[fusion_builder_container background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_aspect_ratio=”16:9″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” padding_top=”20″ padding_bottom=”20″ hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no”][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” min_height=””][fusion_text]Let’s face it – payment management can be complex. Payments coming in, payments going out. Sometimes it’s hard to keep it all straight, not to mention meeting the payment preferences of your customers, clients, vendors and employees.[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”3_5″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” min_height=””][fusion_text]Do you find your organization in search of a way to reduce open receivables by easily adding credit card acceptance? Want to eliminate time spent rekeying credit-card payments? Want to add more payment options without adding more work? Studies show that effective and active payment management can yield cost savings and sales conversion equal to 5-8% of revenue or more.
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”1_1″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” min_height=””][fusion_text]If you’re a current NetSuite user – a leading cloud-based ERP software suite – you should be made aware that the platform offers several payment processing options to capture funds and disburse payments for your business. These features connect your accounts receivable and accounts payable processes with third party payment systems, processors, and financial institutions to collect funds and make payments. Payment processing activities include handling invoice payments from accounts payable, settlements against credit card accounts and bank accounts for accounts receivable, and bank account transfers.[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”1_1″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=”” min_height=””][fusion_text]
Don’t Miss Out – Get These Six Benefits When You Use NetSuite Payment Management
Before jumping into brief explanations of each of the available payment options, I first would like to highlight some of the benefits of these options:
- Make it easier for customers to do business with you by accepting a variety of payment options.
- Unlock productivity by streamlining order-to-cash and cash-to-reconciliation processes.
- Simplify your financial operations with a single system and single set of records for all payment processing, whether web order, phone order, cash sale or invoice payment.
- Improve cash flow and shorten time to payment with cost-effective credit card, business card and purchasing card acceptance.
- You can set up payment processing across multiple organizations, regions, and currencies.
- Payment processing also integrates with your Web site to capture funds for Web orders.
NetSuite Payment Options For Fund Capture
NetSuite supports the following types of funds capture:
- Electronic Funds Transfer (EFT): EFT is a process that allows customers to authorize the transfer of funds from their bank accounts to your bank accounts to pay their invoices. NetSuite integrates with Coastal Software & Consulting, Inc. to process EFT transactions, which simplifies your customers’ payment processing.
- Customer Credit Card Processing: NetSuite’s integrated credit card processing efficiently handles credit card payments for sales order and Web site orders. You can manage card authorization, fraud management, and funds capture for all card-not-present transactions directly from NetSuite. This end-to-end integrated solution automates the decision making process to accelerate your order to cash process and reduce the need to screen orders manually. NetSuite’s integrated credit processing provides these benefits and more:
- encrypted card numbers for full PCI compliance and secure data storage
- seamless integration for card approval and funds capture for mail orders and telephone orders, and Web store orders
- payment holds to review orders for validity
- PayPal Express Checkout: You can use PayPal Express Checkout to capture funds if you process orders from a Web store. This enables you to offer PayPal as a payment method to your customers.
- Google Checkout: You can use Google Checkout to capture funds if you process orders from a Web store. This enables you to offer Google Checkout as payment method to your customers.
- Electronic Payments: The NetSuite Electronic Payments module enables you to process payments of your vendor bills, employee expenses, partner and employee commissions, and customer refunds and to receive payments from customers. NetSuite Electronic Payments is available in two SuiteApps that are installed as add-on modules to your NetSuite account.
- Online Bill Pay: Using Online Bill Pay enables you to make payments without printing and sending checks to pay bills. NetSuite partners with Metavante, a financial services processing company, to handle the check processing for you. You can transfer funds from a U.S. bank account to a U.S. bank account, only using Online Bill Pay. With Online Bill Pay, you authorize payments to be sent to vendors, customers, employees, or other recipients enabled for online bill pay. Transactions that can be selected for online bill payment include bill payments, reimbursements to employees for expenses, and sales tax payments. After you submit and approve a payment, Metavante sends a check with voucher to the payee. Payment is not deducted from your bank account until the payee deposits the check.
- ACH Processing: Automated Clearing House (ACH) processing is used to process financial transactions through the ACH Network for funds capture and funds disbursement. ACH Processing enables you to:
- pay employees by depositing money directly into their bank accounts
- accept electronic payments from your customers
- send electronic payments to your vendors
NetSuite integrates with Coastal Software & Consulting, Inc. to allow the transfer of funds through the ACH Network for EFT, Direct Deposit and ACH Vendor Payment transactions.
- Direct Deposit for Payroll: You can use the direct deposit feature to disburse payroll funds directly to employees’ bank accounts. NetSuite partners with Coastal Software & Consulting, Inc. to transfer funds using the Automated Clearing House Networks.
The many payment processing options of NetSuite is just one of the robust features of the ERP suite. Not familar with NetSuite? If you have questions about setting up some of the payment options for your users and/or customers, feel free to reach out to our dedicated team of NetSuite consultants. We can help you create, implement and maintain a technology plan specific to your business requirements. Did we miss a benefit you’ve achieved with NetSuite payment options? Tell us about it!
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