NetSuite 2021 Release 2 contains new features and enhancements to help ensure that your customers’ digital experiences exceed their expectations. With the latest release you can:
- Get paid faster by sending email and mobile invoices to customers with payment links so they can easily pay their invoices online.
- Offer ACH payments to accommodate larger invoice amounts.
- Gain a better understanding of customer behavior with ecommerce activity data.
- Enter new channels and markets faster with automated website setup.
Here’s a closer look at what’s new:
Allow Customers to Easily Pay Invoices Online with Payment Link
Businesses can now automate another step in the business transaction with a quick, simple way to accept payments online. Available to all NetSuite users, the new payment link feature allows you to send your customers a link via email or SMS that takes them to a dedicated page showing an invoice summary with options to pay. They can pay via credit/debit cards, ACH or third-party providers, such as PayPal. Business owners can also configure the page to mandate full payment only, or accept partial payment based on a minimum amount or percentage.
Helping customers to pay invoices conveniently and on time not only improves cash flow, it improves the customer experience. The accounts receivable team also benefits with payment link transactions that are automatically tied to the invoice.
Accept ACH Invoice Payments
Electronic bank-to-bank payments (also known as ACH) are a new invoice payment option in 2021 Release 2. Although ACH technology has been around for quite a while, it is gaining popularity in B2B commerce as an alternative to credit and debit cards because of the following advantages:
- Lower third-party payment processing fees improve margins.
- The ability to accommodate higher invoice amounts with no-limits payment amounts.
- Strong security measures help prevent fraud.
- When combined with payment link functionality, customers see even faster invoice payment processing.
Bank-to-bank payments are available in the new payment link functionality and SuiteCommerce MyAccount when accepting invoice payments through the customer account portal.
Enhanced Analytics Deliver Behavioral Data
Businesses can now view online shopping behavioral data like clicks, visits, searches, quotes and page views from individual shoppers’ website sessions on NetSuite customer records. Since this valuable behavioral data is available on customer records, it can be aggregated and manipulated in saved searches and CRM reports to build a richer customer profile.
Pre-built reports and customizable KPIs now have enhanced merchandising analytics. Organizations can view in-depth merchandise hierarchy with item, inventory, sales and fulfillment data and further filter down to net sales by item, gross margins by item and inventory turnover to uncover purchase and merchandise sell-through trends.
Quickly Launch Your Website with Setup Automation
Setting up a new website has historically been a multi-step process that requires enabling and configuring features, installing bundles, creating domains and more. NetSuite 2021 Release 2 has significantly reduced the number of clicks and time an administrator must devote to creating a new site by automating more of the work that is done in the background.
With less time spent on setting up your new site, you can spend more time tailoring the pages to meet your requirements or simply go live sooner. The faster your site goes live, the sooner you’ll see traffic increase and orders start to roll in.
Also, don't forget to request access to your Release Preview test account. There’s no substitute for hands-on access to see how all the new features will work with your data, workflows and customizations.
The preceding is intended to outline our general product direction. It is intended for information purposes only and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.