Leading Destination Management Company, AlliedPRA, now accepts payment of deposits via Meeting Escrow

Leading Destination Management Company, AlliedPRA, now accepts payment of deposits via Meeting Escrow

Meeting Escrow Inc. is proud to announce that AlliedPRA has officially confirmed acceptance of payment via Meeting Escrow’s industry-leading deposit escrow service, setting a new standard in stewardship and fiduciary responsibility for the Destination Management sector of the Meetings Industry.

Denise Dornfeld, Chairperson of AlliedPRA, Inc. states, “In response to an industry need, Meeting Escrow, an independent, reputable third party has responded with a viable solution.  While AlliedPRA prides itself on its stable financial history, this optional service ensures that all parties involved are financially protected with an agreed upon timeline for disbursement of funds.  This extra layer of insurance is a differentiator for Destination Management Companies and AlliedPRA is pleased to accept payments via Meeting Escrow to respond to clients’ needs”.

Grant Snider, Meeting Escrow President & CEO adds, “This is an exciting development for our company. As more and more clients adopt Meeting Escrow to facilitate their meetings budget cash management and deposit processes and include it in their RFP requirements, it is important that vendors understand how it works and what the benefits are. We are proud to have AlliedPRA on board to accept deposit payment via Meeting Escrow.”

Meeting Escrow was founded by Grant Snider in early 2015 to bridge a gap in the marketplace between buyers and sellers of Meetings Industry services. Both parties sign an escrow contract with Meeting Escrow for the total amount to be protected. 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 in 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.

Grant Snider brings lifelong Meetings Industry experience and an indisputable reputation as a person of integrity and trust to Meeting Escrow. Following an early career in the hotel industry, Snider moved to the destination services sector eventually becoming co-owner of JPdL, Canada’s largest DMC. He sold his stake in the company in 2014. Over the years he has served in a variety of leadership positions in meetings industry associations such as ADMEI, SITE and FICP.  He currently serves on the Board of Directors of the Business Events Industry Coalition of Canada.

Meeting Escrow uses ICCA

“Meeting Escrow uses ICCA to highlight vital importance of client deposit protection for International Association Meetings”

Canada-based Meeting Escrow has joined ICCA, the globally-recognised leading organisation in the International Association Meetings sector, to ensure that its unique meetings deposit protection product is not restricted to the corporate meetings market, but becomes widely adopted throughout the association world. ICCA membership and access to its database and communication channels will enable Meeting Escrow to reach venues, PCOs, destination marketing organisations (often the first-approached knowledge source for international clients), and the international associations themselves, in all regions of the world.

Martin Sirk, ICCA CEO said: “We’re delighted to welcome Meeting Escrow into the ICCA community, and I believe their innovative financial service will be enthusiastically welcomed by suppliers, intermediaries such as PCOs, and associations alike, and will help to manage financial risk, differentiate quality companies, and encourage transparency throughout the association meetings sector. We want ICCA to become the must-use platform for any business interaction or knowledge exchange relating to international association meetings, so a service promising guaranteed financial protection, especially during these times of economic uncertainty, is a valuable addition to the many other offerings that we make available to ICCA members and international associations.”

Meeting Escrow (www.meetingescrow.com) was founded by Grant Snider in early 2015 to bridge the “trust gap” in an unregulated marketplace between buyers and sellers of Meetings Industry services. Both parties sign an escrow contract with Meeting Escrow for the total amount to be protected. 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, deposits can be held in US dollars, Euros, Canadian dollars and 17 other foreign currencies, thereby shielding associations from currency fluctuations.

Grant Snider, Founder and President of Meeting Escrow said: “I’m proud to be part of the ICCA community and look forward to helping international Associations, PCOs and DMOs do business with each other in a way that protects everyone’s interests. Meeting Escrow is the missing piece in the complex jigsaw representing how Associations do business with a vast array of supplier-partners. With Meeting Escrow, clients can rest assured that their deposits are safe and secure. Supplier partners, likewise, can see that funds have been collected on their behalf. It’s a true win | win”.

Grant Snider brings lifelong Meetings Industry experience and an indisputable reputation as a person of integrity and trust to Meeting Escrow. Following an early career in the hotel industry, Snider moved to the destination services sector eventually becoming co-owner of JPdL, Canada’s largest DMC. He sold his stake in the company in 2014. Over the years he has served in a variety of leadership positions in meetings industry associations such as ADMEI, SITE and FICP. He currently sits on the Board of Directors of the Business Events Industry Coalition of Canada.

Meetings Industry Veteran Grant Snider Launches New Company

“Meetings Industry Veteran Grant Snider Launches New Company”

Meetings Industry veteran Grant Snider has launched a new company, Meeting Escrow Inc., to protect client deposits and ensure timely payment to supplier-partners. Using the company’s segregated account system, planners and their clients are guaranteed their advance deposit payments are 100% secure prior to program operation while supplier-partners are relieved of the burden of constantly chasing payments.

“Unfortunately, our industry is not regulated so there is no global standard for the protection of deposits. Standard practice is to mix client deposits with general operating accounts which means these monies are potentially at risk. Recent high profile failures have highlighted these risks and left planners reluctant to part with their money causing huge challenges for the entire supply chain,” said President and CEO, Grant Snider.

Snider continued: “Meeting Escrow was founded to bridge this ‘trust gap’ in the market. Planners and supplier-partners sign an escrow contract with Meeting Escrow for the total amount to be protected. Funds are wire transferred by the client directly to Meeting Escrow and safeguarded in a segregated bank account to the benefit of the supplier-partner. There is no commingling of Meeting Escrow’s own operational funds with client funds; nor is there any commingling of any client’s funds with any other client’s. The individual deposit payments are then wire transferred to the supplier-partner per the deposit payment schedule in the escrow contract. Client funds are secure and fully protected and supplier-partners are paid on time. Meeting Escrow offers security and efficiency, a win-win for everyone”.

Sandy Monkemeyer, Senior Vice President & Corporate Travel Director for Captive Resources, LLC, welcomed Snider’s new initiative. “Meeting Escrow is an important addition to our industry as it provides Meeting Planners with the guarantee that any funds paid by way of advance deposits are 100% secure and only released to supplier-partners when they fall due. This provides great comfort for companies where internal regulations and due diligence are increasingly important.”

Katherine Wright, CMP, CMM, President of Toronto-based meeting planning company The Wright Solution, added that “Meeting Escrow finally provides the solution planners have been looking for: how to give our suppliers commitment without jeopardizing the often large deposits we pay months in advance to book future programs. I can’t think of a better person in this industry to be spearheading such a venture – Grant Snider embodies trust, confidence and fairness in all of his business dealings and will help streamline the whole process so we can focus on what we do best: planning and executing meetings and events.”

Grant Snider brings lifelong Meetings Industry experience and an indisputable reputation as a person of integrity and trust to Meeting Escrow. Following an early career in the hotel industry, Snider moved to the destination services sector eventually becoming co-owner of JPdL, Canada’s largest DMC. He sold his stake in the company in 2014. Over the years he has served in a variety of leadership positions in meetings industry associations such as ADMEI, SITE and FICP.