Enhance Your Payment Processes with NetSuite 2024.2 Release

Do you want to make your payment processes not just streamlined but smarter? NetSuite's latest 2024.2 release brings exciting advancements to the Payment Automation SuiteApp. With these enhancements, users can streamline payment processes, enhance tracking, and improve overall efficiency.  

Curious about how NetSuite Payment Automation enhancements could transform your financial operations? Here’s a closer look:  

What is NetSuite Payment Automation SuiteApp 

The traditional way of managing vendor payments is complicated and labor-intensive. It involves manually entering data, monitoring payments across multiple platforms, and reconciling accounts, all of which are prone to fraud and error.  

The NetSuite Payment Automation SuiteApp is a powerful tool that eliminates all of these challenges by simplifying and automating payment processes. You can streamline vendor payments with NetSuite Payment Automation SuiteApp. This SuiteApp allows you to pay all your vendors directly within NetSuite.  

Whether you use ACH, virtual cards, or checks to pay suppliers, this integrated solution makes accounts payable (AP) processes more efficient.  

The SuiteApp not only eliminates tedious data entry time, but also helps improve working capital with Virtual Card payments. It gives you more control over your outgoing cash flow by making payments through extended credit.  

By automating reconciliation processes you can significantly reduce fraud and errors. This will also help you avoid sharing, do not have to share sensitive financial data with suppliers, and get a faster financial close.  

Key Payment Automation Enhancements 

1. Multi-Subsidiary Feature  

The Payment Automation SuiteApp supports multiple subsidiaries. For companies with a OneWorld account and multiple U.S. subsidiaries, payment processing just got easier. You can now apply for HSBC accounts across different U.S. subsidiaries and process payments from each one. This is especially useful for companies with complex corporate structures as it centralizes and simplifies payment processes.   

2. Vendor Prepayment Support 

Managing vendor relationships often involves handling prepayments. With the new release, the Payment Automation SuiteApp allows you to create and process vendor prepayments within NetSuite. This helps you manage cash flow better and pay vendors on time. 

3. Payment Status Tracking 

Tracking payment status is important for financial transparency. The Bill Payment record has a visual status tracker so you can see the payment progress at a glance. This gives you visibility and makes sure all payments are accounted for. 

4. Automated Recording of Monthly Fees and Charges 

Automation has always been a key focus for NetSuite and now it’s been taken to the next level. Previously, the platform automated the recording of auto-funding requests for monthly HSBC invoice fees. Now it also automates the recording of the transaction fees. This reduces manual work and gives finance teams more time to focus on higher-value tasks.  

5. Reprocessing Payments with Ease 

Sometimes payments may fail due to ACH Payment Returns or Data Errors. The 2024.2 release makes it easier to reprocess payments within the system. Reprocessed payments use existing funds in the HSBC Online Account and are sent to HSBC for processing automatically, no need to request new funding.  

The NetSuite 2024.2 release also introduces several additional enhancements to further optimize payment automation. Withdrawal Request Prevention will block withdrawal requests if the total for the day exceeds the current HSBC balance. 

You can designate email recipients to receive all notifications from the Payment Automation SuiteApp, including reminder emails. This will keep you in the loop and make sure important updates are promptly addressed. New email notifications will alert you when payments are delayed due to errors, with statuses like Failed, Data Error, and ACH Payment Return also included.  

Additionally, you can configure payment preferences by subsidiary, so you have more control over payment processes across multiple business units. All of these together make for a more secure, efficient, and flexible payment automation experience.  

Benefits of Payment Automation 

Payment Automation combines the technology automation provided by NetSuite with HSBC's banking services to capture and pay vendor bills.  

• Timesaving: Process vendor payments faster. You can enter payment details and pay without leaving NetSuite.  

• Transparency: Track payment status throughout the payment processing phases.   

• Early payment discounts: You can pay suppliers using multiple methods to streamline the payment process. Additionally, you can take advantage of early payment discounts offered by suppliers to save money.  

• Supplier satisfaction: Automate payment results and achieve faster payment processing cycles. Your suppliers will be paid promptly, resulting in better supplier relationships. 

• Extended payment terms: Virtual cards allow you to extend credit terms up to 55 days depending on when payments are processed in the billing cycle.  

Wrapping Up  

The NetSuite 2024.2 release brings transformative enhancements to the Payment Automation SuiteApp that will give you more control, more efficiency, and more security in your payment processes. With multi-subsidiary support, automated reconciliation, and advanced fraud prevention this release is set to streamline your accounts payable operations and cash flow management. By adopting these new features, you can reduce manual work, improve financial accuracy, and make more informed decisions.  

Want to learn more about the NetSuite 2024.2 release and features? Feel free to contact our experts. We are here to help you navigate these updates and explore future possibilities for your NetSuite account.