NetSuite supports a variety of payment acceptance or customer payment solutions.
NetSuite integrates with several credit card gateways to enable you, using your processor, to accept credit card payments from your customers. The gateway manages the flow of data and funds electronically between you, your customer, and the processors involved.
Credit card transactions consist of an initial exchange of data to authorize the transaction and a subsequent transfer of funds. The process begins in NetSuite with a Web site transaction or a traditional sales order. It involves:
Cardholder – a consumer with a debit or credit card
Merchant – a person or business that sells goods or services to a customer
Merchant Account (acquiring bank) – an account with a financial institution that is used by a merchant for the purpose of collecting proceeds from consumer credit card accounts
Payment Gateway (credit card gateway) – technology that interfaces with the NetSuite credit card checkout system and is responsible for transmitting transaction data securely over the Internet for processing within the credit card processing networks
Processor – a financial institution that provides a financial account to collect proceeds from consumer bank account or credit card payment transactions
Credit Card Interchange – a system of networked computers that manages the processing, clearing, and settlement of credit card transactions including assessing, collecting, and distributing fees between the parties involved; the interchange includes processors, acquiring banks, and issuing banks