NetSuite is a robust ERP system, but a cumbersome payment procedure can impede even the smoothest workflows. Time and resources can be wasted on handling security issues, several gateways, and processing payments manually. The missing piece of the puzzle is the seamless connection of NetSuite payment gateways with your reliable ERP system to provide safe and practical payment methods.
One tool for authorizing payments for online purchases is a payment gateway. Payment gateways are a mediator between retailers and their clients and are typically offered by outside businesses like PayPal or Stripe. Following a customer’s purchase, the payment gateway sends the money to the merchant after confirming the customer’s credit card details.
Importance of NetSuite Payment Gateways Integration
Efficient payment processing is critical for every business. NetSuite can automate and streamline payment procedures, resulting in faster and more accurate financial transactions. The success of major retailers like Amazon and Walmart depends on a seamless checkout experience. NetSuite payment gateway integration helps them accept payment through various modes, like credit cards and digital wallets, directly in their system. It reduces any checkout friction between the customer and the business.
Integrating NetSuite payment gateways minimizes the need for manual data entry and managing multiple checkout systems. This frees up the time of resources and lets them focus on the business and customer service. One of the major concerns for businesses nowadays is data breaches. Industry leaders like Salesforce use NetSuite integration to benefit from the platform’s comprehensive security features. This ensures that sensitive consumer payment information is secured using industry-leading security protocols.
Integrating NetSuite payment gateways gives businesses a real-time picture of their finances. Finance businesses can track incoming payments right away, enabling better cash flow management and informed financial decisions.
Popular Payment Gateways for NetSuite
Stripe:
Connect your Stripe and NetSuite accounts to import your Stripe transactions immediately. This streamlines financial data management by consolidating your income and expenses into one spot. NetSuite can even automatically generate invoices based on your Stripe transactions, assuring accuracy and saving you time on human data entry.
Authorize.Net:
Its simple API interface makes setup and operation easier. Furthermore, Authorize.Net provides a complete set of capabilities, such as recurring billing, advanced fraud detection, and the ability to handle numerous currencies.
Solupay:
NetSuite integrates smoothly with Solupay in just a click. This powerful combo lets you handle the billing and invoicing process straight from the NetSuite platform. Solupay manages secure payment collection on your NetSuite website, allowing you to focus on running your business.
Braintree:
Braintree, powered by PayPal, offers a comprehensive payment gateway solution built for ease of use. It speeds the checkout process with features such as one-touch payments, allowing customers to complete transactions quickly. Furthermore, Braintree provides global reach by supporting numerous currencies and easy mobile payment integration, allowing your business to accept payments from anywhere.
PayPal:
PayPal offers a consolidated view of your payment data within NetSuite, removing the need to manage information from numerous sources. Additionally, automatic updates ensure that your NetSuite account always reflects the most recent payment information, saving you time and reducing errors. Furthermore, PayPal enables you to issue invoices and receive payments directly from NetSuite, simplifying the invoicing and payment collection procedures. With PayPal and NetSuite working together, you can focus on operating your business while knowing your money is under control.
CyberSource:
CyberSource, a Visa solution, offers a comprehensive payment gateway beyond simple transactions. It provides robust fraud prevention and data protection measures, offering businesses peace of mind when processing payments. The real power comes from its seamless connection with existing financial systems. This enables enterprises to manage their financial processes, including fees, from a central location. This streamlined strategy simplifies workflows, frees up essential resources, and ultimately increases productivity.
Benefits of NetSuite Payment Gateways Integration
Frictionless Transactions:
Businesses that take credit cards and other online payments can minimize their reliance on checks and accelerate the collection process, resulting in increased cash flow. This translates into more effective working capital management and informed financial decisions.
Streamlined Operations:
NetSuite is a centralized hub for managing invoices, orders, inventory, shipping, and payments. This eliminates the need for several platforms while simplifying financial procedures. Tasks such as invoice production and payment reconciliation can be automated, giving finance staff more time to focus on strategic objectives.
Better Customer Experience:
Customers can select their chosen payment option, which includes credit cards, bank transfers, and digital wallets such as PayPal or Apple Pay, thereby boosting payment convenience and satisfaction. Email pay and customer portals enable customers to view invoices, amend payment information, and make payments online whenever they want.
Security & Compliance:
NetSuite is PCI compliant, which ensures the secure storage of consumer financial data while lowering the compliance load on enterprises. NetSuite also includes integrated fraud screening features to reduce the likelihood of fraudulent transactions.
Order Management:
Netsuite payment gateways can streamline the ordering process. When an order is processed via a payment gateway, all relevant payment information is automatically recorded and saved in the gateway’s database. This can help merchants measure sales and manage their money more effectively.
Low Transaction Fee:
Payment gateways often impose a per-transaction fee, which may be less than that credit card processors pay. This can assist retailers who process a high volume of online payments to save money.
Several Netsuite payment gateways are available. All of them aim to simplify clients’ online purchases of items and services. Businesses accept payments through credit cards, debit cards, ACH transfers, and cryptocurrency.
Flexible Payment Options:
With flexible payment options, you can accept credit payments with cards online, over the phone, in person, or via digital payment methods such as PayPal or Apple Pay. This helps you select the best choice for your business.
Training & Support:
NetSuite provides free tutorials for using its payment processing system. Whether you are new to NetSuite or an experienced user, its team is always available to help.
How to Choose NetSuite Payment Method?
Your needs determine the NetSuite payment method that will work best. Consider transaction types (credit card, check, etc.), preferred user experience (online payments, self-service alternatives), and security (PCI compliance). NetSuite supports various payment options, allowing you to optimize payment processing for efficiency and consumer convenience.
NetSuite Payment Processing with Folio3
SagePay:
Folio3’s NetSuite SagePay Connector interface can simplify your business’s financial operations. Check out the link for a seamless connection between SagePay and NetSuite, facilitating rapid and secure payment processing. The NetSuite Folio3 SagePay connection automatically synchronizes data from SagePay’s payment gateway with NetSuite, giving you real-time insight into your payment behavior.
Furthermore, Folio3’s NetSuite SagePay Connector helps you eliminate manual data entry and save time by automatically updating transactions and client information. You can efficiently manage your accounts and finances, precisely manage your payments, and avoid mistakes, hold-ups, duplications, and redundancies.
Stripe:
Using the official Folio3 Stripe Connector for NetSuite, you can incorporate Stripe into your NetSuite workflow. This could lead to the completion of your e-commerce process, automated cash reconciliation, and the acceptance of invoice payments. Using our prebuilt solution instead of constructing a custom NetSuite connector can save you hours of work.
The interface simplifies tedious cash reconciliation, synchronizes Stripe data to NetSuite in real-time, and allows customizable flows such as NetSuite’s revenue recognition and e-commerce. You can quickly push data from Stripe to NetSuite using the Folio3 Stripe Connector for NetSuite. Manual reconciliation and customized connections are no longer necessary because NetSuite automatically processes all income and cash entries.
Square:
With Folio3’s NetSuite Square Integration adapter, you can simplify your finances by implementing straightforward payment and order flows that make managing your POS easy. You can’t undersell or oversell if your inventory is always connected with Square. You can easily sync sales with Square and manage them in NetSuite. Default features cannot limit your business, so add the best functionalities and workflows for you.
Conclusion
Seamlessly integrate NetSuite with your payment system to allow fast and constant sales, billing, and customer data synchronization. Remove the manual labor required to update various systems. Avoid delays and step into automation. Manage your account and finances in a more streamlined manner with Folio3.
If you want a successful NetSuite system implementation for your business, consider bringing us on board to support your in-house team. Be confident because we have the expertise and experience for NetSuite integration with many clients.
You can contact us and check out our resources at Folio3.
