NetSuite cloud ERP software provides financial and operational solutions to more than 40,000 businesses worldwide. (Source)
While NetSuite offers a highly scalable system for growth, you may be looking for additional features to handle payment processing directly in your NetSuite software.
If you want to accept credit cards, a payment gateway is essential. But with so many options available, how do you know which payment gateway will work best with NetSuite?
Once you understand what payment gateways are and what they do, you’ll be able to choose the best NetSuite payment gateway for your business.
What is a payment gateway?
Before you can choose the best NetSuite payment gateway, you’ll need to know what they are. A payment gateway is browser-based software that allows businesses to accept mobile or online credit card payments. Without a payment gateway, businesses can’t accept online payments.
You can get a payment gateway from a merchant services provider or a third-party independent gateway service. Merchants access their gateway by logging in to their account through a secure web page. From there, merchants can view and manage their transactions with features like fraud prevention modules, reporting, refunds and voids, batch history, and more.
Integrate with NetSuite
The first step to finding the best NetSuite payment gateway is getting integrated. An integration brings your payment gateway, accounting software, and reporting all together in one place. With a payment integration like EBizCharge, you can accept payments directly in NetSuite and automate your payment process.
Connecting NetSuite with your payment gateway means no more manual reconciliation, double data entry, switching back and forth between programs, or human errors. The integration automatically posts payments to your accounts receivable and general ledger, streamlining your workflow and freeing you to focus on what truly matters—your core business.
What to look for in a NetSuite payment gateway
Look for a NetSuite payment gateway that offers flat rate pricing. Flat rate pricing guarantees one flat rate no matter what, so you’ll know in advance exactly what your processing fees will be. With flat rate pricing, your business receives one simple statement each month with a predictable rate. You can process credit cards in NetSuite at the same low rate each month without having to pay any additional transaction fees.
You’ll also want to make sure your payment gateway works to lower your interchange rates by passing more information through the point of sale. Line-item details and invoice information already stored in NetSuite should be automatically sent with every transaction. This process qualifies your cards at reduced interchange rates and lowers your overall credit card fees.
Make sure the payment gateway you choose offers exceptional support. A great customer support team should be in-house and available 24/7. If an issue comes up, your support team should help you resolve it ASAP. Also, look for chargeback management services that notify you when chargebacks occur so you can quickly address the issue.
When accepting payments in NetSuite, there are three important security features to look for in a payment gateway. First, tokenization replaces sensitive credit card information with unique, random “tokens” of information. Compared with encrypted data, tokenized data is less likely to be decoded or unscrambled by hackers. Second, a PCI-compliant NetSuite payment gateway will help your business stay compliant with the mandatory regulations set by the Payment Card Industry Security Standards Council. Third, off-site data storage stores credit card data on your payment gateway’s system instead of your own. This practice lowers your liability in the event of a data breach.
Features can be the difference between an average payment gateway and an extraordinary one. Here are three main features to look for:
First, versatile search functionality with custom reporting will make searching for past transactions simpler. The next time you need to look up a transaction and can only remember some of the details, you’ll be grateful for your search features. Second, integration capabilities ill allow you to sync your payment gateway with NetSuite. You’ll be able to process credit cards faster by eliminating extra steps and double data entry. Third, unlimited batch history creates a complete history of transactions and gives you access to every transaction ever run.
Some businesses accept credit card payments over the phone, while others use a physical terminal or process cards online. A great payment gateway is flexible enough to handle every situation you throw at it. Whatever your methods for accepting credit cards, make sure your payment gateway is flexible enough to accommodate you and adapt to your growing needs in the future.