Three Payment Methods
Three key methods can be used to collect customer payments in NetSuite:
- EFT.
- Credit card.
- PayPal.
Each of these would need to be set up separately.
Before using EFT (electronic funds transfer), we would need to
(1) enable the feature
(2) set up ACH processing
(3) set up customer records for ACH payments.
EFT transactions are processed through the ACH network, but ACH is not the actual payment method as it is for vendor payments. In addition, it’s important to understand that while ACH is a common way to process electronic payments, it is primarily used in the United States. Other countries use different platforms to process their electronic payments.
The second customer payment method is through credit card processing. This method is used primarily for payments on sales orders and website orders. A number of security features ensure the protection of our customers’ credit card information.
The third customer payment method is PayPal. To use this method, we would first have to set up a PayPal merchant account. Then, customers who have a PayPal account can elect to make their purchases that way. Some of the primary uses for PayPal are for webstore orders and for customer returns.