NetSuite Payment Processing Solutions: Boost Your Accounts Receivable With Integrated Payments

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Oracle NetSuite is the trusted enterprise resource planning (ERP) platform for more than 24,000 businesses worldwide. For these companies, NetSuite offers a foundation for essential finance operations, including accounts receivable (AR).

While NetSuite excels in many areas, it doesn't handle payment processing—a vital component for finance teams at mid-sized B2B companies. Fortunately, NetSuite payment integration solutions can fill in the gap, enabling seamless payment processing (and a host of other advantages) within your existing ERP environment.

Be aware that not all NetSuite credit card processing partners offer the same benefits. In this article, we’ll examine how the right NetSuite payments solution can help you simplify bank reconciliation and reporting, strengthen your security controls, add new payment channels for customer convenience, and reduce payment processing costs through interchange optimization.

B2B companies that choose NetSuite payment integration from Versapay typically see significant improvements in their operations, including a 30% average reduction in manual work, 25% quicker payments, and 20% average savings in payment processing fees.

Table of contents:

• Understanding integrated payments →

• What do integrated payments for NetSuite users look like? →

• 7 problems you can solve with NetSuite integrated payment processing →

• How NetSuite payment integration streamlines your payments and collections processes →

• 5 reasons companies integrate payment processing in NetSuite with Versapay →

Understanding integrated payments

Integrated payments seamlessly embed payment processing capabilities within your business's core systems, like NetSuite. Being able to accept payments and post them directly within your ERP creates a unified workflow for your financial transactions.

Without payment integration, a disconnect forms between your ERP and payment processing systems. This gap typically results in an increase in manual work, a heightened risk of errors, and gaps or inaccuracies in your reporting. More critically, it can result in payment delays that impact your company's financial health.

Complicating your accounts receivable processes undermines the efficiency gains that likely motivated your NetSuite investment. Adding an integrated payment solution ensures that your ERP functions as the comprehensive financial management tool it's designed to be, streamlining operations and enhancing overall financial visibility.

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What do integrated payments for NetSuite users look like?

A NetSuite payment integration can transform your ERP into a single source of truth for all your AR activities, enabling your team to drive efficiency, reduce costs, and accelerate cash flow. And since certified NetSuite credit card processing solutions are designed for rapid implementation, you can start achieving these results in NetSuite right away.

Security is another immediate benefit, with integrated payment solutions protecting against fraud and reducing the risk of chargebacks. For businesses with an e-commerce presence, NetSuite payment partners can seamlessly accept online payments and automatically sync the information back to their ERP, ensuring consistency across channels.

If you haven't added integrated payment processing into your NetSuite workflows, you might be facing a variety of challenges, such as having to manually update customer records, use multiple third-party processors, manage fragmented processing requirements, inaccurate data due to manual reconciliation, higher risk of payment fraud, and difficulty identifying at-risk accounts.

As your business grows, so too does the importance of accepting digital payments within NetSuite, and ensuring your accounting processes can scale efficiently without proportional increases in headcount.

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7 accounts receivable problems you can solve with NetSuite integrated payment processing

Relying on manual processes or disconnected third-party solutions for payment processing in NetSuite creates inefficiencies that can negatively impact your order-to-cash cycle. Here are seven commonly faced accounts receivable challenges that underscore the importance of a NetSuite integrated payments solution:

• 1) Payment delays and limited payment options

• 2) Unnecessary payment processing costs

• 3) Frequent errors and communication breakdowns

• 4) Compromised financial visibility

• 5) Poor security and increased fraud risks

• 6) Regulatory compliance hurdles

• 7) Insufficient technical support

1. Payment delays and limited payment options

Without a NetSuite payment plugin, tracking important information like bank reconciliation files becomes time-consuming. You may also find yourself restricted in the types of payments you can accept across different channels. Delays in applying payments to open invoices can impede your ability to process new orders, especially if credit holds prevent customers from making additional purchases.

2. Unnecessary payment processing expenses

Processing payments outside of NetSuite requires more resources and forces you to miss out on potential savings from interchange optimization. These inefficiencies can erode your profit margins and impact overall financial performance.

3. Frequent errors and communication breakdowns

A recent industry survey revealed that 80% of executives in 2024 said they’ve lost business because of a payment process miscommunication. “Legacy systems are cumbersome and hinder effective communication between buyers and suppliers” and can lead to invoice errors and missed follow-up opportunities that can delay payments.

Manually matching payments to invoices significantly increases the likelihood of mistakes, which require time to correct and can negatively impact your collections efforts. Without integrated payments, your team might, for example, inadvertently reach out to a customer about a payment that's already been made or fail to follow up on a genuinely past-due invoice.

4. Compromised financial visibility

Effective accounts receivable management requires access to reliable, real-time data on invoices, customer interactions, and payment methods. When this information lives outside of NetSuite, often in spreadsheets, you lose the ability to maintain an accurate, up-to-the-minute view of your AR status.

This lack of comprehensive reporting limits your leadership team's ability to assess your company's financial health and make informed strategic decisions.

5. Poor security and increased fraud risk

Inadequate controls can expose your company to data breaches, compliance violations, and financial losses from fraudulent activities, including chargebacks. A certified NetSuite payment integration offers advanced security measures to safeguard your operations and protect customer information, building trust and streamlining financial processes.

Processing sensitive data through a single, integrated system minimizes potential entry points for bad actors. Look for solutions offering:

• Tools like CAPTCHAs, address verification, and CVV checks to mitigate chargebacks and other fraudulent activity, without restricting payment options

• Secure end-to-end payment processing of online orders through integrations with popular e-commerce platforms

• Tokenization and encryption of payment data

6. Regulatory compliance hurdles

Keeping up with evolving payment regulations can be challenging without a specialized payment processing solution that centralizes data, automates security protocols, and streamlines reporting. A NetSuite integrated receivable solution can strengthen potential weak points.

For example, an integrated solution simplifies PCI compliance by reducing the number of systems handling sensitive cardholder data. Look for providers that encrypt and tokenize credit card information, ensuring your team never directly interacts with this sensitive data.

7. Insufficient technical support

Generic payment processors may not understand the unique requirements of NetSuite users. When issues arise, inadequate support can disrupt your payment processing and further decelerate cash flow. A dedicated NetSuite payment plugin offers specialized support tailored to your ERP environment, so you can quickly resolve issues and prevent disruptions to your payment processing and cash flow.

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How NetSuite payment integration streamlines your payments and collections processes

Integrating payment processing directly into your NetSuite ERP addresses the challenges we've discussed and offers significant improvements to your accounts receivable workflow:

• 1) Enhanced convenience and efficiency

• 2) Substantial cost savings

• 3) Accelerated cash flow
  

1. Enhanced convenience and efficiency

A tailored payment solution seamlessly integrates transactions across all channels—e-commerce, point of sale, and accounts receivable—directly within NetSuite. For instance, a click-to-pay invoicing feature enables customers to settle bills instantly upon receipt, with digital payments automatically applied to open invoices. Payment processing integration can truly revolutionize your AR team's workflow:

• Payment collection becomes a native part of your ERP process, minimizing training needs

• Auto-reconciliation streamlines the entire cycle from payment acceptance to posting in your cash receipts journal

• Centralized payment data in NetSuite simplifies research and auditing

• Automated invoicing and credit card updates further reduce manual tasks

2. Substantial cost savings

NetSuite payment partners like Versapay can reduce your payment processing costs by up to 40%, through interchange optimization with support for Level 2 and 3 data processing. But that’s just the start:

• Save on labor costs associated with manual payment handling

• Enjoy unified processing across all sales channels

• Get support for diverse payment methods—including credit/debit cards, gift cards, checks, and bank payments—without having to manage multiple payment systems

3. Accelerated cash flow

By supporting a variety of digital payment methods, an integrated solution can significantly reduce your payment collection times. NetSuite users who integrate Versapay, for example, report accelerating payment collections by 25% on average.

Moreover, with e-commerce cart abandonment rates often reaching 70%, offering diverse payment options can help close sales and capture revenue across different channels.

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5 reasons why NetSuite users integrate payment processing using Versapay

We recently surveyed more than 30 of our NetSuite payment processing integration customers. Here’s a summary of the reasons they chose Versapay over other NetSuite payment processors:

• 1) Seamlessness

• 2) Automation and accuracy

• 3) 24/7 North America-based customer care

• 4) Performance benefits

• 5) Certification and quality

1. Seamlessness

Versapay ERP Payments for NetSuite is a fully embedded payment integration that’s easy to use. This seamless integration allows customers to manage payments directly within NetSuite, eliminating the need for multiple systems and reducing complexity. The user-friendly interface enhances daily operations, providing a smooth experience for users within their familiar NetSuite environment.

“Versapay [ERP Payments for NetSuite] helps provide our customers with the ability to pay with various payment methods and also helps streamline our accounts receivable collections process through automation.” — VP Finance, Crystorama

2. Automation and accuracy

Versapay's NetSuite payment integration offers advanced reconciliation features that exceed NetSuite's native functionalities. These features are particularly beneficial for businesses with high transaction volumes, automatically matching payments to the correct invoices in the general ledger. This level of automation significantly improves financial accuracy and saves finance teams countless hours by minimizing errors and streamlining processes.

“Versapay’s payment solution has made a huge impact here. Not only have they reduced our costs dramatically, but they have eliminated manual processes I thought would never go away.” — Vice President, Becker Safety and Supply

3. 24/7 North America-based customer care

Versapay delivers comprehensive implementation support for Versapay ERP Payments for NetSuite. The onboarding process is streamlined and efficient, with a dedicated implementation team managing the setup process. A hand-holding period follows, where an implementation manager ensures everything runs smoothly before transitioning to regular support, ensuring minimal downtime for customers.

“Versapay was easy to integrate and offered the customer portal, and easy link payments.” — Senior Director Treasury, Delinea

“We wanted a solution that would be seamless to implement and have the ability to scale to current and future needs” — Senior Accountant, Kizik

4. Performance benefits

Versapay's robust infrastructure and frequent syncing maintain optimal NetSuite performance, allowing scalability without additional costs. The system handles large-scale invoice processing, data massaging, and complex reconciliation outside of NetSuite, syncing data frequently. This approach ensures all information is up-to-date without overloading NetSuite's processing power, maintaining speed and responsiveness even as transaction volumes grow.

“When something is shipped, it's showing in NetSuite, and we can automatically invoice customers. It's great to be able to pull a report and say your payment was due yesterday.” — Kathie Lampkin, Senior Accountant, ESA

5. Certification and quality

Versapay ERP Payments for NetSuite is Oracle-certified. This credential, combined with Versapay's dedicated NetSuite integration engineering team, builds trust and differentiates the solution from other NetSuite credit card integration options. Versapay invests heavily in quality, with engineering teams focused solely on NetSuite integration, continuously enhancing the product. The bi-annual certifications with Oracle, maintaining the "Built for NetSuite" badge, add credibility and assurance, positioning Versapay as a trusted and top-tier partner within the NetSuite ecosystem.

“We needed to find a NetSuite-approved payment solution. The demos we were shown were amazing, and we were convinced that Versapay had a superior offering compared to other competitors.” — Supervisor Planning and ERP Systems, Chembio Diagnostic Systems

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Use Versapay to unlock the full potential of your accounts receivable

While Versapay's solution to accept payments in NetSuite offers powerful payment processing improvements, that’s just the beginning. As one of the leading NetSuite credit card processing partners, Versapay's comprehensive suite of accounts receivable solutions can transform your entire order-to-cash process in your ERP environment:

• Customer Portal: Empower customers with 24/7 self-service access to their account information, allowing them to make payments using stored methods, with immediate syncing to NetSuite.
  
  

• Collaborative AR: Enhance customer relationships with real-time collaboration tools, automated collections workflows, and insightful dashboards.
  
  

• Cash Application: Maximize efficiency with advanced cash application, leveraging AI and machine learning for high straight-through processing rates.

Integrating these Versapay solutions with your NetSuite ERP creates a completely unified, efficient accounts receivable ecosystem. It will surely solve your NetSuite payment integration challenges and streamline your entire AR process, helping you reduce manual tasks, minimize errors, and focus on strategic initiatives.