Solutions for Hotels
Increase client satisfaction, increase collections and reduce accounts receivables
Key Services we provide to your clients
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 hotels?
Reduce accounts receivable costs - we proactively track and manage all payments per your contract signed with the client and ensure you get paid on time, every time.
Eliminate merchant account fees - we make all payments by electronic transfer AND we pay the wire transfer fees.
Avoid financial risk - when you accept the holding of deposits in escrow, clients must deposit 100% of the contract value in advance. Should there be a client business failure, funds in escrow will be forwarded to the hotel, per the terms of our Escrow Agreement.
Increase collections - when you accept the escrow of deposits, you also increase your collections in the event of cancellation without cause. Everyone wants their money back as soon as possible so all parties are motivated to move to a quick and equitable solution.
What are the downsides of our escrow solution?
Just one: loss of opportunity to use client deposits, interest-free, for operational cash flow.
How does the deposit escrow solution work for hotels?
Clients who work with Meeting Escrow will make deposit escrow a part of their RFP requirements. If hotel clients do not already work with us, hotels sales teams can refer us.
Hotel and client sign a one-page "Escrow Addendum" which replaces the normal payment schedule. 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 hotel on the first or last day of the program.
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.
Hotel 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.