ACCESS Destination Services has confirmed that it is now accepting payment via deposit escrow service Meeting Escrow.
Founded in 1969, ACCESS Destination Services has global alliances with Pacific World and Amstar, through which it serves more than 100 destinations in 30 countries. Its clientele includes corporate, incentive and association groups.
“Meeting Escrow is a long-overdue financial and risk management solution to challenges the meetings industry has been facing for years—how to protect client funds and ensure timely payment to supplier partners,” said Chris Lee, DMCP, CEO of ACCESS. “It provides our clients with 100 percent transparency and confidence for the advance payments they make to vendors around the world. ACCESS is proud to show its leadership by confirming its acceptance of this new standard of accountability for the industry.
Meeting Escrow was founded by industry veteran Grant Snider in 2015, with the mandate of bridging a gap in the marketplace between buyers and sellers of meetings industry services.
When working with Meeting Escrow, both parties sign an escrow contract with it for the total amount to be protected. The funds are wire transferred by the buyer directly to a distinct, uniquely identified Meeting Escrow bank account to the benefit of the supplier-partner and then the individual deposit payments are wire transferred out per the deposit payment schedule in the contract. Client funds are secure and fully protected and supplier-partners are paid on time.
In addition, escrowed deposits can be held is US dollars, Euros, Canadian dollars and 17 other foreign currencies, thereby shielding clients from exchange rate fluctuations. Meeting Escrow Inc. holds $5 million in liability coverage, underwritten by Lloyds.