Six things to consider when choosing a payment gateway for NetSuite
If you’ve chosen to implement NetSuite as your central business management solution, it’s clear that you value optimizing the day-to-day operations of your business through increased data visibility and powerful business management tools. But maximizing your business’ performance doesn’t stop with your ERP system; your payment gateway can also play a big part in this. So, let’s dive in and discuss what you should be looking for when choosing a payment gateway based on some common NetSuite pain points and your unique business needs.
1. Embeddable Payment Forms
When people think of ecommerce payments, this is usually what they’re picturing. It’s that form on a company’s branded checkout page where you enter your credit card details and your billing information. These forms allow your customers to securely submit their payment information, at which point it’s processed and tokenized. When you’re evaluating a payment gateway, be sure that a customizable payment form is offered. You’ll want to be able to add your own HTML elements and design the form to match your company’s branding. If you have customers who speak different languages, make sure that there are either pre-set language capabilities or ways to set up your own language rules so that you can localize these forms.
2. Payments Reconciliation
Every business has to be able to match the orders that go through their payment processor with the records that appear in their internal sales system. They also need to be sure that the amount associated with sales orders matches the amounts that are paid into the business’ bank account. Finally, a business needs to be able to confirm that any fees incurred match the agreed-upon terms. All this falls under the umbrella of a reconciliation process.
The goal of a reconciliation process is transparency that allows a business to understand the true cost of the payments they’re processing. Global payments solutions like Checkout.com provide this level of visibility to companies through detailed breakdowns of fees in reconciliation reports and connect all that data back into NetSuite in one simple process. Remember that the complexity of this process will increase with each additional currency being processed, so it’s especially important for a global business to find a payment gateway that makes this reconciliation process simple.
3. Customer-Facing Visibility
Another feature you’ll want to be sure your payment gateway offers is a customer portal. By giving your customers visibility into their payments, you can significantly reduce friction in the buying process. A payment portal allows your customers to see and pay outstanding invoices, save new payment methods and review their payment history. This feature is especially important to have if you are a B2B business with customers who place orders on a regular basis.
4. Payment Link Capabilities
If your business has had trouble collecting payments on time or through certain avenues in the past, choosing a payment gateway that allows you to generate payment links from inside of NetSuite can be a great way to resolve this issue.
Payment links allow businesses to accept payments through any device or channel: companies can choose to send payment links via email, SMS, social media and even chat platforms. This reduces friction in the buying process and enables companies to open up a wide variety of sales avenues. When a customer opens a payment link, they’re taken to a checkout page hosted by the payment gateway where they can easily and securely enter their payment details. Following a successful payment, the customer receives confirmation of their payment details and the submitted payment shows up directly in your NetSuite system.
5. Credit Card Processing
It can be easy to get caught up in the newest, flashiest features of any software, but don’t forget to double-check your basics. Credit card processing is a huge part of ecommerce, so it’s important that your payment gateway includes all the right features and is easy to work with, not just for customers on the front end, but for your team working on the back end as well.
You want to be sure to choose a payment gateway that enables your business to do things like undertaking sales order processing via credit card transactions from within NetSuite. This requires being able to securely save customer payment information, such as tokenized credit card information, inside of NetSuite. With payment methods connected directly to customer records in NetSuite, your business has the ability to apply payments to sales orders in NetSuite as soon as the customer places an order, rather than waiting on an invoicing process.
6. Payment Solution Pricing
You might be wondering what the pricing structure should look like for a given payment processor. I would caution you against placing too much emphasis on pricing, as it may differ greatly based on what features the payment processor has available, the volume of monthly transactions processed through your website, and many other factors. If you’re concerned about the pricing of a particular payment gateway, you can always ask a NetSuite Consultant to take a look at it. While they may not be an expert on that particular payments solution, they’ll have a good idea of whether the solution is overpriced, and may be able to recommend a similar payments solution that has a better pricing structure.
Flexible ERP + Payments Solution
When you connect CKO payments solutions to your NetSuite ERP system, your business is able to operate more effectively through automated reconciliation to your general ledger and real-time visibility into operational and financial performance in an all-in-one cloud-based business management solution.
You’ll also have access to industry-leading support while building your ERP infrastructure, and personal white-glove service available from a world-class payments team can help you scale your business globally while navigating local regulations and compliance.
Author: Corynn Anderson, Anchor Group NetSuite Consultants and Developers
Company Bio: Anchor Group is a highly-rated Oracle NetSuite Alliance Partner & Commerce Partner from Madison, Wisconsin, committed to providing top-notch NetSuite implementation services and helping companies make the best of their NetSuite ERP system. The team’s upbeat Midwestern attitude and desire to serve their clients with the heart of a teacher sets them apart in the NetSuite ERP consulting industry. Anchor Group is also one of the few NetSuite Consulting firms in the US to specialize in SuiteCommerce Advanced (SCA).