NetSuite Payment Processing

Video Transcript

It’s time to say goodbye to overly complicated payment solutions. With NetSuite SuitePayments, users can easily manage the order-to-cash cycle under one roof.

As an integrated payment processing service within NetSuite, the flexibility to accept payments works across the board. Accept payments from credit cards whether it’s online, on the phone, or through a point of sale (POS) system. Not to mention the option to offer PayPal, Apple Pay, or any other payment method.

Thanks to secure data management and integrated solutions, payment credentials are located within each customer record, where companies can find transaction records, sales orders, deposits, payments, and refunds.

Compliance? No need to worry about that, NetSuite SuitePayments is PCI-compliant for the utmost data security.

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What is NetSuite SuitePayments?

There’s no doubt about it, companies are migrating to online stores at a much faster rate, ensuring their internet presence resonates with the ever-changing consumer demands.

Of course, in order to remain competitive - and stay afloat- the key lies within a solid payment gateway. Because we all know, without payment there won’t be much of a future.

NetSuite SuitePayments provides users with an array of digital payment options to keep track of cash flow and establish an increase in sales. Instead of processing payments from a bunch of different systems, SuitePayments seamlessly integrates all types of payment data into one single source of truth.

You can easily locate unpaid invoices, create recurring billing payments, and accept credit card payments from across the board.

All records are PCI compliant, so there is no need to worry about unsecured payments.

NetSuite Payment Processing: Features and Benefits

Thanks to strong visibility and updated tracking, NetSuite users can easily access the complete transaction history, providing detailed audit tracking and card data security.

A full-scale solution, NetSuite SuitePayments provides users with the ability to move past paper checks and accept all types of payments to accelerate deposits as well as centralize your payment processing systems.

For companies who rely heavily on secure and fast processes for digital payments, NetSuite SuitePayments offers a variety of features:

Accounts Receivable

Whether you’re a B2C or B2B company, your financial department is constantly processing costs and payments from clients and consumers. Not to mention, the management of payables, receivables, overdue accounts, vendor and supplier accounts, the list is long and complex.

Implementing a product like SuitePayments means covering all your bases and having all customer-initiated payments support through the NetSuite Customer Center as well as the ability to enter credit cards over the phone and full access to recurring billing contracts.

And if you’re looking for that extra edge, NetSuite processing payments includes a “pay now” option for all electronic and printed invoices, meaning faster payments.

Recurring Bill Payments

The hassle of chasing after recurring invoices is over. For subscription, membership, and recurring payments, NetSuite flags certain accounts through use of the Card-on-File and Recurring Indicators.

The financial department can leverage Account Updaters through the tokenization services to help support payment processing gateways.

eCommerce Accessibility

NetSuite SuiteCommerce users have the opportunity to integrate with SuitePayments for a payment gateway integration that facilitates the checkout experience.

Additionally, it helps avoid unnecessary fraud and provides service checkouts with 3D secure authentication. This is ideal for both the business and the consumer as both feel more at ease knowing there are secure payments.

Point of Sale (POS) System

While transactions are mostly done online, in-person shopping has not diminished completely. For businesses with a brick and mortar location, SuitePayments has partnered with an EMV chip-card-reading device to connect your payments to your ERP through a POS system.

Options for no-touch, NFC-support, and Apple Pay are all available.

These features and benefits improve cash flow by incorporating credit card processing in lieu of a check. It also provides a single source to manage invoices, subscriptions, phone orders, POS systems, and more.

As a PCI DSS (Payment Card Industry Data Security Standard) compliant provider, NetSuite knows the importance of data security, especially when it comes to payments.

Payment Challenges, Solved

When it comes to payment solutions, there are a lot of challenges that are faced by companies who don’t have the proper infrastructure in place.

Most common is duplicate data entry. NetSuite SuitePayments solves this problem thanks to one system that houses all the customer payment records on a real-time basis. No more manually updating credit card details from one system to another.

Unnecessary integrations can become costly, especially if it requires a certain customization to connect all the different payment gateways. Cut out the middleman and support all payment gateways with one solution.

An extremely important aspect is staying PCI data compliant. NetSuite has always doubled down on proper infrastructure to ensure all users don’t have to deal with security issues.