The Complete Guide to NetSuite Invoicing
Businesses have many reasons for investing in an ERP like NetSuite. The main ones are cost savings, performance metrics, and improving efficiencies in accounting.
When talking about invoicing, NetSuite Credit Card Processing provides an excellent foundation for digital transformation. But you've likely realized that its out-of-the-box approach to invoicing isn't enough.
Control your cost savings, take your AR process to the next level with invoice automation, and improve your operations with NetSuite. This article provides a detailed guide to achieving your goals, so keep reading to learn more.
Take your accounting department to the next level with integrations that automate everything after invoice sending. Once you send an invoice, you don't have to worry about anything else.
NetSuite Invoicing Automation
With integrations, like Paystand's, into NetSuite, you have more invoice format and functionality options.
Receive immediate credit card payments, bank-to-bank transfers, ACH, or another method. You can also record all transactions automatically, sync your NetSuite dashboard in real time, and watch your money roll in.
This is how Paystand's integration with NetSuite solutions works:
- With automated invoice application, no login or software download is required. Customers receive an email with their invoice details and a Pay Now button.
- They're directed to a customized payment page after clicking.
- Customers can select their payment method, input and save their details for future payments, and immediately pay their invoices.
Furthermore, you can add incentives if you want customers to pay with a specific method. For example, instead of processing the payment fee with credit cards, you can pass that expense onto your customer as a convenience fee. At the same time, you can enable zero-fee payments for direct, bank-to-bank transactions. This encourages free B2B payments that save more resources than credit card transactions.
Customers can pay many invoices simultaneously, save their preferred payment details, or make partial payments. And every decision is recorded automatically.
Why Improving NetSuite Integrations for Invoicing Can Save Time and Money
A solid NetSuite integration can save you hours – if not days – of time and help you get paid faster than ever. When you know how it works, it's easy to see all the ways your team will save both time and money:
- Collect payments faster. Allows customers to pay immediately with automated payments and cash flow collection. Conventional invoicing takes 30 to 60 days, but with a "pay now" functionality, you really can get paid now.
- Stop tracking unpaid invoices. Customers often forget paper or PDF invoices. This means teams need more time to follow up with vendors. With digitized invoices, you can track who has opened invoices or even set automatic follow-up alerts. Besides, a more manageable payment process makes it simple for customers to pay without a hassle.
- Get time back. There's no reason for finance and accounting teams to deal with paper or manual invoicing inconveniences. Online invoicing and payment gateways free up time so that teams can focus on high-value tasks.
- A customer-centric process. Customers appreciate an efficient system. This is because they can track bank transfers and credit card charges. User-friendly options, like subscription services with automatic payments, further streamline the process.
Finding The Best NetSuite Integration
Invoicing means dealing with sensitive data. A good NetSuite solution should follow and meet all existing data regulations. The last thing you want is a potential leak.
Choose an invoicing integration that meets PCI-DSS Level 1 compliance requirements. Ask about the technology your potential integrations use to keep customer data safe.
Paystand uses the blockchain to assure payments so that it can use tokenization. Tokenization switches sensitive data out with a random token. This token stores important information without risking exposing credit card numbers, bank details, or other personal information to anyone inside or outside the company.
You'll also want an invoicing solution that can do the following:
- Create custom collection plans and add notes to receivables for improved AR management
- Accept partial payments and allow customers to pay multiple invoices at a time
- Support multi-currency invoicing and presentment
- Enable invoices on e-commerce stores with SuiteCommerce Advanced
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