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.
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.
To learn more about the Flywire and FranConnect partnership visit: FranConnect and Flywire
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.
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.