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The FACT Act and its effect on franchising.
Publication:
Franchising World
Publication Date: 01-JUN-04 |
Format: Online - approximately 944 words
Delivery: Immediate Online Access |
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Full Article Title: The FACT Act and its effect on franchising.(Legal/Legislative)(Fair and Accurate Credit Transactions Act of 2003) |
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Article Excerpt
Franchisors and franchisees, like those engaged in other industries, now routinely employ technology solutions in many of their business practices. Franchisors often use methods such as electronic-fund transfers to collect payments. Franchisees use integrated point-of--sale systems and other electronic record-keeping methods to process sales and customer-related information. Some franchise systems even maintain a real-time integrated sales system, enabling parties such as the franchisor and multi-unit operators to monitor sales and other quantitative variables in the units operating under the system. Franchisors have found that their effective use of technology helps to distinguish them from their competition, and can help carve out small but significant advantages in a competitive marketplace.
Along with increased use of technology by franchisors for information exchange and system management, however, comes the danger that potentially-sensitive franchisee and customer-related information can fall into the wrong hands. Of...
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