Meeting Escrow eliminates financial risk for your association
All professional associations, societies and institutes can benefit from some or all of Meeting Escrow's secure payment solutions.
To fully benefit from our advance deposit escrow solution, organisations should have strong cash flow and or cash reserves and organize events nationally or internationally.
1) Single Vendor Payment Solution
2) Foreign Currency Budget Protection
3) Advance Deposit Escrow
4) VAT tax recovery for out-of-country programs
5) Event insurance
How do Associations work with Meeting Escrow?
If there is interest in working with Meeting Escrow, typically the CEO / Executive Director or other senior leader will introduce Meeting Escrow to the Director of Finance or other senior legal/finance leader for review and approval.
Once Meeting Escrow is approved as a vendor of record, we open a main trust account for receipt of funds from your organization, and separate trust accounts for each program (convention, congress, meeting). Program trust accounts can be set up in 20 different currencies so that funds can be exchanged and held in the correct currency so there is no risk to your budget.
Meeting Escrow is introduced to vendors (DMOs, hotels, DMCs, and other providers) at the RFP stage with the stipulation that you would like all advance deposits held in escrow until the program begins. This reduces risk.
Meeting Escrow pays all vendors on your behalf from the trust accounts set up for the respective programs.
Meeting Escrow can also coordinate VAT tax recovery, complete foreign vendor tax forms (example W-8BEN forms for US associations working with hotels and other vendors out of the country), and provide event insurance recommendations. These services are provided on a complimentary basis.
All Meeting Escrow clients pay an annual trustee fee whether we are supporting 1 program or 100 programs per year, payable monthly or annually, in addition to a per-transaction fee. The transaction fee is calculated as a percentage of the funds deposited in trust, payable only in the year funds are deposited with Meeting Escrow. And while the funds are held in trust, clients earn interest credit (USD/CAD accounts),