New York Film Academy
Higher education institution utilizes virtual cards to save hundreds of hours of time on payments processing.
BACKGROUND
The New York Film Academy (NYFA), renowned for its hands-on project-based approach to learning, is a higher education institution that promotes and educates students in the art and craft of visual storytelling through degree, conservatory, and workshop programming. It provides educational services at three campuses across the United States and several countries around the world.
Historically, NYFA managed payments using a combination of paper checks, credit cards and wire transfers. There were many steps involved in processing payments that necessitated additional work to complete each payment processing cycle. As Chief Financial Officer, Kirk Lenga was looking for ways to facilitate payments while streamlining their payment processes.
SOLUTION
NYFA’s initial connection to Edenred Pay was utilizing their virtual cards to make payments for travel between campuses and student recruitment efforts. The virtual card made it possible for them to issue credit cards to staff, closely monitoring their activity, while keeping their existing travel agency. The training was done completely remote, where they trained several staff members to use the system.
After having much success with the Edenred Pay Travel Program, they decided to incorporate Edenred Pay’s Accounts Payable program. Implementing the payments process went smoothly. Edenred Pay’s team diligently worked with NYFA over a few weeks to get them up and running and ensure they were completely comfortable with the process.
Additionally, NYFA provided a list of their vendors and Edenred Pay went to work using their expansive network to set up payments. Where virtual card use was implemented, NYFA’s overall costs were greatly reduced due to monthly rebates earned on card spend.
RESULTS
Since onboarding with Edenred Pay, NYFA eliminated much of its manual paper check process. And they now use Edenred Pay to send checks on their behalf when needed. The majority of their payment processing is now on card. They have saved hundreds of hours of processing time, allowing staff to focus on more valuable, analytical tasks.
