Sourcing Company Solutions
Meeting Escrow benefits your clients and your company
Meeting Escrow is a trusted, independent provider of secure payment services for the Meetings Industry worldwide. We are the perfect partner for sourcing companies because our services:
are non-competitive and fully complementary to your business
benefit your clients by saving time, saving money and eliminating risk
represent a new revenue stream (our fees are commissionable)
Key Services for 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
How do Sourcing Companies work with Meeting Escrow?
Sourcing Companies introduce potential clients who they feel could benefit from our secure payment services.
Meeting Escrow handles everything from that point forward (no extra workload for you)
Once Meeting Escrow is approved as a vendor of record with your client, we open a main trust account for receipt of funds from the client and separate trust accounts for each of their divisions (if applicable) and programs. Program trust accounts can be set up in 20 different currencies so that funds can be exchanged and held in the correct currency, eliminating risk to your client's budget due to exchange rate fluctuations.
Meeting Escrow is introduced to vendors (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 clients' behalf from the trust accounts set up for their respective programs.
Meeting Escrow can also coordinate VAT tax recovery, obtain completed foreign vendor tax forms (example W-8BEN forms for US companies 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),
Are Meeting Escrow Fees Commissionable?
Yes, any referral your provide that leads to any organization (whether your client or not) signing on with Meeting Escrow generates a 3-year trailing commission on their annual fee at no cost to the client.