- Engine: ERP/Accounting Engine
- Business Process Area: Procure-to-Pay
Electronic Bank Payments brings to NetSuite 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 bank’s predefined file format ready for import into banking software or submission to the bank online. 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.
- Automated payment batch allows multiple payment batch creation stemmed from different batch criteria, controls andpayment deadlines.
- Approval routing and email alert notification enables additional payment authorization prior to payment processing.
- Saves time and lowers payment processing expenses by eliminating checks, postageand envelopes.
- Automated direct debit customer collections to settle outstanding invoices.• Payment management options include payment batch queuing, rollbacks, reversals with notations and automated notifications.