NetSuite is a complete, scalable cloud ERP (enterprise resource planning) solution targeted at high-growing, mid-sized and large enterprise businesses. It automates portions of front- and back-office processes including: financial management, revenue management, fixed assets, order management, billing, and inventory management. This article will walk you through what assets are crucial when choosing your company’s NetSuite payment module.
NetSuite has become a dominant player in their field and offers their customer base attractive integration options to make your accounting flow almost seamless. Various NetSuite plugins have been created to further improve the digital automation of your financial cycle, an area that is critical.
Our aim in this article is to give you a better understanding of how and why an optimal payment plugin for your ERP and invoicing process will free up time and help you truly automate your accounts receivable process. The below is a guide that will map out examples of what you should be looking for – and it should begin with a quick and simple implementation. Let’s take a look at what you need and should expect when selecting your NetSuite plugin…let’s start saving you time and money as soon as possible!
Multiple Payment Rails – Save on Transaction Costs
First and foremost, one of the items you will want to look for is convenience factors for your customers that also helps you save money and time. In partnering with a payment processor, you will be consolidating your receivables; it is ideal to have all payment rails presented as options – Credit/Debit Card with the lowest rate you can find, ACH and eCheck, which can eliminate bank transfer percentage transaction fees all together. Having rails that allow for 0% processing will drastically cut transaction costs. With a rail like eCheck at your disposal, you will also receive instant fund verification, allowing you to avoid bounced checks or declined cards and the manual follow up and cost associated with it.
Auto-reconciliation Accompanied with Check-out – Eliminate Manual Processing
One of the most impactful features that a plugin can offer is auto-reconciliation. After the payment is remitted, seek to have that automatically reflected in your NetSuite records, eliminating a large amount of manual processing, freeing time and resources. You will also want to find a checkout that is mobile optimized for on the go payment remittance (an excellent option for field services when payment is required before the work is complete).
Remember, by using the right plugin, you are capitalizing on your investment in NetSuite.
Digitization in all areas
Syncing your backend systems to your payment processing is critical and will not only consolidate the programs that you are consistently working in, but it will give YOU one invoice to pay as well. We have found that digitization is a key element in todays accounting life cycle in order to speed up time to cash, eliminate human error, manual processing and to create a superior user experience for YOU and your customer. To take accounting digitization a step further, a key element in a NetSuite plugin that is going to heavily increase payment remittance (because of the convenience factor it brings) - is the “Pay Now” button that is imbedded in the Invoice that you’ll be sending out to your customers. This can launch a single click checkout with the different rails of payment when clicked.
Reporting and Notifications
When you are on the accounts payable side of the transaction, tracking each heartbeat of your payment is necessary for security, control and cash flow reasons. You want to give your customer that same courtesy. When looking for your NetSuite plugin, reporting and notifications on both sides of the operation is vital. Making sure your customer receives a notification when their payment is processing AND when it clears is only going to improve customer relations and payment remittance. On the flip side of the coin back in the realm of accounts receivable, you of course are heavily reliant on when you are getting paid – tracking that process is going to improve your cash flow as well. Making sure your NetSuite Plugin has notifications and reporting on your customers payment history has a heavy importance as well.
We would love to help your company choose the best NetSuite payment plugin for your needs. The right NetSuite Payment Module can help you transform your entire AR processes – saving you time and money. Please feel free to contact us if you have any questions!