Meeting Escrow Inc. Supplier Profile
   
Supplier Profile
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Public Profile:  http://discovery.ariba.com/profile/AN01456846861  |  ANID: AN01456846861  | Last Update: 16 Jul 2019
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Meeting Escrow Inc.
Toronto, ON, Canada
Advance deposit escrow, FX budget management & pay't, VAT recovery for meetings & events globally
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Description
Overview    
 
Since 2015, Meeting Escrow has been a trusted, independent provider of secure payment and financial services for the 1.5 trillion-dollar global Meetings Industry. Through our multi-currency trust account system, we provide Meeting Professionals with a wide range of benefits that save time, reduce costs and avoid risk.

Our services also offer significant benefits for supplier partners such as hotels, venues, cruise lines, Destination Management Companies, Professional Congress Organizers and other 3rd party service providers.        
     
Our independent escrow trust services, specifically designed for the global meetings industry and backed by $12M in insurance coverage, deliver clients and suppliers greater financial transparency, accountability and control.    
    
Here is what we do for our customers:      
      
#1 – Advance Deposit Protection through the Escrow Process      
     
Challenge:The $1.5 trillion-dollar USD global Business Events industry relies heavily on prepaid advance deposits but the industry is largely unregulated, and advance deposits are typically commingled (mixed) with other client deposits by suppliers in a company bank account also used for general business operations.          
     
If a supplier becomes insolvent or bankrupt, a deposit is usually lost and never recovered.  Conversely, if a meeting organizer becomes insolvent or bankrupt, the supplier almost always suffers a loss.         
     
Company founder Grant Snider’s previous company experienced first-hand the risks of advance payments when their online registration supplier defrauded clients of $2M (CAD) in prepaid conference registration funds. There is a long list of companies that have closed their doors suddenly, taking with them client deposits: USMotivation, TBA Global, Congrex, Global Events Partners, LSO, to mention a few.        
     
Solution: An Escrow Addendum is attached to the supplier contract and signed by all parties. It stipulates that the client must deposit 100% of the estimated contract value in trust with Meeting Escrow by an agreed-upon date. Meeting Escrow holds the funds in a separate Escrow Trust Account on behalf of the supplier until program completion or whenever agreed upon by the parties as outlined in the Escrow Addendum.         
     
#2 – Foreign Currency Budget Protection      
     
Challenge: Meeting Professionals organizing events globally must develop a budget in their home currency based on the exchange rates in effect when foreign vendor contracts are signed. What happens if the exchange rate changes dramatically in 2 years when the event is taking place and payments are due? We know of organizations that have been over budget by $300,000 - $500,000 because of this issue.        
     
Solution: Clients working with Meeting Escrow benefit from trust accounts available in 20 different currencies. For example: If a client based in the USA signs a contract today for an event in Europe in 2 years, they can forward the funds to Meeting Escrow in US dollars. Meeting Escrow immediately converts the funds to Euros at the current rate and holds them securely until payments are due. Downside currency exchange risk is eliminated because the funds are already in the target currency.        
     
#3 – Single Vendor Payment Solution      
     
Challenge: Meeting Professionals, whether managing events directly or on behalf of clients, face the challenge of tracking, funding and executing multiple payments to multiple vendors for every program.         
     
The math is impressive: a sample corporate planning department with just 10 events annually (or a 3 rd party agency with 10 clients, each with 1 event annually) can see their organization spend 100-200 hours of non-billable, non-value-added time managing payments. (10 events x 5 vendors per event x average 4 payments per vendor x 1 hour / payment = 200 hours @ $25-$50/hour = $5,000 - $10,000).        
     
Solution: Meeting Escrow opens a separate trust account for each client as part of their annual fee package and additional trust accounts for each program. Clients can therefore make just one transfer of funds for a meeting/event/convention (or in fact, for multiple programs, if the funds are already accrued by their accounting department), and Meeting Escrow will track and execute all payments to vendors from that point on. Clients can reduce their payment vendors from hundreds down to one and regain significant time.        
     
For more information: www.meetingescrow.com        
     
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Business Info
Legal & Fiscal
Certifications

Type of Org: Corporation

Business Type: Financial & payment services

Year Founded: 2015

Revenue: $100K to $1M USD

Employees: 6

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