Top Reasons to Use NetSuite Embedded Payments

If you use NetSuite as your ERP system, you might be missing out if you aren’t using it to its full advantage. While it’s a superior system for financial reporting, inventory, e-commerce operations, fulfillment, and procurement, it’s also a powerful payment processing system, which is a feature many business owners overlook.

Using a non-integrated payment processor, you could be wasting money, time, and a whole host of other benefits. With Host Merchant Services, you can enjoy NetSuite integrated payment processing through SuitePayments and CyberSource, which integrates with all other business activities tracked in NetSuite.

Wouldn’t you rather have all your information in one place and increase your sales, time spent on tasks, and streamline your overall reporting?

If you aren’t sure if NetSuite Embedded Payments are for you, keep reading to learn the top reasons you should consider this solution.

  1. Decrease Manual Labor

Don’t work harder, work smarter, right? When you have to manually input sales and accounting data, it takes up precious time you could be using for other tasks. When you have an embedded payment solution, you don’t have to worry about managing multiple systems and ensuring all systems are up to date.

Instead, your income and payments are updated in real-time. This means less time tracking payments, finding receipts, and matching information. It also means less room for error and more time for handling the tasks that will grow your business.

How NetSuite Embedded Payments can help: You’ll cut your manual labor down by as much as 50%, giving you more time to focus on your business. Plus, there is a much lower risk of mistakes which can also increase your bottom line.

  1. Immediate Payment Solutions

No one likes to waste time once they pick a payment processor, but oftentimes without integrated solutions there are delays from onboarding, reconciliation, and manual payment processes. Whether it takes time to install the system or to train the team, it’s time that you lose that you could be making sales.

With NetSuite’s embedded payment system, you can collect payments instantly without the hassle of reconciling a separate payment system. There aren’t any onboarding hassles or new systems to learn. You already know the system because it’s NetSuite, the ERP you’re already using. 

How NetSuite Embedded Payments can help: You won’t pay third party payment system set up fees or other administrative costs and you won’t have to worry about delays in getting set up. When you choose NetSuite Embedded Payments through CyberSource and Host Merchant Services, you are ready to accept payments the most efficient way possible.

  1. Decrease Costs

Credit card processing fees can be significant, especially when you use a third-party system. Host Merchant Services, CyberSource, and NetSuite work together to manage your payments securely and quickly. Because you’ll have more information about your customers with embedded payments you decrease the risk of a loss, which means lower fees all around. 

Because the system is integrated with NetSuite ERP, you send the necessary level 2 and level 3 customer payment data with the transaction which often means lower interchange fees. Lower interchange fees mean more money in your pocket. You are in control of the process too, giving you more information and a better chance at securing profits.

How NetSuite Embedded Payments can help: You’ll pay lower credit card processing fees which means a larger bottom line and more accessibility to make other important decisions for your business.

  1. Increase your Sales

The more payment options you provide your customers right on your website (not leaving), the higher your chances of securing the sale. With an embedded payment solution, you can accept credit cards, debit cards, ACH, tap, digital payments, and bank payments. 

Since customers know how they want to pay and will often be loyal to the companies that offer their payment methods, you can increase your chances of keeping customers. Cart abandonment rates are high, but when you go out of your way to make sure customers can pay how they want, you reduce that risk.

How NetSuite Embedded Payments can help: You’ll decrease the risk of cart abandonment and increase your chances of immediate sales when you can accept a multitude of payments.

  1. Lower the Fraud Risk

The risk of fraud always exists when you operate online and it’s your responsibly to minimize it as much as possible to avoid chargebacks. Since most security breaches can be avoided, it’s important to have an embedded system that works directly with your ERP to reduce the risk of personal information being leaked. When everything from your back-end to your shopping cart and payment system is integrated, the security is together and the chances of fraud much lower.

How NetSuite Embedded Payments can help: PCI compliance is your responsibility, but when you work with a system that is designed with compliance in mind, it’s a lot easier and less expensive for you to manage your credit card payments.

  1. Lower Chargebacks

Chargebacks hurt your bottom line and your rating with credit processors making it more expensive for your to accept credit card payments. If your fraud rates are too high, you might have to restrict payments significantly, making it harder to retain customers. NetSuite integrated payments offers some of the highest levels of risk management to ensure that you can prevent fraud, protecting yourself and your customers.

How NetSuite Embedded Payments can help: Card not present transactions are risky, but with an embedded payments system, the risk can be lowered significantly.

Final Thoughts

If you use NetSuite Embedded Payments, you have many ways to benefit. You cut out the risk of errors, lower the time it takes to reconcile, decrease your costs, and ensure higher sales. It’s not easy running a business and managing all of its parts, so why work with multiple systems?

When you have one seamless system, you’re better able to run your business, increase your profits, and ensure a sound business all around.

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