Summary:
Discover how the Folio3 NetSuite Stripe connector can help you optimize your payment processing by automatically syncing data from Stripe to NetSuite.
Introduction:
Payment processing is vital to any business but can also be frustrating and difficult. For example, a professional service company may face numerous payment processing difficulties, ranging from security worries to technical difficulties. For this reason, we’ve produced a list of the top 5 business problems and solutions to avoid these challenges.
Challenges in Payment Processing
Managing payment processing across numerous systems can be difficult and time-consuming, which could result in mistakes and inefficiencies. Well, look down below to see more challenges in payment processing methods.
Integration Issues
Your existing processes and software must smoothly connect with your payment platforms. Otherwise, they could complicate your operations and add time and money to the processing procedure. You can improve operational efficiency when your payment platform is completely connected. Therefore, you won’t need to bother about laborious administrative tasks like manually updating transaction data.
Processed Fees
Turnover is crucial. But if you don’t take action to reduce operating costs, you run the risk of squeezing both current and future profits. Every firm must be able to accept payments online in the modern, digital-first business environment. However, no company can afford to overpay for the privilege.
There may be alternatives that offer the same functionality at a much better price point if you’re paying a large percentage of your revenue to the current payment platform supplier.
Multiple Payment Channels
All businesses want to make it simple for customers to pay in a method that suits them, whether they want to pay in person with a physical credit or debit card or online using an e-wallet. Some people might even wish to serve cryptocurrency users.
However, the associated costs and logistical issues multiply enormously if businesses employ various vendors for various payment channels. Thankfully, there are integrated platforms that support payments through several channels. As a result, you won’t have to rely on many providers or shell out for various setup and maintenance expenses.
Lack of Assistance
The majority of firms no longer run from 9 to 5. It can be frustrating when their payment partners fail to offer them access to support when they most need it. The financial flow of your business may be strained by unprocessed or delayed payments, which can also irritate customers. Payment processing should be smooth, rapid, and always available. You should select a new platform to receive service during and after regular business hours.
Security Dangers
When selecting a payment partner, fraud protection is a very important factor. Customers anticipate being able to transact with you in a completely safe manner. Selecting the incorrect payment partner could permanently damage your reputation if your clients become victims of fraudsters.
Transnational Transactions
The business of handling international payments is expanding. There is no disputing that these are now more vulnerable and exposed to fraud dangers.
These transactions occur when the payee and beneficiary are based in different cities. These exchanges may be one-time, recurring, or retail.
Chargebacks
A chargeback happens when a customer complains about a purchase to their bank.
For a business owner, a dispute with a customer can be quite frustrating. In addition, businesses risk losing money when customers register a dispute with their bank rather than dealing with the merchant directly since “friendly fraud” chargebacks have risen sharply in recent years.
Overcoming These Payment Processing Issues via Folio3 NetSuite Stripe Connector
You may improve your payment workflows and increase sales by integrating Stripe with your NetSuite back-office system with the support of Folio3’s NetSuite Stripe connector Integration. With the help of Folio3’s NetSuite Stripe Integration, you can change how you handle payments from a cost center to a competitive advantage that helps you develop your business. In addition, you can build a seamless system that saves time, money, and effort while maintaining accuracy and efficiency using our turnkey connection between NetSuite and Stripe.
Some of the main features of Folio3 NetSuite Stripe Connector are as follows.
- Folio3 NetSuite Stripe connector can Easily integrate payments and charges from Stripe and manage them on NetSuite with the help of the Stripe connector.
- The Folio3 NetSuite Stripe connector can reduce customer discord and raise service levels by providing prompt refunds.
- At a glance, see the integration status and the most recent data accurately.
- It can reduce consumer dissonance and improve service standards with prompt refunds.
- With maximum satisfaction, you can effortlessly integrate and deploy.
Benefits of Folio3 NetSuite Stripe connector
The official Folio3 Stripe Connector for NetSuite lets you integrate Stripe into your NetSuite process. As a result, your e-commerce workflow can be finished, cash reconciliation can be automated, and invoice payments may be accepted. With our prebuilt solution, you may avoid spending hours creating a custom NetSuite connector.
This interface enables customized flows like NetSuite’s revenue recognition and e-commerce, automates laborious cash reconciliation, and synchronizes Stripe data to NetSuite in real-time. With the Folio3 Stripe Connector for NetSuite, you can instantly push data from Stripe to NetSuite. In addition, all income and cash entries in NetSuite are now automatically processed, doing away with manual reconciliation and tailored connections.
The Integration Process of NetSuite and Stripe from Beginning to End
- Connect NetSuite sales receipts (invoices and cash sales) with Stripe payments and charges.
- When synchronizing payments or charges to NetSuite, synchronize the item name, price, and other information.
- Several payment options are accepted.
- Sync the customer’s information and the charge or payment with NetSuite.
- Sync the name, email, and address of the customer.
- Syncing scheduled jobs is possible with a configurable minimum interval of 15 minutes.
- Refunds from Stripe synced as cash refunds or credit memos in NetSuite
- Sync Stripe order returns into NetSuite as credit memos or cash refunds
- Sync Stripe orders from NetSuite are processed as Stripe charges.
Conclusion:
Online payment processing is a crucial component of operations for small and large organizations and can greatly impact a company’s financial health. Therefore, picking the proper payment processing solution for your professional services company’s unique requirements is crucial.
There are five typical issues with payment processing that professional service organizations encounter:
- A lack of pricing transparency
- Hefty processing costs
- Deception and chargebacks
- Lack of assistance
- Incompatibility with other business software
Even though the difficulties associated with payment processing might be overwhelming, investing the time to research and implement the ideal payment system for your business can ease some of the pain. Discover how the Folio3 NetSuite Stripe Connector can benefit small and large businesses by removing obstacles in processing online payments. To find out more, get your personalized demo.
FAQs:
What is a failure in payment processing?
The customer’s and the merchant’s ends of the transaction can experience failed payments. For example, a consumer will frequently encounter payment failure because of a bad internet connection, incorrectly entering payment information, or needing more funds to cover the payment.
How dangerous is the processing of payments?
Payment risk is the possibility of suffering losses due to contract defaults or other payment-related occurrences like fraud, security breaches, or chargebacks. Such hazards are present for businesses that handle many online payments daily.
What payment processors is NetSuite compatible with?
A wide range of fund capture types is supported by NetSuite, including electronic payments, electronic funds transfers (EFT), PayPal Express, credit cards, direct deposits, and other non-card payment options. In addition, all significant payment gateways are supported and can be incorporated.
How are POS and NetSuite integrated?
With a NetSuite POS Connector or a bespoke integration solution, you may combine your NetSuite ERP with your POS software.
How does the Folio3 connector combine Stripe and NetSuite?
An installed NetSuite SuiteApp in your NetSuite ERP is the Folio3 NetSuite Stripe integration. As a result, you don’t need to be concerned about any integration-related downtime brought on by third-party server failure.
