An Easier Way to Refund Money to Customers from NetSuite

ARTICLE - Most businesses issue refunds refund from time to time.

Maybe you need to give money to a customer who has overpaid.

Or maybe a customer is due a refund as in cases where a product was defective or not up to the standards the customer expected, a shipment was delayed, or an incorrect price was charged.

A student might have changed their mind on a course that they deposited money on.

Perhaps a discount was applied to an invoice while entering the customer’s check payment.

The easy solution is to apply overages to a customer’s account. But there will always be cases where a customer prefers to receive a refund rather than wait for a credit to be applied to a future invoice.

Those refunds typically mean more work for the accounts payable staff.

While businesses are likely to have policies and terms in place for managing refunds, the way they go about making them usually falls short, even for users of a world-class ERP like NetSuite.

For starters, many businesses still issue refunds manually. Compared to automated refunds, manual processes cost more, take longer, are more susceptible to errors and mistakes, and provide less visibility into where things stand in the process.

There’s also a good chance that refunds made using paper checks will get lost or intercepted in the mail, requiring the payor to waste more time and money canceling and reissuing the check.

What’s more, automated functionality for making refunds doesn’t come standard in most ERPs.

How to refund money directly from NetSuite

Refunds may be inevitable, but the types of headaches described above don’t have to be.

eRefunds from iCloudAuthority makes it easy for businesses to make single or mass refunds.

The technology streamlines the refund process by enabling businesses to initiate customer refunds from directly within familiar screens of their NetSuite ERP with just a few clicks of the mouse.

By embedding this technology within NetSuite, users simply log into NetSuite, click on the customer credits that they want to refund, choose the method of payment (e.g., ACH, check, Zelle), currency, and funding bank account, and then securely transmit an XML format payment file to their bank for initiation. eRefunds is a bank agnostic and doesn’t require changes to existing bank accounts.

Making refunds with "built-in NetSuite" technology streamlines an otherwise laborious and time-consuming process. A single screen within NetSuite enables users to filter credits by date and business unit. Users can initiate mass refunds with just a few clicks of the mouse; within minutes, hundreds of refunds can be made. And because the solution is native in NetSuite, payments are automatically reconciled in real-time without the need to maintain spreadsheets or double-key data.

Accounts payable staff have instant visibility into the status of refund payments to customers.

Refunding money electronically also supports corporate green initiatives.

And eRefunds is part of a suite of ePayables solutions, all native in NetSuite.

See eRefunds for yourself

All industries experience refunds. But they are especially big problem in verticals such as travel and hospitality, healthcare, insurance, consumer packaged goods, wholesale distribution, and retail. Some businesses even make mass refunds to customers.

If your accounts payable team is spending too much time making and managing refunds, iCloudAuthority's eRefunds for NetSuite may be the solution to your refund challenges.

Click here to arrange a time to chat with one of our representatives today to discuss your business needs and schedule a demo.