Payments Processing in NetSuite

NetSuite’s payment processing framework is designed to streamline financial transactions, making it easier for businesses to manage their revenues and expenditures comprehensively. Central to its functionality is the seamless integration of various payment methods, including credit cards, ACH transfers, and electronic funds transfers, amongst others.

Different Payment Processing Options

NetSuite provides a range of payment processing solutions to handle fund capture and payment distribution for your account. These functions link your accounts receivable and accounts payable procedures with external payment systems, processors, and financial institutions for efficient fund collection and payment processing. The following are the payment processing activities:

• Invoice Payments from Accounts Payable

  This option allows businesses to manage their outgoing payments efficiently. It facilitates the processing of invoices by automating payments to vendors, suppliers, or any other entities to which the company owes money. Incorporating technologies such as Electronic Funds Transfer (EFT) or Automated Clearing House (ACH) transactions, NetSuite ensures that payments are made promptly, reducing the risk of late payments and maintaining positive relationships with partners.

• Credit Card Account Settlements

  This vital feature supports businesses in handling customer payments through credit cards with ease. By automatically reconciling payment receipts against credit card accounts, NetSuite streamlines the deposit and settlement process, ensuring that funds are quickly available for use. This functionality not only accelerates cash flow but also minimizes the manual effort involved in reconciling each transaction, thereby enhancing operational efficiency.

• Settlements Against Bank Accounts for Accounts Receivable

  NetSuite also facilitates the process of settling payments received from customers against the company’s bank accounts, an essential component of accounts receivable management. This feature enables businesses to efficiently match, apply, and reconcile customer payments within their bank accounts, ensuring accuracy in financial reporting. Automation of the settlement process reduces the administrative burden and the likelihood of errors, enabling more timely and accurate recognition of revenue.

• Bank Account Transfers

  An integral aspect of NetSuite’s payment processing capabilities includes the management of internal fund transfers between a company’s own bank accounts. This feature supports the efficient reallocation of funds across different accounts, aiding in cash flow management and ensuring that adequate funds are available where and when they are needed.

• Webstore Checkout Option

  NetSuite’s payment processing can be easily integrated with your website, enabling direct fund capture for web orders. This integration enhances the customer experience by providing a smooth, secure checkout process, while also streamlining your company’s revenue collection and recognition processes.

Funds Capture Methods in NetSuite

• Customer Credit Card Processing

  One of the core functionalities of NetSuite’s payment processing options is the ability to efficiently process customer credit card transactions. This feature empowers businesses to quickly and securely accept credit card payments from customers, whether for online sales through the webstore checkout or traditional sales channels. NetSuite’s platform utilizes advanced encryption and security protocols to ensure the safe transmission and storage of sensitive credit card information, thereby protecting both the business and its customers from potential fraud. Furthermore, this system is designed to streamline the reconciliation and settlement of credit card transactions, simplifying the financial operations and reducing the time to recognize revenue from sales.

• Alternative Non-Credit Card Payment Methods for Web Store Orders

  In addition to traditional credit card processing, NetSuite’s versatile payment platform supports various alternative payment methods, enhancing flexibility for businesses and their customers alike. Recognizing that customer preferences vary, especially in a global marketplace, NetSuite facilitates transactions through a range of non-credit card options.

• PayPal

  Widely regarded for its convenience and security, PayPal is a popular choice among consumers for making online purchases. Integrating PayPal as a payment option on your web store can significantly enhance the customer experience by offering a familiar and trusted method of payment.

• Electronic Bank Payments

  Incorporating Electronic Bank Payments into your NetSuite payment processing setup further broadens the spectrum of available payment options, catering to businesses and customers who prefer direct bank-to-bank transactions. This method simplifies the transfer of funds by allowing transactions to occur directly between financial institutions, thereby reducing processing times and fees associated with traditional payment methods. Electronic Bank Payments, including Direct Debit and SEPA (Single Euro Payments Area) credits, offer a secure and efficient way to handle both accounts payable and receivable, ensuring timely settlements and improved cash flow management. Including these alternative payment options not only broadens the potential customer base but also caters to the evolving preferences of online shoppers, ensuring that your web store remains competitive and responsive to market trends.

Funds Disbursement Methods in NetSuite

NetSuite supports the following types of funds disbursement:

• Direct Deposit for Payroll

  A foundational element of NetSuite’s suite of financial management solutions is the direct deposit feature for payroll. This method facilitates the electronic payment of employee salaries, wages, and other forms of compensation directly into their bank accounts, eliminating the need for physical checks. Direct deposit is not only convenient for employees but also significantly reduces the administrative burden on the payroll department. By automating the disbursement of payroll funds, businesses can ensure timely and accurate payment to their employees, adhere to regulatory requirements, and improve overall operational efficiency.

• Electronic Payments for Vendors

  Expanding on the concept of Electronic Bank Payments, NetSuite further supports electronic payments to vendors, streamlining the Accounts Payable process. This efficient and secure method allows businesses to make payments directly from their bank accounts to vendors’ bank accounts, facilitating smoother transactions and reducing the time spent on manual processing. Leveraging electronic payments minimizes the risk of errors and fraud, and ensures that vendors are paid on time, which can help maintain strong supplier relationships and potentially qualify for early payment discounts. This feature seamlessly integrates with NetSuite’s financial management suite, enhancing the automation of the payment cycle and improving cash flow management.

Schedule a No-Obligation, Free Consultation

We understand that every business is unique, and our team of experts is dedicated to providing personalized support to help you optimize your financial operations. In addition to offering consultations, we also provide training and ongoing support to ensure that you can make the most out of NetSuite’s payment processing capabilities. To learn more about how NetSuite’s payment processing can benefit your business, schedule a no-obligation, free consultation with one of our experts today.  We would be happy to discuss your specific needs and provide a tailored solution that fits your unique requirements. Learn more about Payment Processing Options in NetSuite

Boost NetSuite Efficiency with AvidXchange & Bill.com

While NetSuite provides robust payment processing capabilities, enhanced automation and efficiency can be achieved by integrating with third-party solutions such as AvidXchange and Bill.com. These platforms complement NetSuite’s financial management suite by offering specialized features designed to streamline accounts payable and receivable processes, ultimately driving greater productivity and cost savings.

• AvidXchange: A leader in automating invoice and payment processes, AvidXchange integrates seamlessly with NetSuite to transform how your business handles accounts payable. With AvidXchange, you can automate the entire invoice lifecycle, from data capture and approval workflows to payment execution. This integration reduces manual data entry, eliminates paper-based processes, and minimizes the risk of errors or fraud. By leveraging AvidXchange, your finance team can focus on strategic activities rather than routine tasks, resulting in improved efficiency and more timely financial reporting.
• Bill.com: Bill.com enhances your payment processing experience by providing a comprehensive platform for managing accounts payable and receivable. Its deep integration with NetSuite allows for automatic syncing of transactions, invoices, and payments, ensuring data consistency across systems. Bill.com offers features like automated invoice capture, customizable approval workflows, and seamless electronic payments, making the payment process faster and more secure. Additionally, its easy-to-use interface and robust reporting capabilities equip your finance team with the tools needed to make informed decisions and maintain strong cash flow management.

For more information on integrating AvidXchange or Bill.com with NetSuite, please reach out to our team of experts who can provide detailed guidance and support tailored to your specific business needs.