NetSuite’s Cloud ERP system facilitates functionality to ease the processing of credit card transactions directly through sales transactions. By this, users can easily track credit card transactions and apply them to the related sales and then report on those sales.
Whether customer is using NetSuite for driving global e-commerce, managing back-end ERP operations, or taking payments in-store, SuitePayment enables you to accept payments across online, mobile or point-of-sale (POS) transactions,”
Customers can manage complex alternative payments, or enable credit card payments globally over a single interface delivered entirely in cloud, which can drive down costs, consolidate technologies and create an unbeatable customer experience.
The system provides a one-stop solution to allow businesses to handle all actions involved in handling credit card processing through all of its sales channels.
To receive benefits of NetSuite’s SuitePayments function, which is supported by all editions of NetSuite, customer needs to obtain merchant account services with one of following fully integrated credit card processing partners to process credit card sales which will be settled with the bank and will immediately reflect on the account books :
- Merchant e-Solutions,
NetSuite automatically manages various actions involved in credit card acceptance, as part of a seamless business process.
The credit card information is captured with the creation of a customer record, either via online checkout or offline in the business office for ongoing payment needs. NetSuite can itself request a card authorization after the creation of sales order, and upon fulfillment of that order, NetSuite will initiate the charge to the card, prompting settlement to your bank account. Once the card is charged, your account and inventory records are updated in real-time.
Order management with NetSuite automates the charging of the card, and also helps ensure that only orders with a successful charge are moved to fulfillment. More than just a credit card processing terminal, SuitePayments is an extension of NetSuite’s business management software suite.
NetSuite supports* following payment platforms:
- Visa, MasterCard, American Express, Discover, JCB, Diners Club, Maestro cards
- Multiple currencies
- PayPal Express Checkout and Google Checkout
*While NetSuite supports the use of above-listed services, the services require enablement for a merchant by various providers.
Key Benefits of using NetSuite SuitePayments include :
1. Single application for complete Card Processing requirements: Users of NetSuite SuitePayments can consolidate all of their payments, whether they involve a NetSuite eCommerce store, recurring subscriptions or one-time invoice payments. As an integrated component of NetSuite application across all its editions, SuitePayments offers real-time access to updated accounts, inventories and customer records, so there is no reason to maintain additional processing software or equipment. SuitePayments is fully integrated with NetSuite order management.
2. Improve Cash Flow with Credit Card Acceptance: NetSuite payments are easy to configure and users can seamlessly incorporate card acceptance into their existing NetSuite order processing. Using SuitePayments, users can offer their customers more options for making payments and can avoid the extra effort of establishing net terms for new customers. It also reduces or eliminates the interval between order fulfillment and getting paid.
Key features of SuitePayments include :
1. Securely Store Customer Credit Card Numbers: SuitePayments helps to store customer’s credit card numbers and details on NetSuite’s secure, fully encrypted and PCI-compliant systems and servers.
NetSuite’s role authorization system prevents unauthorized use of stored card numbers. For example, Order fulfillment personnel can only see the last four digits to confirm information with a customer, while the accounting manager is the only person who can issue a refund to the card on file.
2. Enhanced Payments Management for E-commerce: NetSuite provides the functionality of isolating Orders and holding payments for orders which are having payment issues. Once orders are isolated, these can be resolved on “Manage payment holds” page. Credit card fraud can be avoided with order verification that allows you to automatically route incoming orders based on Address Verification Service (AVS) and Card Security Code (CSC) results.
For an additional level of verification, payer authentication (also known as Verified by Visa and MasterCard SecureCode, Buyer Authentication, or 3D Secure) is also available and fully integrated with SuitePayments.
3. Advanced Fraud Management Option: NetSuite uses complex screening methods to assess every order for potential issues, which means companies can process orders faster without having to send them for manual review, or without having to compromise of safeguards. Organizations can also set their own rules that are right for their business and quickly update these if new concerns emerge. This help to Improve fraud management while maintaining a streamlined order processing system within NetSuite.
4. POS Add-in: NetSuite supports add-in for POS transactions which gives users card-swipe convenience and the harmony of a unified system. Users can operate a completely self-sufficient POS terminal and synchronize the local machine with master records in NetSuite automatically based on requirements.
5. Ensure PCI DSS Compliance: A study by the Ponemon Institute found that on average, companies spend about a third of their security budget on PCI.
NetSuite is a registered PCI-compliant service provider and can handle all business transactions. (see Visa’s Global Registry of Service Providers which gives details of PCI DSS Validated Entities), NetSuite is regularly audited by a PCI-approved assessor for security, vulnerability and access controls. This activity gives confidence to organizations which is necessary to accept credit cards functionality and, as the data is stored by NetSuite, they do not have to worry about upgrading their own systems.
NetSuite is one of the best Cloud ERP solutions in the world. Try a Demo with Tvarana, a NetSuite partner to know more about our NetSuite Services and NetSuite implementation cost. We understand our clients’ business needs & processes and design the ERP system befitting their requirements. With more than decades of experiences and a team of in-house experts, Tvarana provides NetSuite implementation services and NetSuite support services for NetSuite ERP Software.
You can mail your queries at firstname.lastname@example.org and for any feedback or concern, you can call us at +1 770-783-1441.