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Guide: How to Change the Default Deposit Account for Payments in Netsuite

by | Dec 16, 2023 | How To

In this guide, you will learn how to change the default deposit account for payments in Netsuite. Ensuring that your payment processes are efficient and accurate is crucial for maintaining financial records. By following the steps outlined in this guide, you will be able to customize your payment preferences and configure the necessary settings in Netsuite.

Before diving into the process of changing the default deposit account, it’s important to understand that Netsuite integrates with preferred gateway partners such as CyberSource, MerchantE, and PayPal Payflow Pro. Additionally, it offers support for regional payment gateways specific to different countries and regions.

Table of Contents

Key Takeaways:

  • To change the default deposit account, set up a payment processing profile in Netsuite.
  • Establish a merchant account with the gateway you will be using in Netsuite.
  • Customize your payment preferences and configure the necessary settings.
  • Restrict payment processing profiles based on customer data to ensure correct payment methods are used.
  • Regularly review and update your default deposit account to maintain accurate financial records.

Setting Up a Payment Processing Profile in Netsuite

In order to process payments effectively in Netsuite, it’s important to set up a payment processing profile. This profile allows you to configure various payment settings to meet your business needs. The process of setting up a payment processing profile is simple and can be done through the Netsuite interface. Follow the step-by-step guide below to get started.

Step 1: Access the Payment Processing Profile Page

First, go to the Netsuite dashboard and click on the “Setup” tab. From the dropdown menu, select “Accounting” and then choose “Payment Processing Profiles” from the sub-menu. This will take you to the payment processing profiles page.

Step 2: Create a New Profile

On the payment processing profiles page, click on the “New” button to create a new profile. This will open a form where you can enter the details for the new payment processing profile.

Step 3: Configure the Profile Settings

Fill out the necessary information in the form to configure the payment processing profile. This includes selecting the gateway integration you want to use, specifying the types of payment requests the gateway will process, enabling payer authentication if necessary, and restricting payment processing profiles by customer data.

Once you have finished configuring the profile settings, click on the “Save” button to save the changes. Your new payment processing profile is now set up and ready to use in Netsuite.

Payment Processing Profile Settings Explanation
Gateway Integration Select the gateway integration you want to use for payment processing.
Payment Request Types Choose the types of payment requests the gateway will process, such as credit card payments or direct debit.
Payer Authentication Enable this option if you want to use payer authentication for added security.
Restrict Payment Processing Profiles You can restrict payment processing profiles based on customer data, such as payment method, currency, or subsidiary.

Setting up a payment processing profile in Netsuite is an essential step to ensure smooth and efficient payment processing. By following the steps outlined above, you can configure the profile settings according to your business requirements and start processing payments with ease.

Establishing a Merchant Account in Netsuite

Before you can set up a payment processing profile in Netsuite, it is crucial to establish a merchant account. A merchant account is a type of bank account that allows businesses to accept and process payments from customers. In the context of Netsuite, a merchant account enables the system to communicate with the payment gateway and securely process online transactions.

The process of establishing a merchant account in Netsuite involves working closely with the payment gateway you intend to use. Each payment gateway may have specific requirements and steps for setting up a merchant account. It is important to carefully follow the instructions provided by the gateway to ensure a successful setup.

By establishing a merchant account in Netsuite, you gain access to a wide range of payment processing capabilities. This includes the ability to accept credit card payments, process electronic bank payments, and manage customer refunds. With a merchant account in place, you can confidently manage your payment transactions within the Netsuite platform.

Key Steps for Establishing a Merchant Account in Netsuite:

  1. Research and choose a payment gateway that aligns with your business needs.
  2. Contact the chosen payment gateway to begin the process of setting up a merchant account.
  3. Follow the instructions provided by the payment gateway to complete the merchant account setup.
  4. Once the merchant account is established, you can proceed with setting up a payment processing profile in Netsuite.
Payment Gateway Support Contact Info
CyberSource Phone: 1-888-330-2300
Email: support@cybersource.com
MerchantE Phone: 1-866-559-8123
Email: support@merchante.com
PayPal Payflow Pro Phone: 1-888-883-9770
Email: support@payflow.com

Establishing a merchant account in Netsuite sets the foundation for effective payment processing within the platform. By working with a trusted payment gateway, you can ensure the secure and seamless handling of transactions, providing a positive experience for both your business and your customers.

Establishing a merchant account in Netsuite

Setting Up a Merchant Account with a Payment Gateway in Netsuite

Setting up a merchant account with a payment gateway is an essential step in configuring your payment processing in Netsuite. By linking your merchant account to Netsuite, you enable seamless and secure monetary transactions with your customers. The process of setting up a merchant account may vary depending on the payment gateway you choose. However, the general steps involve establishing the account with the gateway provider and configuring the necessary settings in Netsuite to ensure smooth integration.

netsuite merchant account setup

When setting up a merchant account with a payment gateway, you will typically need to provide certain information, such as your business details, banking information, and any required documentation. This is necessary for the gateway provider to verify your legitimacy and ensure compliance with financial regulations. Once your account is approved, you will receive the necessary credentials and access to the gateway’s portal.

In Netsuite, you will then proceed to configure the integration with your merchant account. This involves entering the credentials provided by the payment gateway, selecting the appropriate gateway integration, and mapping the necessary fields to ensure accurate data transfer. Depending on the gateway, there may be additional settings you can configure, such as fraud prevention measures or currency preferences.

By setting up a merchant account with a payment gateway in Netsuite, you enable secure and efficient payment processing for your business. This integration allows you to accept various payment methods and ensures that funds are securely transferred to your designated accounts. With a properly configured merchant account, you can streamline your financial operations and provide a seamless payment experience for your customers.

Changing Payment Preferences in Netsuite

In Netsuite, you have the flexibility to customize your payment preferences to suit your business needs. One important aspect of payment preference customization is selecting the default deposit account for payments. By choosing the appropriate default deposit account, you can ensure that payments are accurately recorded and deposited into the correct account. To change your payment preferences and set a new default deposit account, follow these steps:

  1. Navigate to the “Payment Preferences” section in your Netsuite account settings.
  2. Locate the option to change the default deposit account. This may be under a subheading like “Deposit Accounts” or “Banking Preferences.”
  3. Select the desired default deposit account from the available options or enter a new account if necessary.
  4. Save your changes to apply the new default deposit account for future payments.

It’s important to note that changing payment preferences in Netsuite may require additional setup and configuration, depending on the specific changes you make. For example, if you choose to integrate with a new payment gateway or enable additional payment methods, you may need to follow specific instructions provided by Netsuite or the chosen payment gateway.

By taking the time to customize your payment preferences, including the default deposit account, you can streamline your payment processes and ensure accurate financial transactions in Netsuite.

Table: Steps to Change Payment Preferences in Netsuite

Step Description
Step 1 Navigate to the “Payment Preferences” section in your Netsuite account settings.
Step 2 Locate the option to change the default deposit account. This may be under a subheading like “Deposit Accounts” or “Banking Preferences.”
Step 3 Select the desired default deposit account from the available options or enter a new account if necessary.
Step 4 Save your changes to apply the new default deposit account for future payments.

Updating Payment Settings in Netsuite

In Netsuite, you have the flexibility to update and customize your payment settings to suit your business needs. By accessing the payment settings menu, you can make changes to various aspects of payment processing, including the default deposit account for payments, enabling or disabling specific payment methods, and configuring payment processing options.

To update your payment settings in Netsuite, follow these steps:

Step 1: Access Payment Settings

Go to the main menu and navigate to Setup > Accounting > Payment Processing > Payment Settings. This will take you to the payment settings page where you can make the necessary changes.

Step 2: Modify Default Deposit Account

To change the default deposit account for payments, locate the option for “Default Deposit Account” and select the desired account from the drop-down menu. This will ensure that payments are automatically deposited into the specified account.

Step 3: Enable or Disable Payment Methods

If you want to enable or disable specific payment methods, look for the section labeled “Payment Methods”. Here, you can check or uncheck the boxes next to the payment methods you want to activate or deactivate. This gives you control over which payment options are available to your customers.

Step 4: Configure Payment Processing Options

For more advanced payment processing options, such as configuring automatic credit card authorizations or setting up additional security measures, navigate to the relevant sections within the payment settings page. These options offer greater control and customization of your payment processes.

By regularly updating your payment settings in Netsuite, you can ensure that your payment processes align with your business requirements and provide a seamless experience for both you and your customers.

updating payment settings in netsuite

Managing Default Deposit Account in Netsuite

Managing your default deposit account in Netsuite is essential for ensuring smooth and accurate payment processing. By effectively managing this account, you can streamline your financial transactions and maintain accurate records. Here are some key steps and considerations for managing your default deposit account in Netsuite.

Reviewing Your Default Deposit Account

The first step in managing your default deposit account is to review the current settings. Navigate to the relevant payment preferences or payment settings menu in Netsuite to access the default deposit account details. Take note of the current account information, such as account number, bank name, and account type.

Reviewing your default deposit account periodically is important to ensure that the account information is up to date and accurate. If there are any changes to your bank accounts or payment preferences, make sure to update the default deposit account accordingly.

Updating Your Default Deposit Account

If you need to change your default deposit account for payments in Netsuite, follow these steps:

  1. Navigate to the payment preferences or payment settings menu in Netsuite.
  2. Locate the option to change the default deposit account.
  3. Enter the new account information, including account number, bank name, and account type.
  4. Save and apply the changes.

It is important to ensure that the new default deposit account information is accurate and valid. Double-check the account details before saving the changes to avoid any issues with payment processing.

Testing and Verifying Payment Processing

After updating your default deposit account, it is recommended to test and verify payment processing to confirm that the changes have been applied correctly. Create a test transaction and monitor the payment flow to ensure that funds are being deposited into the new default deposit account.

Regularly reviewing and managing your default deposit account in Netsuite is crucial for maintaining accurate financial records and ensuring smooth payment processing. By following the steps outlined above, you can effectively manage your default deposit account and optimize your payment workflows.

Netsuite Deposit Account Management

Regional Payment Gateways in Netsuite

Netsuite not only integrates with preferred gateway partners but also offers regional payment gateways to cater to the specific payment processing needs of different countries and regions. These regional payment gateways are designed to ensure seamless payment transactions and provide localized payment options for businesses operating in specific geographic areas.

When it comes to regional payment gateways in Netsuite, the available options may vary depending on your location and the version of Netsuite you are using. These gateways are tailored to meet the unique payment requirements and preferences of different countries, facilitating smooth and secure transactions in local currencies and adhering to specific regional regulations.

By leveraging regional payment gateways in Netsuite, businesses can expand their reach and cater to customers in various regions, offering them convenient and familiar payment methods. This not only enhances the overall customer experience but also helps businesses establish trust and credibility in local markets.

Regional Payment Gateways in Netsuite

Benefits of Regional Payment Gateways in Netsuite

Regional payment gateways in Netsuite offer a range of benefits to businesses operating in specific countries or regions. Some of the key advantages include:

  • Localized Payment Options: Regional gateways enable businesses to accept payments in local currencies and offer payment methods that are popular and widely used in specific regions.
  • Compliance with Regional Regulations: These gateways ensure compliance with regional payment regulations, helping businesses navigate legal requirements and avoid any potential issues.
  • Seamless Integration: Regional gateways seamlessly integrate with Netsuite, providing businesses with a unified platform to manage their payment processes and financial transactions.
  • Increase Customer Trust: Offering familiar and trusted payment options to customers in specific regions helps build trust and confidence, leading to increased customer satisfaction and loyalty.

Overall, regional payment gateways in Netsuite play a crucial role in diversifying payment options, expanding business reach, and enhancing customer experience for businesses operating in different countries and regions.

Restricting Payment Processing Profiles by Customer Data in Netsuite

In Netsuite, you have the ability to restrict payment processing profiles based on customer data, allowing you to provide a tailored payment experience for your customers. By defining rules and criteria, you can control which payment methods are available to different customers, ensuring that they are using the appropriate options for their specific needs.

To enable this feature, go to Setup > Accounting > Preferences > Accounting Preferences and check the “Use Strict Rules for the Selection of Payment Processing Profiles” option. Once enabled, you can configure your rules based on customer data such as payment method, currency, and subsidiary for One World accounts.

This functionality provides significant flexibility and control over payment processing in Netsuite. By restricting payment processing profiles, you can streamline the payment experience for your customers, ensure compliance with specific payment requirements, and reduce the risk of errors or misallocations.

Example of Restricting Payment Processing Profiles

Customer Payment Method Currency Subsidiary Restricted Profile
Customer A Credit Card USD Subsidiary 1 Profile 1
Customer B ACH USD Subsidiary 2 Profile 2
Customer C Check EUR Subsidiary 2 Profile 3

In the example above, Customer A is restricted to using Profile 1, which is configured for credit card payments in USD and Subsidiary 1. Customer B, on the other hand, is restricted to using Profile 2, which is configured for ACH payments in USD and Subsidiary 2. Lastly, Customer C is restricted to using Profile 3, which is configured for check payments in EUR and Subsidiary 2.

By customizing payment processing profiles based on customer data, you can ensure that customers have access to the appropriate payment methods and that transactions are processed accurately and efficiently. This level of control and flexibility helps optimize the payment experience for both you and your customers.

Benefits of Electronic Bank Payments in Netsuite

Electronic Bank Payments brings numerous advantages to your Netsuite payment processes. By leveraging this feature, you can streamline your payment management and enhance efficiency. Here are the top benefits of using Electronic Bank Payments in Netsuite:

  1. Automated Payment Batch Creation: With Electronic Bank Payments, you can automate the creation of payment batches, saving you time and effort. By eliminating manual entry, you reduce the risk of errors and ensure speedy processing.
  2. Approval Routing and Email Alert Notification: The feature allows you to set up approval routing, ensuring that payments go through the appropriate channels for authorization. You also receive email notifications at each step of the payment approval process, keeping you informed and in control.
  3. Time and Cost Savings: By automating payment processes and reducing manual tasks, Electronic Bank Payments help you save time and cut costs. You can reallocate resources to more strategic activities and optimize your financial operations.
  4. Automated Direct Debit Customer Collections: If your business collects payments via direct debit, Electronic Bank Payments simplifies the process. The feature automates direct debit collections, ensuring timely and accurate transactions with your customers.
  5. Enhanced Payment Management Options: Netsuite’s Electronic Bank Payments provides you with advanced payment management options. You can track and reconcile payments easily, access detailed reports, and gain valuable insights into your financial transactions.

By leveraging the benefits of Electronic Bank Payments, you can achieve greater control and efficiency in your payment processes. Whether it’s automating payment batches, streamlining approvals, or enhancing customer collections, this feature empowers you with the tools to optimize your financial operations in Netsuite.

Key Takeaways

Here are the key takeaways from this section:

  • Electronic Bank Payments in Netsuite provide automation and efficiency in payment management.
  • Benefits include automated payment batch creation, approval routing, time and cost savings, automated direct debit collections, and enhanced payment management options.
  • By using Electronic Bank Payments, businesses can optimize their financial operations and gain greater control over their payment processes.

Supported Countries and Formats for EFT in Netsuite

Netsuite’s Electronic Bank Payments feature supports a wide range of global and local bank formats for Electronic Funds Transfer (EFT) payments. With Netsuite, you have the flexibility to process EFT payments in accordance with the banking standards and requirements of various countries. Whether you operate in Australia, France, Germany, Italy, Malaysia, Netherlands, Singapore, the United Kingdom, the United States, or many other countries, Netsuite has you covered.

The available formats for EFT payments in Netsuite include ABA, SEPA Credit Transfer, DTA, CPA, Zengin, BACS, and many others. This extensive range of supported formats ensures that you can seamlessly conduct electronic bank payments using Netsuite, regardless of your location or specific banking requirements.

By offering support for multiple countries and formats, Netsuite empowers businesses to efficiently manage their payment processes on a global scale. Whether you need to process EFT payments locally or internationally, Netsuite’s comprehensive solution facilitates secure and compliant bank transfers.

Country Supported EFT Formats
Australia ABA, BECS, BPAY, NAB Payment Files
France SEPA Credit Transfer, SEPA Direct Debit, DTA
Germany SEPA Direct Debit, DTA
Italy SEPA Credit Transfer, SEPA Direct Debit, DTA
Malaysia FPX
Netherlands SEPA Credit Transfer, SEPA Direct Debit, DTA, CLIEOP03
Singapore FAST
United Kingdom BACS, FPS, SEPA Credit Transfer, SEPA Direct Debit
United States ACH, CTX, EDI

These are just a few examples of the countries and formats supported by Netsuite for EFT payments. The platform caters to a diverse range of banking standards and requirements to ensure seamless and compliant payment processing.

Conclusion

In conclusion, changing the default deposit account for payments in Netsuite is a straightforward process that involves setting up a payment processing profile, establishing a merchant account, and configuring the necessary payment preferences and settings. By following these steps, you can customize how payments are processed and ensure that funds are deposited into the correct account.

Netsuite offers a comprehensive solution for managing payments, including integration with preferred gateway partners such as CyberSource, MerchantE, and PayPal Payflow Pro. Additionally, Netsuite supports regional payment gateways that cater to specific countries and regions, providing flexibility and convenience for businesses operating globally.

By effectively managing the default deposit account and utilizing Netsuite’s payment features, businesses can streamline their payment processes, save time and costs, and ensure accurate financial transactions. Whether you need to update payment settings, restrict payment processing profiles by customer data, or process Electronic Funds Transfers (EFT), Netsuite provides the tools and functionalities to meet your payment needs.

Take advantage of Netsuite’s robust payment management capabilities to simplify your payment processes, enhance security, and improve financial visibility. By leveraging the power of Netsuite, you can optimize your payment operations and focus on growing your business.

FAQ

How can I change the default deposit account for payments in Netsuite?

To change the default deposit account for payments in Netsuite, you need to set up a payment processing profile. This can be done by going to Setup > Accounting > Payment Processing Profiles > New and selecting the gateway integration you want to set up. Make sure the gateway integration is installed in your account. From there, you can select the types of payment requests the gateway will process, enable payer authentication, and restrict payment processing profiles by customer data.

What do I need to do before setting up a payment processing profile in Netsuite?

Before setting up a payment processing profile, you need to establish a merchant account and set it up with the gateway you will be using in Netsuite. This involves working with the gateway to set up a merchant account, following their specific instructions for a successful setup.

How do I update the payment settings in Netsuite?

To update payment settings in Netsuite, you need to access the payment settings menu and make the necessary changes. This may include updating the default deposit account for payments, enabling or disabling specific payment methods, and configuring payment processing options. The specific steps will depend on the version of Netsuite you are using and the preferences you want to modify.

Can I restrict payment processing profiles by customer data in Netsuite?

Yes, Netsuite allows you to restrict payment processing profiles by customer data. This feature lets you control which payment processing profiles are available for different customers based on their payment method, currency, and subsidiary (for One World accounts). To enable this feature, go to Setup > Accounting > Preferences > Accounting Preferences and check the “Use Strict Rules for the Selection of Payment Processing Profiles” option.

What are the benefits of using Electronic Bank Payments in Netsuite?

Electronic Bank Payments brings electronic banking functionality to Netsuite, including Electronic Funds Transfer (EFT) payments, customer refunds, and customer payments (direct debits). It also offers check fraud prevention through the Positive Pay service. The benefits of using Electronic Bank Payments in Netsuite include automated payment batch creation, approval routing and email alert notification, time and cost savings, automated direct debit customer collections, and enhanced payment management options.

Which countries and formats are supported for Electronic Funds Transfer (EFT) payments in Netsuite?

Netsuite’s Electronic Bank Payments feature supports a wide range of global and local bank formats for EFT payments. The supported countries and formats include Australia, France, Germany, Italy, Malaysia, Netherlands, Singapore, United Kingdom, United States, and more. The available formats include ABA, SEPA Credit Transfer, DTA, CPA, Zengin, BACS, and others, ensuring compliance with banking standards and requirements in different countries.