Tuesday, June 25, 2024

FranConnect Transforms Franchise Payment Process with Expanded Availability of Sign-to-Pay Solution

FranConnect, the leading franchise and multi-location management software provider, is excited to announce its launch of the Sign-to-Pay solution in partnership with Flywire (Nasdaq: FLYW), a global payments enablement and software company. FranConnect users can now access Sign-to-Pay directly within the FranConnect platform for key payment flows – bringing best-in-class payment processing to more than 1,500 brands. The Sign-to-Pay solution helps businesses save time and money by automating the collection of initial franchise payments. By streamlining this process, franchisors can dramatically speed up unit opening and start generating revenue more quickly.

For many franchise brands, collecting Initial Franchise Fees (IFF’s) and other upfront investments from new franchisees is a manual, error-prone, and inefficient process. The Sign-to-Pay solution allows franchise brands to collect the Initial Franchise Fee (IFF) and any other upfront investments automatically, online, as soon as a franchise agreement is executed. The payment is facilitated via a seamless integration with Flywire into the FranConnect platform that allows new franchisees to submit their payments via a variety of payment methods and currencies.

“Our customers have told us for years that the speed-to-open problem for new franchise units is a serious pain point, which impacts the bottom line for them and their new franchisees. The Sign-to-Pay solution transforms how franchisors execute the critical last mile of the franchise agreement by reducing the time it takes to collect that initial franchise fee”, said Gabby Wong, CEO of FranConnect. “Through this integration, franchisors can significantly reduce collection time from as long as 2 months to as short as 1 hour – in turn expediting revenue recognition and improving cash flow.”

The integration works by providing a “Pay Now” link on the FranConnect platform immediately after a new franchisee signs the franchise agreement. Following this link will redirect them to a dedicated Flywire payment page where submit their payment securely. Additional benefits for franchisors may include lower international processes fees, faster cash conversions, shorter collections cycle, and a reduction in days sales outstanding.

“Sign-to-Pay represents the first joint solution developed from our partnership with Flywire, and we are excited to see it brought to life,” said Ian Walsh, COO of FranConnect. “It is a great example of the power of our Technology partnership program. That program was designed to bring new value to our customers by introducing complementary 3rd party solutions that extend the value of FranConnect to franchise and multi-unit businesses everywhere.”

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