Understanding and Managing Your NetSuite Merchant Account Application Status

In the world of digital payments, keeping tabs on your merchant account application is crucial. Whether you're just starting or are already deep into the process, knowing where your application stands within NetSuite can save time and prevent unnecessary delays. Here's a comprehensive guide to understanding each status you might encounter and how to manage them effectively.

Checking Your Merchant Application Status

To check the status of your merchant account application, navigate to your NetSuite dashboard and follow this path:
NetSuite Pay > Merchant Application > My Application Status
You'll see one of these statuses displayed:

Application Started: This means you've initiated your application but haven't completed it. Ensure all required fields are filled and documents uploaded before submission.
Application Submitted: Your application has been sent to the underwriting team. It's a waiting game now, but keep an eye on communications in case additional documents are needed.
Received: The application has been officially logged into the systems. Patience is key at this stage.
On Hold: More information is required. Proactively reaching out to the support team can expedite the process.
Processing: Active review is underway. If the team needs anything further, they'll be in touch.
Provisionally Approved: Great job! While you meet specific conditions, you can begin setting up NetSuite Pay features. Refer to the "Configuring the NetSuite Pay Payment Processing Profile" section for next steps.
Complete: Congratulations! You're fully onboard, and transactions with customers are now a go.
Application Status Unavailable: This can occur due to platform hiccups. Try refreshing, but contact support if the status remains elusive.

Best Practices & Tips

Be Proactive: If your application is stalled or on hold, proactively gather needed documents or information and reach out to the support team.
Stay Organized: Maintain easy access to all necessary documents to expedite any requests from the underwriting team.
Monitor Regularly: Regular checks can alert you to issues before they become problems, especially if documents are missing or further inquiries arise.

Configuring Your Payment Processing Profile

If you're at the "Provisionally Approved" stage, you can configure your NetSuite Pay Payment Processing Profile:

Go to NetSuite Pay > Merchant Application > My Application Status.
Click on Configure in the Settings column.
Choose your subsidiary under Payment Processing Profile.
Select the payment methods and GL accounts for deposits and expenses.
Complete the setup and begin configuring your payment link if desired.

Key Takeaways

The application status tells you exactly what stage your application is at and what you need to do next.
Utilize the available statuses to better communicate with NetSuite support and manage expectations internally.
Keeping a keen eye on your application's progress can save time and streamline your onboarding into the NetSuite Pay system.