact procedures, timing, and any potential costs associated with the EFT process. Franchisees should also clarify with Southern Steer any concerns or questions they have about the EFT process before signing the agreement to ensure a clear understanding of their financial obligations.