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Posted by Justin Osborne - 13 June, 2019

NetSuite Electronic Payments For B2B Companies

Managing finances, supply chain, procurement, and fulfillment is complicated for businesses of any size. Poorly managed processes can increase operating cost and negatively impact customer experience -- especially for B2B companies that handle orders that are large in volume and high in transaction value.

Thankfully, you can streamline workflows, increase efficiencies, and minimize errors by managing all the back-office functions on a centralized platform. Oracle's NetSuite is a unified business management suite of software applications that helps organizations of any size deliver a seamless omnichannel customer experience while streamlining operational business processes. 

What's NetSuite?

NetSuite is a cloud-based enterprise resource planning (ERP) software that provides ERP/Financials management, CRM, and eCommerce solutions on one unified platform.

The eCommerce-friendly ERP system supports all the key operational activities such as order management, product management, supply chain management, warehousing, fulfillment, and procurement. It supports businesses of any size with the flexibility to easily scale up, spin-off, or pivot to a new business model.

To ensure seamless customer experience during transactions, NetSuite ERP has a built-in electronic payment solution that adds complementary electronic banking functionality to the platform.

NetSuite Electronic Payments

This feature integrates with other NetSuite functions and allows businesses to automate electronic funds transfer (EFT) payments and collections securely.

It provides electronic banking functions including EFT payments (e.g., for bill payment and employee expenses), customer refunds, and customer payments (e.g., direct debits.) It's available to Netsuite customers as the free NetSuite Electronic Payments version and the subscription-based NetSuite Electronic Payments for OneWorld version.

EFT eliminates paperwork and expenses associated with processing checks, postage, and delays. It also allows you to efficiently manage large payment runs (up to 5,000 payments per file) and have the ability to handle reversals and partial credits.

In addition, NetSuite Electronic Payments allows you to leverage the Positive Pay service offered by leading banks to automatically detect and prevent check fraud.

How NetSuite Electronic Payments Work

When a payment needs to be processed, the Netsuite system will put the information in each bank's predefined file format. It's then ready to be imported into the banking software or submitted to the bank digitally.

The payment notification feature is user-definable, so you can set up the system to send payees email notifications as soon as a payment is processed. Payment aggregation is flexible and you can define custom grouping for sending out notifications (e.g., per vendor, employee, etc.)

With the premium NetSuite Electronic Payments for OneWorld edition, users can access over 50 banks across the world and create batches of payments that automatically match selected criteria.

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Handling Transactions With Netsuite Electronic Payments

The NetSuite system can handle various types of payments and offer additional functionalities to manage payment processes associated with the ERP system:

Electronic Funds Transfer (EFT) Capabilities

Generate payment files to process vendor bills, employee expenses, commissions, customer refunds, and more. You can control how the bills are displayed, send partial payments, make separate payments, and use customized groups to handle bill payment for effective reporting and reconciliation.

Direct Debits

Automate customer collection and minimize the cost of late payment while eliminating the cumbersome, error-prone, and paperwork-laden invoicing process to ensure that you get paid on time, every time.

Payment Management and Routing

Route payment automatically in batches for approval by multiple approvers using real-time email notifications. You can reorder the payment batches in the queue to accommodate urgent payments. You can also roll back charges after a payment file is created and gain more control by setting the date or period for payment reversal to simplify month-end procedures and reconciliation.

Worldwide Bank Support

Leverage over 50 EFT file formats to process payment through banks from countries including Australia, Belgium, Italy, Japan, Canada, France, Germany, Hong Kong, Ireland, New Zealand, Singapore, Spain, UK, USA, and more. Optional features also include multi-currency processing, custom template, and worldwide format support for businesses that need to handle complex transactions globally.

Key Features Of Netsuite Electronic Payments

Here's how Netsuite electronic payments can help you streamline payment processing, increase efficiency, and minimize human errors:

  • Payment batches that are created automatically based on user-defined criteria (e.g., deadlines.)
  • Approval routing to streamline workflow, minimize delays, and reduce human errors.
  • Filtering options to control bill display, partial payments, bill management, and more.
  • Positive Pay anti-fraud capabilities with proactive notification to prevent costly check fraud.
  • Integration with popular software applications to add eCommerce capabilities, offer payment options, enhance analytics and reporting functionalities, and more.

NetSuite Electronic Payments For B2B Transactions

EFT has become increasingly popular among B2B companies as a cost-efficient alternative to check payments. It's faster, safer, less costly, easy to track, and provides access to funds more quickly. It allows large transactions to be handled securely at a minimal cost.

However, many B2B companies have unique requirements for making and receiving payments. For example, you may be using various software platforms to provide additional payment options, offer credit management, automate account payables, support global tax calculation, or manage customer communications.

You can continue using many of these applications alongside NetSuite's robust ERP functions and ETF features. NetSuite supports integration with many third-party software applications and you can simply add their functionalities to your NetSuite platform by installing add-ons (SuiteApps) from the software vendor.

Adding Extended Credit Capabilities To Your NetSuite Electronic Payment Module

Many B2B buyers prefer to place orders on net terms so they can better manage cash flow and reduce financing cost. Providing the option to use extended credit can help you attract more customers, increase their average order values, and improve loyalty. 

Although you can adjust the payment due date on the NetSuite Electronic Payments module, you'd be taking on the cost and risk associated with extending credit. Instead, you can use a credit management service such that your customers will have 30 days to make payment while you get paid within 24 hours of the shipment.

Now you can deliver a seamless purchasing experience and provide buyers with extended credit by integrating Apruve's robust credit program with NetSuite's ERP capabilities and electronic payment functions. 

You'll simply need to get approval from our partner financial institutions and then install our add-on. Our integration specialist will assist you with the installation and we'll provide everything you need to onboard your customers to ensure a smooth transition.

B2B eCommerce Marketing

Topics: B2B eCommerce, ecommerce, Netsuite

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