Meeting Escrow protects client deposits worldwide for the Meetings Industry and ensures timely payment to supplier-partners.
Escrow definition: "a financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow." (Source: Investopedia.com)
Meeting Escrow is a customized deposit escrow solution tailored to the specific needs of meetings, incentives, conventions, congresses, expositions trade shows and events.
Deposits are safely held in choice of US dollars, Euros, Canadian dollars and 17 other currencies, depending on where your meetings are being held. Holding deposits in escrow in the correct currency shields your organization from currency fluctuations and reduces risk.
Meeting Escrow is backed by $5Million E&O (Errors &Ommisions) liability coverage through Lloyds / Special Risk, $5Million Commercial General Liability through Royal Sun Alliance, $1Million cyber liability through Lloyds/CFC Underwriting and a $1Million bond through The Guarantee Company of North America.
Meeting Escrow provides financial and risk management solutions for the Meetings Industry worldwide.
We guarantee the protection of your funds held in trust through our extensive security controls & procedures, use of the world's strongest and most reliable banking system and merchant account providers, robust insurance coverage and our partnership with the industry's best legal, audit, security, communications and other partners.
Who have Meeting Escrow worked with?
We selected the Canadian banking system for Meeting Escrow's segregated client deposit accounts because it has been rated #1 by the World Economic Forum for the most sound banking system in the world (a ranking achieved eight years in a row).
Source: Canadian Bankers Association website. Read more...
Canada's banking system is highly regulated and experienced no liquidity issues during the 2008-2010 financial crisis.
From a DMC perspective, working with Meeting Escrow is fantastic. All client payments arrive on time and are proactively managed by their team. They even reimburse the wire transfer fees!
Jean-Paul de Lavison, President
JPdL Desination Management
Why Meeting Escrow?
Annually, the business events industry represents $27B+ in economic spending in Canada, $270B+ in the USA and $500B+ globally. While the majority of clients are large organizations, the majority of supplier-partners are small and medium-sized businesses.
Supplier-partners in the meetings industry generally have a high level of pass-through costs that inflate the size of the advance deposits required. Clients want to hold on to those funds as long as possible for safekeeping; supplier-partners (whether 3rd party meeting/incentive companies or DMCs or hotels) need the confidence they will have the funds when needed and spend an inordinate amount of time and effort pursuing deposit payments.
Our research indicates that the majority of clients believe their supplier-partners place advance deposits in separate trust accounts for safekeeping. In fact, most companies mix or “commingle” advance deposits with general operating funds.
Remarkably, there are virtually no regulations in place to govern the handling of advance deposits the way we are used to with the purchase of a home or the retaining of legal counsel.
Meeting Escrow gives clients the confidence to pay all or most of their advance deposit requirements up front with full confidence that funds are held securely and only released to the supplier-partner based on the deposit schedule.
Meeting Escrow is backed by $5Million E&O (Errors &
Supplier-partners have the assurance that deposits have been collected in advance and no longer have to chase after payments; clients no longer have to worry about the loss of their organization’s money in advance of the program.Ommisions) liability coverage through Lloyds / Special Risk, $5Million Commercial General Liability through Royal Sun Alliance, $1Million cyber liability through Lloyds/CFC Underwriting and a $1Million bond through The Guarantee Company of North America.