Tips to Make the Most Out of Paystand's NetSuite Integration
When it comes to optimizing Oracle NetSuite for accounts receivable, more and more businesses are turning to the Paystand SuiteApp for AR automation and complete transparency. But integration success goes beyond implementation, and accounting automation only takes you so far.
The real value in AR automation for the NetSuite platform lies in cost and time savings. When your AR specialists aren’t burdened with manual payment processes, they can focus on high-value tasks.
To ensure that your finance team is getting the most out of your Paystand SuiteApp for Oracle NetSuite as possible, follow these five tips:
Tip 1: Refine Your Payment Strategy
Now that you have access to everything Paystand offers for NetSuite AR, it's time to revisit your payments strategy. Once automated reconciliation is underway, the amount of time saved leaves room for high-level activities. But it also allows you to tweak your current payment process with just a few clicks.
For example, what payment options do you really want to use, and what will your clients prefer? In most cases, you’ll likely want to provide them with multiple payment options, but that isn’t the end of the conversation. For example, you may want to employ a convenience fee to take care of credit card processing costs. You may also want to decide whether or not to enable recurring billing or subscription packages for customers.
At the same time, your AR specialists will need to decide which metrics are most relevant to track at this time to improve payment categorization and reporting.
Tip 2: Customize Your Payment Portal
Next, you'll want to customize your payment portal. Yes, there's a payment link, and that's the main attraction of your electronic invoice. But take the time to personalize your invoice template and payment portal page. The more it matches your brand in color, type, and feel, the more trustworthy it will appear and the harder it will be to copy.
Tip 3: Create a Custom Collection Plan
Automate collection and create a custom follow-up plan to easily unlock cash flow. Collections are a pain, but through our extensive follow-up mapping system, you can create a sensible user flow to remind customers of pending payments and only manually follow up after a certain amount of time has passed.
You may also want to segment your customers and target each type of delinquent payer with a different collection strategy. Furthermore, you could consider offering an early payment discount or allowing partial payments to provide additional support for customers.
A customized and systemized collection plan allows the team to focus on truly late payments rather than calling up individuals who have just forgotten or are waiting for a specific payment to come in before transferring money. To better understand how your receivables are aging, you can use Paystand's enhanced analytics to crunch the numbers and get accurate insight into your entire cash lifecycle.
Tip 4: Enable Zero-Fee Transactions
One of the best ways to take your B2B payments to the next level is to institute a "zero-fee" transaction policy. For example, a Paystand customer can decide to "absorb" the fees of their preferred payment method to encourage clients to use this payment method. While paying these transaction fees on your side seems like you're spending more money, it can actually save businesses in the long run if used correctly.
For example, credit card payment processing fees are incredibly high, especially for B2B payments. In contrast, ACH or bank transfer fees are much less. Therefore, even with the flat fee for using Paystand, the cost of processing an ACH transaction will be less than processing a credit card, debit card, or check. For this reason, choosing to offer "zero-fee" payment options, especially in conjunction with "convenience fees," can help persuade customers to use your preferred payment.
Tip 5: Review analytics regularly
With the Paystand SuiteApp, Oracle NetSuite users can tap into enhanced analytics that tracks the entire cash lifecycle of every payment. With the time saved in automating the manual payment process, your AR specialists can spend more time analyzing the numbers. Rich insights on your invoicing and customer payment process can help you to tweak your strategy, continuously improve collections, and unlock new revenue.
Optimize NetSuite with the Paystand SuiteApp
Oracle NetSuite is a robust and powerful platform, but there is no doubt that the right SuiteApp can completely transform finance operations for the better. But these tips are just the beginning of what you can do with NetSuite. From separate billing processes for subsidiaries to accepting digital payments and automatically issuing verifiable payment receipts, there are a number of benefits to investing in the Paystand SuiteApp.
Read our blog to learn more about how Paystand can supercharge your NetSuite invoice-to-cash cycle.