HERNDON,
Va., Aug. 1, 2023 /PRNewswire/ -- 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.
FranConnect announces its launch of the
Sign-to-Pay solution with Flywire, a global payments enablement
company.
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."
The Sign-to-Pay integration with Flywire is one of the key
strategies for FranConnect to support franchise CFOs in increasing
profitability and reducing days to first dollar.
Resources
To learn more about the Flywire and FranConnect partnership
visit: FranConnect and Flywire
About FranConnect
FranConnect is the leading franchise management
software provider. For over 20 years, the FranConnect platform
has served as the sales, operations, and marketing backbone for
over 1500 brands worldwide. Nine of the Franchise Times Top 10
Fastest-Growing franchise businesses rely on FranConnect to drive
growth, improve profitability, and streamline operational
performance. FranConnect customers span all sizes, growth phases,
and industries and they grow 44% faster on average than the broader
franchising market. Backed by private-equity investor Serent
Capital, FranConnect is headquartered in Herndon, Virginia, with global offices in
Australia, India, Colombia and Canada. For more information on FranConnect,
visit www.franconnect.com.
About Flywire
Flywire (Nasdaq: FLYW) is a global payments enablement and
software company. Flywire combines its proprietary global payments
network, next-gen payments platform and vertical-specific software
to deliver the most important and complex payments for clients and
their customers.
Flywire leverages its vertical-specific software and payments
technology to deeply embed within the existing A/R workflows for
its clients across the education, healthcare and travel vertical
markets, as well as in key B2B industries. Flywire also integrates
with leading ERP systems, so organizations can optimize the payment
experience for their customers while eliminating operational
challenges.
Flywire supports 3,300 + clients with diverse payment methods in
more than 140 currencies across 240 countries and territories
around the world. Flywire is headquartered in Boston, MA, USA with global offices.
Contact:
Lorena Garcia
FranConnect
571-659-3830
lorena.garcia@franconnect.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/franconnect-transforms-franchise-payment-process-with-expanded-availability-of-sign-to-pay-solution-301890299.html
SOURCE FranConnect