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Automate your payments and collections with Electronic Bank Payments


Automatic payments and collections with Electronic Bank Payments

In today’s rapidly increasing technologies and automation, businesses require fast tools to accelerate their current processes. For this, and to maintain good relationships with your vendors and customers, Netsuite offers a payment facility that allows you to pay your suppliers, reimbursements, salaries and more, easily: Electronic Bank Payments. With this tool, you can't forget paying your payables one by one and start saving time by paying in bulk. In this blog article we’ll find out what advantages and functionalities the Electronic Bank Payments module has.


Content:

What is Electronic Bank Payments?


Electronic Bank Payments is a native Netsuite SuiteApp that allows you to process bank payments of your vendor bills, employee expenses and commissions, customer refunds and receive payments from customers. All through the generation of payment files that contain the required information of banks and bank accounts from your suppliers and customers.


Electronic Bank Payments Capabilities


  • Suppliers Payments & Customers Refunds: Electronic Bank Payments allow you to generate instant bank payment files for vendor bills, employee expenses and customer refunds. These files follow an internationally recognized transfer method called EFT (Electronic Fund Transfer), that allows them to make payments through different financial institutions. The Electronic Bank Payments SuiteApp includes functionalities such as the ability to filter the bills displayed, select the bills to include or exclude, and make partial payments, including also the option for different currencies.

  • Direct Debits (DD): The Electronic Bank Payments SuiteApp supports automatic debits from customers bank accounts. This functionality is as flexible and fast as the supplier's payments.

  • Payment Management & Approvals: As payments are a very sensitive procedure, companies, often, choose to have several people looking at it. For this common practice, Netsuite includes an approval routing feature, in which many approvers can be added to the routing and email notifications can be sent to each approver.

  • Netsuite Supported countries and formats: Netsuite’s Electronic Bank Payments SuiteApp supports a list of countries EFT templates ready to use natively. The United States, Mexico, Spain and Brazil are a few of a long list of countries with included EFT templates.

  • Files Customization: As if it wasn’t enough already, Netsuite’s Electronic Bank Payments SuiteApp includes the free customization of EFT and DD files formats and templates in order to include any non-supported country or bank that your company needs. 


Conclusion


Electronic Bank Payments gives you a wide range of tools to use, from generating an EFT file to pay vendors and using direct debits from customers to customize your own EFT template to adapt the SuiteApp to your country and preferred bank. This SuiteApp delivers automation, safety, approval routings and more, all within your favorite ERP. By Héctor F.

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