In today’s digital age, businesses seek efficiency, especially in payment processing. NetSuite, a top cloud-based ERP solution, provides various payment processing options to optimize financial operations.
Find out the benefits, solutions, and best practices for NetSuite payment processing below.
Efficient payment processing is crucial for all businesses. NetSuite's capabilities automate and streamline payment workflows, ensuring faster and more accurate financial transactions. Here’s what it offers:
Before diving into the various payment processing options available in NetSuite, it's important to understand some key terminology:
Securely transmits online payment data to the processor, authorizing payments for card-not-present transactions, primarily for e-commerce websites. Think of it as an online point-of-sale terminal for your business.
Acts as the mediator between the merchant and the financial institutions involved in the credit card transaction process. It authorizes transactions and facilitates the transfer of funds, ensuring that merchants get paid on time.
The financial institution that holds and manages the bank account for a merchant who wishes to accept payment via credit or debit cards. The acquirer settles card transactions for a merchant into their account.
NetSuite provides payment processing solutions to suit diverse business needs. These solutions are categorized as certified and non-certified NetSuite payment processors.
Certified NetSuite payment processors have exclusive access to the NetSuite SuitePayments program. Their integrated solutions are fully vetted and certified by NetSuite, ensuring seamless integration. Some certified processors are listed on the NetSuite SuiteApp exchange, including:
Non-certified NetSuite payment processors are custom solutions built on top of NetSuite by third-party providers. While these solutions may offer unique features and functionalities, they may not have the same level of integration and support as certified processors.
Selecting the right payment processor for your NetSuite environment is a critical decision that can impact your financial operations and customer experience. Here are some factors to consider when choosing a NetSuite payment processor:
Integrated Credit Card Processing
SuitePayments integrates with NetSuite to keep all your business data in one place. This makes it easier to track orders, inventory, shipping, invoices, and payments.
Flexible Payment Options
The solution lets you accept credit cards online, over the phone, in person, or through digital payment options like PayPal or Apple Pay, so you can choose the best option for your business.
Best-in-Class Security
SuitePayments uses industry-leading security measures to protect your customers’ financial information. That way, you can be confident their data is safe.
Free Training and Support
NetSuite offers free help to learn how to use their payment processing solution. Whether you’re new to NetSuite or an experienced user, their team is always ready to assist.
Automate Payment Workflows
Leverage NetSuite's automation features to streamline your payment workflows, from invoice generation to payment reconciliation. This can help reduce manual errors and save time for your finance team.
Offer Multiple Payment Options
Provide your customers with a variety of payment options, such as credit cards, bank transfers, and electronic payment methods. This can improve customer satisfaction and increase the likelihood of timely payments.
Monitor Payment Performance
Regularly analyze payment data and metrics to identify any bottlenecks or areas for improvement in your payment processes. Use NetSuite's reporting and analytics capabilities to gain insights into your payment performance.
Stay Up-to-Date with NetSuite Releases
NetSuite regularly releases updates and enhancements to its payment processing capabilities. Stay informed about these updates and leverage new features to optimize payment workflows.
The cost of NetSuite payment processing depends on your chosen payment gateway and business requirements. Usually, NetSuite’s payment gateway pricing includes a per-transaction fee and a monthly fee. Credit card processors also charge based on interchange-plus pricing, which includes markup and other transaction-related fees.
To find the best rates for your business, consult a NetSuite credit card processing expert like SCS Cloud.
At SCS Cloud, we specialize in NetSuite payment processing solutions. Our team of experts can help you navigate the complexities of NetSuite payment processing and find the best solution for your unique business needs. Whether you're looking to streamline your payment workflows, reduce processing fees, or improve cash flow management, we have the expertise to guide you.
Contact us today to schedule a free consultation.