Electronic Fund Transfer

Electronic Bank Payments

• The Electronic Bank Payments SuiteApp (formerly called NetSuite Electronic Payments) enables you to process bank payments of your vendor bills, employee expenses, partner and employee commissions, and customer refunds, and also enables you to receive bank payments from customers.
• Using Electronic Bank Payments, you can generate payment files that contain instructions for facilitating electronic fund transfers between bank accounts.
• The standard format of each payment file is determined by a banking industry or the country where the payment file is used. The payment files generated by Electronic Bank Payments can be imported to your bank’s payment software or submitted electronically to your bank for processing.
• The Electronic Bank Payments SuiteApp also provides a check verification feature by generating a file format that contains information about all your issued checks. You can electronically send the check register to the bank for cross-verification.
• This SuiteApp generates bank payment file formats but does not transmit them to banks. Contact your bank for information about transmitting payment files using the bank’s EFT systems.

Availability of Electronic Bank Payments License

• The standard Electronic Bank Payments SuiteApp enables companies and their subsidiaries to send payments to vendors, employees, and customers (refunds) or receive payments from customers by using the standard templates available within their country of operations.
• To enable companies and their subsidiaries to send payments to vendors, employees, and customers (refunds) or receive payments from customers across the different supported countries, you must do the following:

1. Install the NetSuite SuiteApps License Client SuiteApp (Bundle ID 116144).
2. The license client verifies and manages the Electronic Bank Payments license and allows you to gain access to the advanced features.
3. Purchase an active Electronic Bank Payments license.

• The Electronic Bank Payments license is required to gain access to the advanced features of Electronic Bank Payments.

Setting Up Electronic Bank Payments

Prerequisites:

1. If you are using the Electronic Bank Payments to send payments to vendors, employees, and customers (refunds) and receive payments from customers across the different supported countries:

• You must have an active Electronic Bank Payments license
• Install the NetSuite SuiteApps License Client SuiteApp (Bundle ID 116144).

1. Make sure that the following features are enabled in your account prior to installing Electronic Bank Payments:

• Item Options
• Custom Records
• Client SuiteScript
• Server SuiteScript
• Accounting Periods
• Advanced PDF/HTML Templates

Installing the Electronic Bank Payments SuiteApp

• Install the following bundle if you are using the Electronic Bank Payments SuiteApp to send payments to vendors and employees, and to receive payments from customers within your company’s country of operations.
• For OneWorld accounts, the EFT and Direct Debit formats that are available for use are limited based on the country of the parent subsidiary.

Bundle Name: Electronic Bank Payments

Bundle ID: 416781

Location: Production

Availability: Public

Key points when using Electronic Bank Payments:

• The NetSuite SuiteApps License Client SuiteApp (Bundle ID 116144) must be installed first before purchasing an active Electronic Bank Payments license.
• The Electronic Bank Payments SuiteApp is a managed bundle and automatically updated whenever there are updates.

Setting Up Roles and Permissions

• The Custom EFT role is added to your account after installing the Electronic Bank Payments SuiteApp. You can assign this custom role to employees who are going to process payments using the SuiteApp.