Enhance Your Payment Processes with NetSuite Pay Updates
Discover the latest enhancements in NetSuite Pay for improved transaction data and testing capabilities.
The world of payment processing within NetSuite has become richer with the recent updates to NetSuite Pay. In this article, we delve into the improvements in versions 1.0.26 and 1.0.28, aimed at optimizing business-to-business (B2B) transactions and streamlining payment processing operations.
Understanding NetSuite Pay Enhancements
NetSuite Pay Version 1.0.26
Compliance with Visa's Commercial Enhanced Data Program (CEDP): The update in version 1.0.26 ensures that NetSuite Pay aligns with Visa's CEDP, which bolsters transaction data quality in B2B purchases. This program requires detailed information, such as line-item data and item record data, enhancing both transparency and accuracy.
Necessary Data Fields
- Line-item data:
- Item description, quantities, unit cost (rate), and total amount.
- Item record data:
- SKU or item codes, unit of measure.
Additional fields are contingent on specific scenarios, such as taxation or shipping requirements, including Merchant Tax ID and Shipping Address data. Note: Using generic placeholders will result in failed verification.
NetSuite Pay Version 1.0.28
This version introduces critical functionalities, especially for developers and administrators who require robust testing environments.
Key Enhancements
- Versapay Test Payment Gateway: Allows connections to test environments, ensuring functionalities are trialed without impacting real transactions or finances. After testing, a clean-up of test records is necessary.
- Application Processing Improvements: You must now handle one application to its conclusion before initiating another, streamlining the merchant account approval process.
- Enhanced Transaction Capabilities: Supports invoices inclusive of billable time and expenses and reconciles high-volume transactions more effectively.
- Bug Fixes: An issue with email delivery to multiple addresses has been resolved.
Best Practices
To maximize the benefits of these enhancements, consider the following:
- Regularly audit your transaction records to ensure compliance with CEDP requirements.
- Utilize the test payment gateway extensively to simulate different transaction scenarios safely.
- Always ensure merchant applications are fully processed to avoid administrative bottlenecks.
Key Takeaways
- NetSuite Pay improvements emphasize compliance, testing capabilities, and process efficiency.
- Visa's CEDP compliance requires detailed, verifiable data inputs.
- The Test Payment Gateway allows risk-free testing of payment functionalities.
- Application processes have been streamlined to facilitate easier account setup.
Leveraging these updates effectively can significantly enhance the robustness of your payment processing infrastructure within NetSuite.