SUITEBANKING (SUITEPAYMENTS)

To use Suite Payments, a merchant needs a processing gateway.

Feature	Paystand	SuiteBanking
Payment Gateway	Paystand offers a combined solution (both AR solutions and payment gateway) PS: Paystand can be a preferred vendor.	To use Suite Payments, a merchant needs a processing gateway. Currently, Solupay and MerchantE appear to be the preferred providers of Netsuite.
Transaction Fees	Save 100% on transaction fees when using Paystand Bank to Bank Transfers, as well as 100% reduction of transaction costs when using Convenience Fees. Conduct legacy ACH payments for a low, flat rate.	Using 3rd party gateway processors, card transaction fees will climb every time card networks want to raise their rates. Some ACH processors still charge a percentage rate, which may be less than card rates but is still prohibitive to business.
Payment Methods	Paystand Bank to Bank (Zero cost) Credit Cards Debit Cards ACH Checks	Credit Cards Debit Cards PayPal ACH payments directly within the SuiteCommerce MyAccount
Payment Link	Send email invoices and sales orders with an embedded link to a secure payment portal. Paystand URLs can be put into text messages and QR codes as well. The Paystand payment link can be embedded in both Invoices and Sales Orders. Merge all open invoices from a customer record, to enable customers to pay multiple invoices.	Send email invoices or SMS with an embedded link that takes the payers to a dedicated checkout page showing an invoice summary with options to pay. The embedded payment link only works for Payments to Invoices. The Suite Payments is only available in NetSuite 2021 version 2, which is currently in release preview, making Suite Payments a beta product (not in production yet).
Feeless Payment Method	Real time Fund Verification Zero Transaction Fees	NONE
Payer Incentive	2 Powerful Fee Control Features: 1. Gives businesses the ability to set payment incentives (in the form of invoice discounts) for choosing switching credit card payments to a zero-fee Paystand Bank Network or other non-card methods (ACH). 2. Lets businesses set convenience fees for any payment methods at a rate of their choosing.	NONE
Reconciliation	Customers can pay Invoices or Sales Orders partially or in full depending on their preferences, and can also select and pay multiple invoices. Paystand’s integration with NetSuite automatically records the payment of the invoices and customer deposits of sales orders accordingly.	Customers can pay partially or in full depending on their preferences, and NetSuite automatically records the payment accordingly. Multi-invoice payment is not supported.
Automated Cash Application	Automatic payment reconciliation, which includes processing the payment, creating a payment record in NetSuite, linking the payment to its intended Invoice, and ledgering the cash applied to the Invoice.	This feature automatically matches imported bank payments with open invoices from within NetSuite. Once approved, GL (General Ledger) payments are automatically created and applied.
Automatic Deposit Reconciliation	Paystand automatically links cleared funds deposited to your bank account with their corresponding payment record and invoices in NetSuite.	Enhancements to Matching and Reconciliation - Automatically match and clear GL customer payments with your imported bank lines. When the system generates customer payments, the system automatically clears and removes and reconciles the payments.
DSO	Paystand customers see their DSO reduced by as much as 62%.	The Automated Cash Application and the payments feature help to improve cash flow, lower days sales outstanding (DSO) and reduce AR aging.
Lockbox (Paper Checks)	SMART Lockbox. Paystand provides NetSuite users access to the following: A pathway to move payers away from paying using paper checks onto lower cost digital payment methods. Convert checking account info into digital payment methods, resulting in the opportunity to automate those payments. Remote remittance processes that reduces DSO and trips to the bank. Full visibility into each paper check’s lifecycle - receive funds - invoice match - payment reconciliation - deposit reconciliation. A centralized collections process automatic payment reconciliation. Check information, reconciliation status, and transaction details that are fully integrated into NetSuite.	NONE

Feature

Paystand

SuiteBanking

Payment Gateway

Paystand offers a combined solution (both AR solutions and payment gateway)
PS: Paystand can be a preferred vendor.

To use Suite Payments, a merchant needs a processing gateway. Currently, Solupay and MerchantE appear to be the preferred providers of Netsuite.

Transaction Fees

Save 100% on transaction fees when using Paystand Bank to Bank Transfers, as well as 100% reduction of transaction costs when using Convenience Fees. Conduct legacy ACH payments for a low, flat rate.

Using 3rd party gateway processors, card transaction fees will climb every time card networks want to raise their rates. Some ACH processors still charge a percentage rate, which may be less than card rates but is still prohibitive to business.

Payment Methods

Paystand Bank to Bank (Zero cost)
Credit Cards
Debit Cards
ACH
Checks

Credit Cards
Debit Cards
PayPal
ACH payments directly within the SuiteCommerce MyAccount

Payment Link

Send email invoices and sales orders with an embedded link to a secure payment portal.

Paystand URLs can be put into text messages and QR codes as well. The Paystand payment link can be embedded in both Invoices and Sales Orders. Merge all open invoices from a customer record, to enable customers to pay multiple invoices.

Send email invoices or SMS with an embedded link that takes the payers to a dedicated checkout page showing an invoice summary with options to pay.

The embedded payment link only works for Payments to Invoices.

The Suite Payments is only available in NetSuite 2021 version 2, which is currently in release preview, making Suite Payments a beta product (not in production yet).

Feeless Payment Method

Real time Fund Verification
Zero Transaction Fees

NONE

Payer Incentive

2 Powerful Fee Control Features:
1. Gives businesses the ability to set payment incentives (in the form of invoice discounts) for choosing switching credit card payments to a zero-fee Paystand Bank Network or other non-card methods (ACH).
2. Lets businesses set convenience fees for any payment methods at a rate of their choosing.

NONE

Reconciliation

Customers can pay Invoices or Sales Orders partially or in full depending on their preferences, and can also select and pay multiple invoices. Paystand’s integration with NetSuite automatically records the payment of the invoices and customer deposits of sales orders accordingly.

Customers can pay partially or in full depending on their preferences, and NetSuite automatically records the payment accordingly.

Multi-invoice payment is not supported.

Automated Cash Application

Automatic payment reconciliation, which includes processing the payment, creating a payment record in NetSuite, linking the payment to its intended Invoice, and ledgering the cash applied to the Invoice.

This feature automatically matches imported bank payments with open invoices from within NetSuite. Once approved, GL (General Ledger) payments are automatically created and applied.

Automatic Deposit Reconciliation

Paystand automatically links cleared funds deposited to your bank account with their corresponding payment record and invoices in NetSuite.

Enhancements to Matching and Reconciliation - Automatically match and clear GL customer payments with your imported bank lines. When the system generates customer payments, the system automatically clears and removes and reconciles the payments.

DSO

Paystand customers see their DSO reduced by as much as 62%.

The Automated Cash Application and the payments feature help to improve cash flow, lower days sales outstanding (DSO) and reduce AR aging.

Lockbox (Paper Checks)

SMART Lockbox. Paystand provides NetSuite users access to the following:

A pathway to move payers away from paying using paper checks onto lower cost digital payment methods.
Convert checking account info into digital payment methods, resulting in the opportunity to automate those payments.
Remote remittance processes that reduces DSO and trips to the bank.
Full visibility into each paper check’s lifecycle - receive funds - invoice match - payment reconciliation - deposit reconciliation.
A centralized collections process automatic payment reconciliation.
Check information, reconciliation status, and transaction details that are fully integrated into NetSuite.

NONE