Fairmont Royal York cuts credit card reconciliation to just 2 minutes

A landmark of Toronto hospitality, Fairmont Royal York handles thousands of credit card and cash transactions across its rooms, restaurants, and event spaces every week. Reconciling all of it by hand left the finance team chasing variances instead of closing the books, and left write-offs on the table simply because no one had time to track down where the money went. With Evention's platform, the team now auto-matches virtually every transaction and closes the day in minutes.

Challenge

Fairmont Royal York was reconciling thousands of transactions a month using spreadsheets, a process that was slow and prone to error. Matching payment data against third-party systems was complex and time-consuming, and the team had little visibility into where and why variances showed up; which made explaining discrepancies to the hotel's central accounting and shared services team difficult. Without a clear, timely view into the numbers, staff spent hours investigating discrepancies, and many ended up as write-offs simply because no one could trace them in time.

Solution

Fairmont Royal York implemented Evention's platform to manage the full scope of payment reconciliation. Cash Recon to manage cash transactions and Credit Card Recon to manage credit card transactions; in one system. Evention connects directly to the hotel's source systems and credit card processors, matching transactions automatically instead of relying on staff to line them up by hand.

99%+

 

of credit card transactions automatically matched

"There's definitely money savings, especially if you're a property that struggles to understand what your credit cards are even doing."

Results

With the Evention Platform in place, Fairmont Royal York now automatically matches over 99% of credit card transactions, with seamless integration across source systems and processors removing the manual matching work entirely. Customized reporting and a universal dashboard give the team real-time visibility into transactions, replacing the guesswork that used to follow a mismatch.

Daily reconciliation that once took hours is now completed in just two minutes, giving staff a live view of transactions and letting them process refunds quickly instead of waiting on a lengthy investigation.

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