SVP, Corporate Communications
New Integration Supports Payments in 17 Currencies
SAN MATEO, Calif. and LONDON—March 18, 2008—NetSuite Inc. (NYSE: N - News), a leading vendor of on-demand, integrated business software suites that include Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce software for small and midsized businesses and divisions of large companies, today announced the integration between NetSuite's Ecommerce shopping cart and PayPal's Express Checkout online payment service. Announced in conjunction with the new NetSuite Ecommerce Company Editions (see accompanying release), NetSuite's integration of PayPal Express Checkout delivers an all-in-one payment platform for ecommerce companies that can reduce shopping cart abandonment and increase sales. For more information about NetSuite's PayPal Express Checkout integration, please visit www.netsuite.com/paypal
As ecommerce has become an important sales channel, online shoppers are increasingly more selective about where they shop and are seeking out merchants that provide safe, convenient shopping experiences. A recent study by PayPal and Jupiter Research published in March 2008 confirms that:
NetSuite's integration of PayPal Express Checkout addresses many of these challenges. The addition of PayPal Express Checkout not only gives these shoppers the security of not sharing their financial information with ecommerce merchants, but also provides them the convenience of checking out in just three clicks without needing to re-enter shipping and billing address information.
For merchants, the benefits of NetSuite's PayPal Express Checkout integration are numerous. With NetSuite, they already have real-time visibility into all their business operations in one system — from the online store, to inventory, fulfilment, shipping, marketing promotions and customer buying patterns for up-sell and cross-sell analysis. The addition of PayPal Express Checkout to their NetSuite-powered Web Stores gives them access to more than 141 million PayPal accounts in over 190 markets around the world. With a large account base of savvy online shoppers, small- and medium-sized businesses often see an average sales lift of 14 percent (as found by a PayPal survey of e-tailers).
Additionally, merchants can use NetSuite's PayPal Express Checkout integration to accept payments from a variety of sources including credit cards, debit cards, bank accounts and PayPal account balances. With PayPal, NetSuite merchants can take advantage of PayPal's global platform and accept payments in 17 currencies — US Dollars, Canadian Dollars, Australian Dollars, British Pound Sterling, Euros, Japanese Yen, and more. Finally, the NetSuite PayPal Express Checkout integration provides fraud protection to help protect merchants against risks associated with ecommerce.
"Security and convenience are critical issues for today's online shoppers and we're thrilled to work with PayPal to provide merchants with a way to deliver both of those to their consumers through the combination of NetSuite and PayPal Express Checkout," said Mini Peiris, vice president of Product Programs for NetSuite. "The thousands of companies that have standardised their ecommerce operations on NetSuite will benefit greatly from the safe and easy buying experience they can offer their shoppers."
"We are excited to work together with NetSuite to deliver on our shared commitment to ecommerce merchants," said Gene Alston, business development director at PayPal. "With PayPal Express Checkout, NetSuite provides online merchants with an ecommerce solution that delivers on the needs of their consumers and contributes to their business' bottom line."
"We had a lot of requests from our customers for PayPal," said Chris Nash, owner of AllAboutDance.com (www.allaboutdance.com), based in Kingston, Pennsylvania, USA, which runs its business operations using NetSuite. "Once PayPal Express Checkout was added to our NetSuite-powered Web Store we saw a large increase in overall orders. We have been able to keep costs low while saving the company time and providing our customers a higher degree of security and confidence."
"We built the foundation of our business with NetSuite three years ago, and now the new NetSuite-eBay and PayPal integrations are going to take us to the next level," said Vernon Yerkess, Managing Director of Cleverboxes.com, an online retailer of Hewlett-Packard servers and other hardware, based in Accrington, Lancaster, UK. "Only about 5 percent of our business has been on eBay, but our strategy is to use this new NetSuite integration to increase that to about 20 percent. We now have the full audit trail in NetSuite of our eBay-PayPal customers. And we can put as many products in there as we want. We expect that it will absolutely help increase business for us."
Availability and Pricing
Available immediately, the NetSuite PayPal Express Checkout online payment option carries no setup fees or monthly fees. Merchants pay a per-transaction fee to PayPal of 1.9 percent to 2.9 percent plus 30 cents per transaction, depending on monthly sales volume.
NetSuite Inc. is a leading vendor of on-demand, integrated business software suites that include Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce software for small and midsized businesses and divisions of large companies. NetSuite enables companies to manage core business operations in a single system. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.