Efficient payment processing will help your business maintain healthy cash flow while providing excellent customer service. NetSuite, a leading cloud-based ERP system, offers several robust payment integration capabilities that allow businesses to do just that.
This guide explores the various payment integrations available with NetSuite, including popular gateways like PayPal, Stripe, Square, and more, helping you identify the right solutions for your business needs.
What is NetSuite payment integration?
NetSuite payment integration refers to the seamless connection between NetSuite’s cloud-based ERP system and various payment gateways or financial services. When you integrate payment processing directly into your NetSuite ERP system, every time a sale is completed or an invoice is paid, the transaction data – from credit cards, debit cards, and other electronic payments – flows automatically into your ERP.
Why integrate payment gateways with NetSuite?
Without payment integration, you’re forced to generate external reports and manually enter or import data into your ERP, effectively doubling your workload. This duplication not only delays access to critical cash flow information but also negatively impacts your customers.
In fact, integrating payment gateways with NetSuite provides numerous benefits:
- It brings all payment processing activities into one system, eliminating the need to toggle between multiple platforms, simplifying financial management, and providing a holistic and real-time view of the company’s financial health.
- Integration ensures that transaction data is updated in real time. This immediacy supports more informed decision-making and allows for accurate tracking of cash flow, outstanding payments, and financial forecasting.
- Processing payments within NetSuite helps maintain high security standards as NetSuite adheres to strict industry compliance requirements. The secure handling of sensitive payment information helps to reduce the risk of fraud and data breaches.
- Integrated payment systems can easily accommodate increased transaction volumes. NetSuite’s scalable infrastructure supports expansion without requiring any overhauls to the payment processing integration.
How NetSuite payment gateway integration improves your NetSuite solution
Streamlined payment processing
Integrating payment gateways with NetSuite automates the payment lifecycle – from authorisation to settlement.
| Before payment integration | After payment integration |
| Employees manually enter payment information into both the payment gateway and NetSuite, doubling the workload. | Payments are automatically processed within NetSuite, from authorisation to settlement. |
| Manual processes slow down the authorisation and settlement of payments. | Automation speeds up transaction times, enabling real-time payment processing. |
| Manual data entry increases the risk of errors such as typos or duplications. | Automated data entry minimises human errors, ensuring accuracy. |
| Delays in payment processing lead to slower order fulfillment, affecting customer satisfaction. | Faster payment confirmation leads to quicker order processing and delivery. |
Improved cash flow management
Real-time visibility into transactions allows businesses to manage their cash flow more effectively.
| Before payment integration | After payment integration |
| Payment information is scattered across multiple systems, making it difficult to get a complete financial picture. | All payment transactions are consolidated within NetSuite, providing a comprehensive view. |
| Manual reconciliation delays financial reporting and decision-making. | Instant updates allow for timely financial reports and insights. |
| Lack of real-time data hinders effective cash flow management. | Up-to-date information on receivables and payables improves liquidity management. |
| Employees spend significant time manually managing payments. | NetSuite can match bank transactions with existing records, ensuring that your ledger reflects accurate, up-to-date financial information. |
Enhanced customer experience
Offering a variety of secure and convenient payment options enhances the customer experience. When customers can choose their preferred payment method – be it credit card, PayPal, or other gateways – they are more likely to complete their purchases.
| Before payment integration | After payment integration |
| Customers may have access to fewer payment methods, limiting their choices. | Integrate various gateways like PayPal, Stripe, or credit cards, offering customers more options. |
| Switching between platforms can create a disjointed checkout experience. | A unified system provides a smooth and consistent payment experience. |
| Manual processing delays order confirmations, potentially frustrating customers. | Automated processing ensures immediate confirmation and fulfillment. |
| Complicated payment procedures may lead to increased cart abandonment. | Streamlined payment processes reduce cart abandonment and improve customer satisfaction. |
Reduced manual errors
Automation eliminates the need for manual data entry, which is often prone to mistakes such as duplications or inaccuracies.
| Before payment integration | After payment integration |
| Manual entry increases the likelihood of mistakes in transaction records. | Automation ensures that payment data is correctly recorded in real time. |
| Inaccurate financial data can lead to compliance issues and audit failures. | Accurate records facilitate easier compliance with financial regulations and standards. |
| Errors may result in billing disputes, requiring additional customer support. | Fewer errors lead to smoother transactions and happier customers. |
| Identifying and correcting errors takes significant employee time. | Employees can focus on value-added tasks rather than fixing mistakes. |
Key payment gateways you can integrate with NetSuite
NetSuite PayPal integration
Integrating PayPal with NetSuite involves connecting PayPal’s payment processing capabilities directly into your NetSuite ERP system…
NetSuite Stripe integration
You can integrate Stripe’s flexible, developer-friendly payment system directly into NetSuite to streamline payment processing and financial management within a single platform…
Have another payment gateway in mind?
If you don’t see your preferred payment gateway mentioned here, it doesn’t mean integration isn’t possible. NetSuite is highly extensible and can be configured to work with virtually any payment provider…
Contact us today to learn how we can support your payment gateway integration needs
Even more integration resources
-
- Everything you need to know about integrations for NetSuite
- How to select the right NetSuite integration partner
- NetSuite integration options for expense management systems
- A fast guide to the most popular NetSuite integrations for CRM
- The why and how of integrating NetSuite with 3PL and WMS systems
- A guide to integrating NetSuite with eCommerce platforms