NetSuite Electronic Bank Payments
Electronic Bank Payments brings to NetSuite complementary electronic banking functionality that includes Electronic Funds Transfer (EFT) payments, customer refunds and customer payments (direct debits), as well as check fraud prevention through the Positive Pay service offered by leading banks. It helps ensure that employees and vendors are paid on time and customer bills are settled automatically. With support for a wide range of global and local bank formats, Electronic Bank Payments provides a single payment management solution worldwide.
Electronic Bank Payments creates files of payments or direct debit information in each bank’s predefined file format ready for import into banking software or submission to the bank online, thus lowering payment processing expenses by eliminating checks, postage and envelopes, and saving time as well. In addition, it supports management of large payment runs (typically up to 5,000 payments per file) with the ability to process reversals and partial credits, or re-generate the file. With user-defined payment notification, payees can get immediate email notification of a payment. Flexible payment aggregation makes it possible to define one payment per vendor/employee, per bill/expense or based on a user-defined grouping.
Key Benefits of NetSuite Electronic Bank Payments:
- Automated payment batch allows multiple payment batch creation stemmed from different batch criteria, controls and payment deadlines.
- Approval routing and email alert notification enables additional payment authorization prior to payment processing.
- Enhanced EFT capabilities with filtering options support bill display, partial payments, bill management and other controls.
- Automated direct debit customer collections to settle outstanding invoices.
- Payment management options include payment batch queuing, rollbacks, reversals with notations and automated notifications.
- Positive Pay anti-fraud capabilities with proactive notification to banks processing the checks.
- Support for more than 50 international bank formats with Advanced Electronic Bank Payment customers having the flexibility to add more.
- Process multiple payment batches concurrently in separate queues.