In NetSuite, payment processing activities include handling invoice payments from accounts payable, settlements against credit card accounts and bank accounts for accounts receivable, and also bank account transfers. In order to consider the payment processing in Netsuite the following features have to be enabled. For that navigate to Setup > Company > Enable features > Transactions tab.
- Credit card payments
- Electronic Funds transfer
- ACH vendor payments
ACH – Computer-based electronic network for processing transactions, usually domestic low-value payments between participating financial institutions. With ACH, personal information is more secure because your money is transferred electronically it is encrypted at the bank level.
ACH processing is used to process financial transactions through the ACH network for funds captured and funds disbursement. In NetSuite, ACH is used with the direct deposit, electronic fund transfer and ACH vendor payment features. so this enables you to pay employees by depositing money directly into their bank acccount. You can also accept electronic payments from your customers you could also send electronic payments to your vendors. so some ACH transactions might take place in a real time over the internal environment will have a real time effect on your banks.
NetSuite integrates with coastal software and consulting to allow the transfer of funds through the ACH network for the electronic fund or EFT, the direct deposit or the ACH vendor payment. Electronic fund transfer or EFT is a process that enables customers to authorize the transfer of funds from their bank accounts to your bank account to pay their invoices. NetSuite again integrates with coastal software and consulting to allow for the transfer of funds through the ACH network and EFT transactions.
Customer credit card processing
allows you to efficiently handle credit card payments for sales orders and website orders. Netsuite integrates with several credit card gateways to enable you, using your processor to accept credit card payments from your customers. The gateway manages the flow of data and funds electronically between you, your customer and the processors involved.
SuitApp
The netsuite electronic payments suitapp enables you to process bank payments of your vendor bills, employee expenses, partnet and employee commisions and customer refunds and also enables you to receive bank payments from customers. Extends the processing capabilities of the electronic fund transfer and ACH vendor payments feature.
Using the app, you can generate payment files that contain instructions for facilitating electronic fund transfer between vank accounts. The standard format of each payment file is determined by a banking industry or the country where the payment file is used. The payment files generated can be imported to you bank’s payment software or submit electronically to your bank for processing. Provides a check verification feature by genarating a file format that contains information on all your issued checks. The suitapp generates bank payment formats but does not transmit them to the bank.