RSMUS.comNetSuite Pay is a new SuiteApp developed by NetSuite that is a fully integrated payment processing solution for clients using NetSuite. It replaces the need to have a third-party processor integration to accept credit cards or ACH payments as NetSuite Pay allows for a variety of payment types to be processed including ACH and any major credit card brand, all with PCI-compliant data security. Due to NetSuite Pay being fully integrated into the NetSuite environment, it is easy to have full visibility into all of your financials and provide detailed reporting on payment transactions so the client can have more information on the payments coming into their business. The SuiteApp also performs automated reconciliation and risk management processes such as transaction monitoring, fraud prevention, and dispute resolution.
NetSuite Pay works in conjunction with the Payment Link feature so customers are able to make payments directly through a link or QR code on their invoice. It also has the functionality to send customized payment notification emails to keep customers informed on their payment’s status. This is a simple, user-friendly feature for customers that doesn’t require any client intervention outside of the initial setup.
To set up NetSuite Pay, the following steps must be followed:
- Ensure Payment Instruments is enabled (NetSuite environments configured after 2019 will most likely already have this feature enabled)
- Download the NetSuite Pay SuiteApp (Before installing the SuiteApp, it must be provisioned by your NetSuite Account Manager)
- Fill out the Merchant Application Form and submit
- Configure the Payment Processing Profile
Once NetSuite Pay is installed, the Merchant Application Form must be filled out for each subsidiary accepting payments and is done by navigating to NetSuite Pay > Merchant Application > New Application.
The Merchant Account Application page opens and the next steps are located on the left-hand side of the screen. The following steps are Company Information, Ownership Information, Financial Information, and Review and Submit Application.
Click Next to advance to the Company Information section where you will fill out the business name, type, address, contacts, and other information.
After filling out the Company Information, click Next to advance to the Ownership Information section to input details about who owns 25% or more of the company. This is not something needed for NetSuite but is a regulatory requirement for the financial services industry.
Click Next to advance to the Financial Information section to input account information and other data regarding company transactions.
After reviewing and submitting the Merchant Account Application form, you can view the status by navigating to NetSuite Pay > Merchant Account Application > My Application Status.
Here you are able to view the status of your applications.
The potential application statuses are:
- Pending User Completion – Application has been started, but not yet submitted.
- Application Completed – Application has been submitted and is pending processing.
- Received – Application has been received and is currently under review.
- Processing – Application is being processed.
- Provisionally Approved – Application has been tentatively approved but is still being processed.
- Approved – Application has been approved.
- Closed – Application has been denied and no further action is needed.
- On Hold – Application is on hold pending more information from the applicant.
If your application has Configure on the left-hand side, you can click the hyperlink to configure the payment processing profile. On this page, you will need to input which subsidiary to assign to this profile, the payment methods that will be accepted, and the accounts used to record deposits and fees.
Once you finish configuring the payment processing profile, your subsidiary (profile) is ready to accept payments.
NetSuite Pay allows for the utilization of NetSuite features, reports, and financials to make it easier for clients to keep all their relevant information and processes in one place. With its ability to accept most types of payment, replace third-party processor integrations, connect with other NetSuite features, and ease of setup, NetSuite Pay is the preferred integrated payment processing solution for clients.
To learn more about NetSuite Pay and how it can be incorporated into your NetSuite environment, reach out to any of our RSM Team Members for more information.
