Sending Payments with Bank Connect
Bank Connect adds enhanced functionality to NetSuite without interfering with your existing configurations, workflow rules, and other NetSuite settings. Bank Connect allows your company to submit, approve, and release bank payments from NetSuite. You can make B2B and B2C payments from any linked bank account using:
- ACH (CCD and PPD)
- Wire (domestic and international)
- Real-Time Payments
Your bank may support some or all of these payment types.
Payment Flow
Submit Payments
The payment flow starts with a single or multiple Bill Payments. You can Initiate Bank Payments from the Bill Payment record or the Bank Connect Payment page.
Approve Payments
Payment approvers receive an email notification so they can review and Approve Payments in the Bank Connect Approve Payments page. Some or all of your company's payments may require approval depending on your entitlements set-up. If needed, payments may be rejected at this stage.
Payment Activity
Approved payments are delivered to your bank; processing updates will be automatically delivered to NetSuite so you can check the status. Recent Payment Activity can also be tracked in the Bank Connect Payment History page. When a payment has been settled, a Bill Payment status will be updated to Completed and the bill payment is ready for reconciliation. This process supports both manual and auto-reconciliation.