Is Your ERP System Running Your Payments Yet

PostedOn: 2018-06-08 11:50:25

Many companies that handle high volumes of financial transactions are still relying on pre-Internet, manual or card-based processes. It is an issue rarely discussed within ERP circles.

Removing such friction from accounts receivables and payables frequently require an ERP platform to offer a dedicated solution that can manage integrated payments  for example via the creation of a one-stop-shop where customers can remit digital payments within an invoice. After an invoice clears, the statement can be reconciled in real time. 

Sounds simple, doesn’t it? Yet, many firms that have already invested in ERP are not able to avail themselves of such vanilla functionality that can also come with a high degree of security and offer customization options. 

Key Takeaways: 

  • Paystand is part of Oracle NetSuite’s SuiteCloud. This is a range of cloud-based development tools and services that are designed to help companies leverage the economic benefits of cloud computing for their ERP requirements.
  • Many companies making use of ERP are still not integrating their payments processes across digital platforms, wiring these into their accounting and CRM processes.
  • Vanilla transaction processing can speed up payment processes, making them yet more secure and less prone to errors. Ultimately it can deliver considerable savings.
  • Payments apps must offer customers ACH, eCheck and credit card processing as a minimum facility.