The Start Up Travel Business
Often, my first conversation about trust accounts isn’t really about the trust account itself. It’s about the commercial objectives of the start-up company, the resources they have to tackle those objectives, and the legal framework in which they are operating. So many travel companies come to me who are trading using expensive and superfluous means of financially protecting consumers’ forward payments simply because they have not understood what they really need.
An initial consultation helps Serenity’s clients to assess their requirements for financial protection from an objective viewpoint because when we apply our ‘gold standard’, we will only recommend one of our trust accounts if it is the right product for the client’s objectives.
One of our start up clients said about his early experiences of a trust account constructed by us: –
‘I was able to speak to a travel specialist lawyer that could not only answer all of my questions in a way that I could understand them, and in a way that could help me to make decisions; but who also could provide me with a cost-effective product that would satisfy the legal requirements that I needed to meet. My trust account was set up simply and quickly and because as a start-up company, I wasn’t initially making very many sales, it worked cost effectively because the fees only stared to accrue when my money needed to be withdrawn from the account. This meant that I was able to keep costs low at a time when I needed all spare cash.
The most helpful thing for me was that I wasn’t asked to give any personal guarantees or put up any other form of security to get this mode of financial protection in place. And I didn’t need to pay large sums up in working capital or to get a bond or insurance. For a start-up company that is a god send.’
