Automatically Pay NetSuite Invoices with Stripe
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Automate collections by paying NetSuite invoices using a saved card or bank information. Send links to customers that enable them to easily update their saved card or bank account.
Transcript:
When you create an invoice in NetSuite, there isn't an easy way to charge customers automatically. SuiteSync solves this by providing an Automatic Billing system. At the beginning of each day, the Automatic Billing system creates payments for all of the invoices that are due on that day.
Let’s look at two invoices in NetSuite. The first is for a customer who has a valid credit card, and the second is for a customer that has a failing card.
For the customer with a valid card, on the day that the invoice is due, SuiteSync automatically creates a payment by using the saved card or bank information in Stripe and applies it to the invoice, marking it ‘Paid In Full.’ If you open the payment applied to the invoice, you'll see the payment posts to the ‘Undeposited Funds’ account. The payment is later deposited automatically.
In Stripe, the payment is successful. SuiteSync includes the invoice number and ID associated with the NetSuite payment. This creates a clear link between the Stripe & NetSuite records.
For the customer associated with the failing credit card, SuiteSync informs you that the payment fails and includes the reason for the decline. Stripe indicates that the customer’s bank declines the payment. SuiteSync pushes this notification directly to the NetSuite invoice which we saw earlier.
To handle the failed payment, we can use SuiteSync’s Payment Page link. SuiteSync automatically adds this link to all invoices in NetSuite. It can be used to pay off an invoice and update payment information. If a card fails, this link can be sent to the customer automatically to eliminate manual collection work.
This page connects to your Stripe account and the corresponding NetSuite invoice allowing you to pay the invoice easily. Let’s save the credit card and process the payment. This payment page can also use ACH transfers and other payment methods. Upon completion of the payment, the customer sees this success message. In NetSuite, the invoice is now “Paid In Full,” and in Stripe, we see the payment information reflected.
Since we saved the card, it is now stored in Stripe, and the Automatic Billing system uses it for future payments.
When Stripe sends a batch payment to your bank, SuiteSync automatically reconciles the payments contained in the payout to a bank deposit in NetSuite and calculates any processing fees.
The manual process of matching individual transactions to a bank deposit, calculating fees, and handling currency conversion disappears. No other integration can fully automate this reconciliation.
If the customer requests a refund, you can issue a refund directly in NetSuite without having to open Stripe. Simply create a credit memo for the amount you would like to refund, and SuiteSync creates a NetSuite customer refund and applies it to the credit memo while at the same time issuing the refund in Stripe.
If a chargeback occurs, similar to a refund, SuiteSync creates all the relevant records in NetSuite.
SuiteSync also has tools to help process live-chat, manual orders, or other B2B transactions. Check out our other videos or visit our website to set up a free test account.