Voluntary trusts and ecrows
Some travel businesses elect to set up voluntary trust or escrow arrangements to solve various commercial financial protection issues. For example:
- Providing voluntary consumer protection for unregulated travel products such as accommodation sales
- Providing financial protection to merchant acquirers to obtain improved card acquiring terms
- Providing “pipeline money” protection to suppliers
- Providing protection to insurers as part of a hybrid financial protection arrangement.
These arrangements would be entirely bespoke, and the terms would generally depend on the commercial requirements between the parties.
Our typical trust account process
Exploration: we sit with you to understand your needs
Scoping: we’ll go through your detailed financial processes and build a reporting framework
Structuring: we’ll set up the legal documentation and open the necessary bank account
Testing: we’ll make sure everything works so there are no issues once the trust or escrow account is live.
Go live: once all the testing is done, that’s it, you’re ready to go!
