No matter what industry your company operates in, at least one thing is for certain:
You absolutely need to streamline your payment processes.
It’s just a fact: glitches, hang-ups, and other logistical issues not only get in the way of your ability to do business, but they could also be the reason a client decides to defect to a competing company moving forward.
Of course, this is especially true for companies that operate online: if clients can’t trust that their money is safe when conducting an online transaction - or if the process of conducting the transaction is difficult in the first place - they’ll simply find a competing company that can guarantee this security.
Thankfully, there are a ton of add-ons and apps available to companies that use NetSuite. These programs can help streamline the payments in a number of ways - while also guaranteeing that the information being passed remains safe and secure at all times.
In this article, we’re going to discuss five NetSuite add-ons that cover a variety of bases with regard to your company’s payment processes. We’ll describe the main function of each app, and explain why each of these functions is so essential.
Let’s get started.
Apruve, Credit Management as a Service
Apruve, the Premier B2B Credit Network, allows businesses to provide net terms to their online and offline customers risk-free.
Here’s how it works:
If a business buyer wants to buy now and pay later they checkout using Apruve. Once the customer is invoiced, notifying them of when payment is due, Apruve will pay the supplier within 24 hours.
Through this process, Apruve assume responsibility for the line of credit. This means your company doesn’t need to worry about issues regarding missed payments, processing problems, etc. The client then pays off the line of credit as agreed upon at point-of-sale.
Again, using Apruve essentially mitigates any risk your business may have otherwise had to assume with regard to extending credit to your customers.
Solupay for NetSuite SuitePayments
Solupay grants a quick and easy means for businesses to accept and process payments from customers via credit or debit card.
Solupay’s proprietary 3D Secure Advanced Support ensures that any and all data that passes through the system - whether by the company or the customer - remains safe and secure at all times. Additionally, Solupay provides a Fraud Management solution to safeguard against suspicious behavior on either side of the transaction.
With Solupay, companies receive a direct line of communication with their customers with regard to sending and receiving quotes and sales receipts.
While Solupay offers a quick and easy setup process, the company also provides 24-hour individualized support to partner companies via its Dedicated Relationship Management System.
Vantiv eCommerce for NetSuite
Vantiv offers businesses a payment acceptance and processing solution in “card not present” moments that also allows businesses to analyze, assess, and improve their transaction processes over time.
Vantiv’s proprietary Protection Solutions ensures that data being transferred over the web remains safe and secure. Like many of the other tools on this list, Vantiv also guarantees risk-mitigation and protection against fraudulent activities, as well.
The unique features of Vantiv (as far as this list goes) are its Revenue, Analytics, and Reporting Solutions. As mentioned above, these in-app tools allow companies to track the effectiveness and efficiency of their payment processes and to determine where certain hang-ups are costing them money in the long run. In turn, they can make the appropriate adjustments in order to further streamline their overall operations.
One last thing to mention about Vantiv is that, while it’s designed to cater to enterprise-level companies, businesses of all sizes can utilize the app’s features according to their individual needs - and increase their use of the app as they grow.
Card on File Tokens with Account Updater
Focused on catering to companies that offer subscription-based services, Card On File Tokens yields a secure way for businesses and their customers to store and recall credit card data via electronic tokens.
While the app is, of course, housed on a company’s NetSuite site, vital credit card information is not stored on-site; rather, it’s encrypted, as mentioned, via “token.” This ensures that only those who have been provided access to the data (i.e., the company in question) can do so.
As mentioned, the app is used by subscription-based services - meaning payment info for each customer must be kept accurate on a consistent basis. The Account Updater tool sees that all customers’ credit card info remains up to date by automatically confirming accuracy on a weekly basis. This, in turn, all but ensures a decrease in declined payments and other such issues that may interrupt the provision of services.
As we said in the intro, streamlining your payment processes - on both the customer-facing and behind-the-scenes sides of the equation - is essential in order to increase customer satisfaction and retention.
With the tools discussed above, your company should be able to meet the various needs of your customers before and after they’ve committed to doing business with you.
In the coming weeks, we’ll continue to look at the numerous apps available on NetSuite that can help streamline a variety of processes within your business. Be sure to check back on our blog for more.