Fairmont Royal York
Toronto luxury hotel ushers in new era of productivity with Edenred Pay’s Payment Automation Platform
Like many businesses in Canada, the payables function for Fairmont Royal York remained a highly manual process, with accountants issuing paper cheques for vendor payments. Recognizing the need to improve productivity through better use of technology, Regional Financial Controller Serge Laroche led the charge to usher in a new era of productivity by automating the accounts payable function with Edenred Pay’s Payment Automation Platform.
While hotels are accustomed to receiving payments via credit cards, many vendors are not. Because of this, Laroche’s expectations were low, anticipating 10% of the hotel’s vendors would agree to accept virtual card payments. “I was so surprised that the Edenred Pay team achieved 50% enrollment during the initial campaign, and even more surprised that most vendors remain on the program because they immediately see the benefits.”
Although accepting credit card payments also requires the absorption of transaction fees, most vendors discover those fees are offset by savings from faster and easier payments. The scale of Edenred Pay’s business and dominance in Canada is an added advantage that promotes greater knowledge about the program and therefore a greater willingness to join.
“Professional, responsive, and reliable; those are words I’d use to describe Edenred Pay’s support team. Edenred Pay continually exceeds my expectations and are in a class above any other service provider I have worked with.”
Laroche oversees numerous hotels in the central Canada region and recommends Edenred Pay’s Payment Automation Platform to all financial decision makers. “The convenience, savings, and revenue we get back through rebates, plus the fact that Edenred Pay does most of the work – it’s really a no-brainer.”
- 50% vendor enrollment far exceeded expectations
- Estimated $4,400 annual savings by eliminating paper cheques
- Improved productivity of staff members; time spent on manual cheque
processes – printing, stuffing envelopes, mailing – could be spent on
more value-added activities
- New revenue generated through monthly rebates delivers an estimated
$25,000 back to the hotel during the first year
- Laroche is quick to remind us that executives that are stuck in ‘old
fashioned’ ways of doing business run the risk of being left behind as
companies continually seek to progress through new technology.
- “Change always brings about challenges, but Edenred Pay makes it a smooth
and easy transition.”