NetSuite and Embedded Payments: 6 Reasons Why it’s a Must-Have

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Want to efficiently process customer payments, offer diverse payment methods, lower your processing fees, automate manual processes, enhance security, and increase revenue? Learn how with NetSuite and embedded payments.

NetSuite and Embedded Payments: 6 Reasons Why it’s a Must-Have

Over 24,000 businesses rely on Oracle NetSuite to streamline critical processes and support their growth. From enterprise resource planning (ERP) to financial tracking, ecommerce website hosting, inventory and supply chain management, and procurement and fulfillment, for many, the NetSuite ERP is synonymous with business operations.

Many businesses, however, are not using NetSuite for payment processing. Instead they are electing to run customer transactions through third-party applications. If you’re one of those businesses, you’re missing out on significant cost-savings, immense time-savings, and a host of other benefits that accompany a more tightly integrated, robust, embedded payment solution.

By augmenting your NetSuite instance with a payment processing solution—one that’s built specifically for NetSuite and seamlessly embedded within it—you transform your ERP into a single source of truth for all accounting and financial activities. This helps you effectively centralize, streamline, and simplify your payment acceptance and substantially increase sales. Not to mention you won't need to learn a new platform.

In this blog, we’ll discuss what integrated payments solutions are, what to look for in one, and six reasons why you should consider embedding your payments experience within NetSuite. ‏‏‎ ‎

The benefits of using an integrated payments solution

An integrated payments solution is a payment processing application that seamlessly embeds inside your ERP. There are a handful of solutions built specifically for NetSuite, ensuring you get complete visibility into your invoicing and payments process without ever having to leave your ERP. The allure of being able to securely invoice customers and process payments in lockstep with other enterprise operations applications should be a very attractive proposal to many businesses.

Through this integration—as opposed to processing through a third-party, external application—you’re able to run customer transactions directly within your ERP, effectively creating a more controlled, predictable, and secure payments experience.

And, beyond ensuring the payments experience is managed and maintained in-house, when leveraging a solution that integrates with NetSuite, you transform your accounts receivable team to drive efficiency, reduce costs, and accelerate cash flow.

Here are the six most notable benefits to embedding your payments experience within NetSuite:

1. Lower processing costs by up to 40%

Controlling the payment experience and managing how sensitive customer information flows between entities in the payment processing ecosystem should be your number one priority. An integrated payment solution is designed to minimize your costs on a per-transactions basis, in some cases, up to 40%, by sending along more customer data with each transaction.

What to look for: Credit card processing fees amount on average to 2% of every transaction. A payment processing solution that integrates directly with your ERP can send more customer data along with every transaction, helping to reduce your interchange fees. Embedded payment solutions that maintain their own B2B card processing card functionalities and proprietary payment gateways can also control more of the payment experience, meaning you’ll be less reliant on third-party applications. This often results in substantial savings, the acquisition of more customer data, and a much faster return on investment.

2. Reduce manual processes by up to 50%

Traditional accounting collections processes are rooted in manual activities. Unfortunately, this costs you not only money, but time as well. An embedded payment solution alleviates these concerns by saving you the trouble of moving information from one system to another. After all, true efficiency is achieved when manual processes are automated.

What to look for: When settlement data is natively captured and stored within an embedded payments solution, you’re able to perform payment reconciliation in real-time—saving the effort of tracking down files and having to manually match payments with bank statements. This can mean reducing manual processes by up to 50%. A payment solution that automates the reconciliation process ensures you’re able to streamline accounts receivable operations and maximize efficiency through a reduced collections workload. Other functionality to seek includes automated invoicing solutions, integrated collections tools, and the ability to eliminate lapses in payments due to expired card information.

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3. Drive incremental sales

Your customers are demanding a more convenient, flexible billing and payment experience—one where they’re in control and that does away with paper-based payments. To capitalize on increased digital shopping activity and capture more revenue, you’ll want to provide your customers the ability to pay how they want by offering a diverse suite of payment options.

What to look for: An integrated payment solution that empowers you to accept various payment methods—including credit, debit, ACH, virtual cards, checks, bank payments, Apple Pay, and PayPal—in one place is key to accelerating cash flow and significantly reducing the time it takes to collect payment. Customers have strong preferences to how they’d like to pay and are more likely to complete a transaction if their preferred payment method is present. With the average cart abandonment rate hovering around 70%, for many merchants, offering a diversity of payment options can be the difference between closing a sale or facing an influx in abandoned shopping carts.

4. Start accepting payments today

Your customers expect a payment experience that’s seamless and easy to use. Why should setting up your payment processing solution be any different? The digitization of accounts receivable workflows is often inhibited by a lack of IT resources and infrastructure required for support. Pair that with many third-party payment solutions requiring you to be well-versed in their environments and forcing you to interact with them on their terms, and the prospect of hitting the ground running is suddenly out of reach.

This antiquated way of thinking results in a slower time-to-market, meaning you’re spending more time onboarding and less time collecting payments. An embedded payment solution tackles this issue head on. By being seamlessly integrated within your existing ERP, you’re able to start collecting payments from your customers quickly and across all sales channels.

What to look for: Some embedded payment solutions are built-for-NetSuite. A solution that possesses a native integration will look, feel, and operate like NetSuite more so than one that doesn’t. It also means there’ll be no set up fees, no implementation costs, and no hassle. All you’ll need to worry about is which customer will pay you first.

5. Avoid payment fraud

Payment fraud is widespread, yet many security vulnerabilities are highly preventable. When accepting payments digitally, you need to be vigilant throughout the entire order-to-cash process—from the moment a transaction is initiated, through to when cash is finally collected. An integrated payment solution will allow you to securely process orders and transmit sensitive customer data from external systems directly into your ERP.

What to look for: An integrated payment solution provider that uses its own proprietary gateway, integrates with popular shopping carts—so that transactions are fast and secure—and offers competitive merchant services is critical to protecting you and your customers. Look for one that’s PCI DSS compliant and encrypts and tokenizes credit card data, so that your team never sees transaction data, ensuring you remain compliant and prevent sensitive data from being accessed by fraudsters.

6. Reduce risk and chargebacks

An embedded payment solution reduces much of the inherent risks associated with accepting digital payments. It protects you and your customers and eliminates fraudulent chargebacks without dictating how your customers need to pay or making the checkout experience more difficult than necessary.

What to look for: The most sophisticated embedded payment solutions come equipped with advanced fraud management tools that help merchants and customers circumvent fraud’s muddy waters. A payment solution with a strong risk management engine and track record of preventing fraud—one that detects and prevents ecommerce and credit card fraud for online and card-not present transactions, while offering protection against chargebacks—will give you peace of mind and let you focus on getting paid and growing your business.

Seamless payments integration with NetSuite

Rising expectations on how buyers and sellers should engage are impacting the entire transaction process, prompting B2B companies to seek a more favorable payment experience (for both supplier and customer)—one that’s seamless and embedded within their ERPs. Versapay’s Solupay Built for NetSuite solution integrates seamlessly with NetSuite to reduce manual processes, lower costs, eliminate fraud, and increase sales. Thousands of businesses are already accelerating cash flow and processing payments with Solupay.

The ability to offer a superior customer experience, paired with the increase in back-office efficiencies is the competitive advantage an integrated payment solution promises. And augmenting your NetSuite ERP with a seamlessly integrated payment processing solution is the catalyst for the transformation your finance team—and your customers—have been asking for .

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