5 Essential Questions Surrogacy Agencies Should Ask Escrow Providers

Embarking on a surrogacy journey is an emotional and life-changing process for all involved. Surrogacy agencies understand the complexities of a surrogacy journey and are there not only to support their intended parents and gestational carriers but to educate and guide all parties through the medical, legal, and escrow processes.

A crucial aspect of a surrogacy journey is selecting an escrow provider. An escrow provider acts as an independent third party who holds and disburses funds according to the terms and provisions of the Gestational Surrogacy Agreement (GSA), ensuring all financial transactions are secure and transparent for all parties involved.

This blog post will explore five essential questions that surrogacy agencies should ask when selecting an escrow provider for their clients’ journeys.

1. Is the escrow provider experienced in handling surrogacy transactions?

The first crucial question surrogacy agencies should ask escrow providers is the amount of experience the escrow provider has in handling surrogacy transactions. Due to the complexities of a surrogacy journey, it is significant that the escrow provider understands the importance of timely payments and the processing of payments according to the terms of the GSA.

An experienced escrow provider is well-versed in legal contract language, provides transparency for all parties involved, and has experience in managing unexpected situations.

2. How are funds safeguarded through implemented security measures?

Surrogacy agencies should ask if funds are fully insured and what type of policy is in place in the event of misappropriation of funds. Surrogacy journeys entail a substantial financial undertaking for intended parents, so the safety of their funds remains a top concern. Intended parents want peace of mind knowing their funds are being held in a safe and secured fund management escrow account.

Surrogacy agencies should also understand the difference between an escrow manager responsible for actively managing the funds and an escrow fund holder, who is only involved in fund custody. An escrow fund manager is responsible for limiting the misappropriation of funds. If funds are misappropriated, the escrow manager takes on all financial liability, which means the financial liability does not lie on the agency. This level of protection provides the agencies with peace of mind to focus on what is truly important – helping build families.

SeedTrust employs specific protocols, such as a $40 million bond, to protect the funds of intended parents and surrogates, giving both parties confidence in the financial aspect of the surrogacy process.

3. What level of transparency is provided throughout the journey?

Surrogacy agencies should also inquire about the transparency of funds throughout the surrogacy journey. Ask about the timing and process of account funding, fund disbursement, and if the escrow manager provides access to real-time financial reporting through ledgers.

Find out if there are any minimum balance requirements and measures in place to ensure timely and adequate funds to ensure a successful surrogacy journey.

At SeedTrust, transparency is the cornerstone of a successful surrogacy journey, which is why we have created an online platform that is available 24/7 and reports in real time. This platform can provide all parties peace of mind when it comes to monitoring their escrow account.

4. When should we open an escrow account?

At SeedTrust, we recommend encouraging your clients to open an escrow account as early as possible, ideally at the match stage. This ensures all payments associated with the surrogacy journey are channeled through a single, secure account. It also grants Surrogacy Agencies peace of mind concerning their fees and pre-contract expenses by eliminating the need to request funds directly from intended parents.

Should your agency have questions about determining specific funding requirements at the match stage, we encourage you to contact us. Our team is happy to review your agency’s retainer agreement and benefits package, offering best practices tailored to your agency’s specific funding requirements pre-contract.

5. What additional support and services does the escrow provider offer?

Beyond basic fund management, surrogacy agencies should explore the additional support and services the escrow provider offers. Customized resources tailored to the specific needs of both intended parents and surrogates are essential considerations.

For surrogacy agencies with clientele who are multilingual, selecting an escrow provider and platform that can service all clients is a critical factor for a successful surrogacy journey.

Surrogates often feel overwhelmed in the escrow process and need clarification about the timing and process for submitting reimbursement or the documentation required to process payments. In such situations, having an escrow provider and dedicated team well-versed in contract language, accompanied by a specialized Surrogate Guide, becomes indispensable. This support system addresses all Surrogate’s questions, ensuring they feel confident with their escrow process.

At SeedTrust, we recognize the significance of supporting and providing surrogates and intended parents throughout their journey. To this end, we have assembled a multilingual staff and developed an advanced online system to accommodate the diverse needs of our clients so that our agency partners do not have to focus on answering escrow-related questions.

Key Considerations When Selecting a Surrogacy Escrow Provider

As your surrogacy agency diligently seeks out reputable surrogacy escrow providers within the ART industry, we strongly encourage you to consider the five essential questions highlighted above. The significance of selecting the right escrow provider for your agency and clients cannot be understated, as it impacts all parties involved in the surrogacy process.

It is imperative for agencies to conduct research on potential partners and ensure that the escrow provider’s team possesses expertise in the surrogacy escrow process. Moreover, security measures are in place to prevent misappropriation of funds, commitment to transparency, best practices for initiating escrow, and accessible resources for all clients are critical considerations.

SeedTrust: Your Dedicated Partner

At SeedTrust, we understand the importance of a streamlined escrow service tailored to meet the unique needs of our agency partners, intended parents, and gestational carriers. We recognize that reducing financial stress and providing transparency and support is paramount for a seamless surrogacy journey.

Our team is committed to facilitating a journey that is as smooth and rewarding as possible, enabling all parties involved to focus on what matters most – building families.

If your surrogacy agency is searching for a reliable and seasoned escrow provider for your clients’ surrogacy journeys, we invite you to get in touch with SeedTrust today.

Our dedicated team is eager to offer unparalleled support, utmost security, and complete transparency throughout all financial aspects of the surrogacy process. Let us be your trusted partner in building families and ensuring a seamless and rewarding surrogacy experience.