Payment Processing 101 with NetSuite: What You Need to Know

Posted by Joe Musitano on Jan 14, 2020 12:23:55 PM

NetSuite SuitePayments 101In today’s economy, customers expect to make purchases using debit cards, credit cards and other electronic forms of payment, and they expect the process to be smooth and secure. Any obstacles to making a payment can cause the customer to abandon the transaction altogether or add unnecessary friction to the payment process. Whether accepting payments in an ecommerce setting, sending invoices and quotes via email, or snail-mailing traditional paper statements, businesses rely on payment processing companies to work with their systems to speed up the payments process for both the convenience of the customer, as well as the efficiency of the A/R department to increase cash flow.

Payment processing essentially automates electronic payment transactions between the merchant and customer by using software that processes, verifies and accepts or declines credit and debit card transactions. When integrated with NetSuite, manual processes are greatly reduced to achieve greater efficiencies. Choosing a payments processor that is willing to integrate well and work with NetSuite will benefit both you and your customers:

Frictionless Payments.  Being able to easily accept credit and debit cards online both securely and without friction is crucial. “Frictionless Payments” means asking for as much information as necessary to protect your company from fraudulent charges, while not presenting the customer with an onslaught of questions that could cause cart abandonment. Customers want one-step, click-to-pay features, but still want the transaction to be secure.


Alternative Payments. Besides credit cards, there are other ways to pay for merchandise, such as gift cards, PayPal, Apple Pay, ACH and Google Pay. Additionally, unique payment methods, such as Affirm and Synchrony financing, allow businesses to offer financing options to their customers – a great tool on larger ticket items to increase sales. Integration with these alternative payments, and continually innovating to add more technologies as they become available to the NetSuite ecosystem, is an important feature to look for when deciding on a payment processor.


Fraud Management. Look for a solution that will take proactive measures to prevent fraud by using advanced security tools, as well as a trusted partner that is willing to fight on your behalf to win chargeback cases when they are believed to be fraudulent. Zero chargeback liability should be a goal for every business in today’s payments environment.


Integrated Systems. Payment processing integration allows for transaction data from electronic payments to flow seamlessly into a business’ accounting and ERP systems. This not only saves time and money, but it makes payment processing more efficient. A Built for NetSuite solution will ensure integration that works with the latest version of NetSuite your company is utilizing.


PCI Compliance. Payment Card Industry (PCI) compliance refers to the technical and operational standards that you must follow to ensure that credit card data provided to you by your customers is protected. Any business/merchant that wants to process, store or transmit credit card data is required to be PCI compliant. Working with a trusted payment processor that emphasizes PCI compliance and has processes in place to reduce PCI scope is critical.


Lower Costs. Payment processors can charge different rates depending on factors like the type of credit card used to make a purchase and the data collected during transactions. Look for a partner that embraces interchange optimization, ensuring you are not duped by unnecessarily high interchange rates.

Solupay Solves NetSuite Payment Processing Needs

At Solupay, we understand the unique payment processing needs of our clients and work hard with Oracle NetSuite to constantly innovate and offer an affordable, customized processing solution for your business. With Solupay for NetSuite, you will be able to accept both traditional and alternative forms of payments, and accept payments anytime, anywhere. We will be your trusted partner and will work together to reduce manual processes, lower costs, eliminate fraud and increase your sales.

 

Get the Solupay for NetSuite SuitePayments Data Sheet

 

Topics: Integrated Payments, Chargebacks, Interchange, NetSuite SuitePayments, Alternative Payments

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