Electronic Bank Payments
NetSuite's Electronic Bank Payments module automates the process of paying vendors, employees, and customers electronically, improving efficiency and reducing errors. The module integrates directly with NetSuite ERP, allowing businesses to make payments via electronic funds transfer (EFT), ACH (Automated Clearing House), or SEPA (Single Euro Payments Area) for international transactions. By streamlining the payment process, this module enables faster and more secure transactions while providing real-time visibility into payment status. It also supports multi-currency payments and can generate files compatible with various banking formats, making it an ideal solution for businesses managing global payment operations.
Use Cases
Software
Automate payments to software development vendors or contractors worldwide using electronic funds transfer (EFT) or ACH. This ensures timely and accurate payments for outsourced projects while reducing manual payment processes.
If you manage recurring software subscriptions, you can automate customer refunds for canceled subscriptions via ACH or SEPA, ensuring quick and seamless processing of refunds across different currencies.
Streamline payroll payments to employees, automating salary disbursement via ACH transfers directly into employees' bank accounts, reducing administrative workload.
Manufacturing
If you source raw materials or parts from global suppliers, you can automate cross-border payments in multiple currencies using SEPA or international wire transfers, ensuring timely payments and maintaining good supplier relationships.
Automate recurring payments to domestic suppliers for raw materials through EFT or ACH, improving cash flow management and reducing manual intervention.
Automate the process of paying large sums for capital equipment purchases, ensuring secure and accurate electronic payments that align with the company's approval workflows.
Services
Streamline recurring payments for outsourced services, such as consulting or freelance work, by using the module to set up ACH payments tied to contract milestones or monthly retainers.
Employees submitting expenses for travel or materials can be reimbursed through automated ACH payments, speeding up reimbursement cycles and reducing manual processing.
In cases where services do not meet contract requirements, you can automate client refunds via electronic transfers, ensuring transparency and quick resolution.
Wholesale/Distribution
Automate payments to suppliers, ensuring quick payments for bulk orders of inventory through EFT or ACH transfers. This reduces payment delays and strengthens supplier relationships.
When handling customer returns, you can process refunds automatically through electronic bank payments, streamlining the refund process for both domestic and international customers.
If your wholesale business operates in multiple countries, you can automate international payments in different currencies, reducing complexity and ensuring compliance with local banking standards like SEPA.
Our Services
Implementation
Sky High ERP will handle the full implementation process, including configuring bank accounts, payment workflows, and payment file formats (ACH, SEPA, EFT) to ensure smooth integration with your banking systems and NetSuite ERP. We design and set up automated workflows that align with your business’s approval processes and security protocols to streamline vendor payments, payroll, and refunds.
Integration & Customization
We help integrate NetSuite Electronic Bank Payments with your third-party banking platforms, ensuring seamless communication between your ERP and external financial institutions. If you work with international banks or unique banking requirements, we can customize the payment file formats to ensure compatibility and compliance with local banking regulations.
Data Migration & Reconciliation
We assist in migrating vendor banking information and historical payment data into NetSuite, ensuring all records are accurate and up-to-date. Our experts will provide support for automating payment reconciliation processes, ensuring that electronic payments are accurately reflected in your financial statements.
Vendor-Certified Experts
Our experienced team members hold multiple certifications from our key vendor partners with extensive domain and industry expertise.
Official NetSuite Alliance Partner
We are proud to be an official Oracle NetSuite Alliance Partner and often get the call when an implementation has gotten off track and requires a recovery.
Experts in Customization
We excel in leveraging our expertise to develop tailored solutions that precisely align with the distinctive needs of your business.
