Cruise Industry Solutions
A new way to receive client guarantees for full-ship charters
Key Services we provide to meeting & incentive planners
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
What are the benefits for Cruise Lines?
For clients with a payment schedule, Meeting Escrow tracks and manages all payments and ensures cruise line gets paid on time, every time.
Eliminate merchant account fees - we make all payments by electronic transfer AND we pay the wire transfer fees. Enjoy a 2-4% bump in profitability vs. clients paying by credit card.
Give clients another option for full-ship charters. Bank letters of credit are expensive and cumbersome. Our escrow solution is just as secure AND costs nothing additional for your clients. Full payment is still deposited on account by the agreed-upon date. Cruise line receives copies of monthly escrow trust bank statements.
How does the deposit escrow solution work for Cruise Lines?
Clients who work with Meeting Escrow will request deposit escrow instead of a letter of credit as part of their RFP. If cruise line clients do not already work with Meeting Escrow, sales teams can refer us.
Cruise Line and client sign a one-page "Escrow Addendum" which replaces the normal payment schedule and letter of credit. The Escrow Addendum provides for an initial deposit to secure the booking and ensure we have the correct banking information, the 100% funding of the escrow by an agreed-upon date, and full payment to the cruise line at time of sailing.
The Escrow Addendum is subject to the strict terms of an Escrow Trust Agreement which binds Meeting Escrow to hold funds in trust and release funds per the Escrow Addendum schedule.
Cruise line and client receive monthly escrow trust account bank statements (actual bank statements) for 100% transparency and security.
There are no fees for vendors receiving payment via Meeting Escrow. Clients holding funds in trust with Meeting Escrow pay for our services.