NetSuite Adds Multicurrency Processing

 
 
By Theresa Carey  |  Posted 2004-12-22 Print this article Print
 
 
 
 
 
 
 

To better serve its e-commerce customers around the world, the company has partnered with WorldPay to provide multicurrency credit card processing.

NetSuite has partnered with WorldPay, part of The Royal Bank of Scotland Group, to provide multicurrency credit card processing for its e-commerce customers around the world. Thanks to this partnership, NetSuite e-commerce customers now can accept credit card payments in 120 currencies and receive settlement in any of 14 currencies. NetSuite Inc. powers Web stores for companies that are doing business online, both business-to-business and business-to-consumer. NetSuites products include NetSuite, NetSuite Small Business, NetCRM, NetERP and NetCommerce. With the new multicurrency credit card processing feature, businesses using NetSuite can display prices in any currency. Credit card processing is integrated into the Web store checkout sequence and order entry screens, with verification to help protect against fraud.
Upon fulfillment, the settlement funds are deposited into the NetSuite users bank account in their local currency or, in some countries, in another currency of choice. When coupled with NetSuite-UPS Online Tools shipping integration, users can give themselves a worldwide presence without running multiple Web stores and warehousing facilities.
"Weve been using WorldPay for several years and were excited to learn that NetSuite was building an integration with them," said Simon Ellson, managing director at Miglia Technology Ltd., a European manufacturer of video and storage products for PCs and Apple computers, based in Tring, Hertfordshire, United Kingdom. "We have customers buying our products from all over the world, and now by using NetSuite and WorldPay together, we are able to present a single, seamless credit card payment process for all customers irrespective of their location." "Were extremely pleased to announce our partnership with WorldPay because of the quick entry and cost-effective solutions it offers our customers to engage in secure online trading," said Zach Nelson, CEO of NetSuite. "NetSuite customers wishing to launch a multicurrency payment function can now realize the enormous benefits of secure shopping through NetSuites partnership with WorldPay. We believe this is a win-win situation." For the finance industry, 2004 was a year of dancing with regulations. Click here to read more. The firm also recently published a forecasting module, NetSuite Advanced Forecasting, which provides multiple methods of forecasting in a single view. The module allows businesses to triangulate their forecast using three key metrics: a calculated forecast, a "mood ring" forecast, and actual sales within the forecast. The "calculated forecast" uses a sales representatives actual opportunities and quotes as the basis for the calculation. The "mood ring" forecast lets sales representatives submit what they believe they will sell without tying the forecast to specific opportunities. This mood ring forecast applies to each management level, allowing sales managers to override the forecast based on their knowledge of the representatives forecasting habits. The third method, actual sales within the forecast, can give a clearer picture of what portion of the forecast is yet to close. In addition, recurring revenue is included in forecast actuals. All three forecast projections are presented in a single, dashboard view called the Sales Management portlet. The Sales Management portlet delivers the calculated, best-guess override and actual projections in a hierarchical view of the sales organization that can be expanded to show details down to individual reps or can be rolled up for summary views of each sales team by manager. NetSuite also added a number of new dashboard features that help users track, in granular detail, the progress of achieving a forecast. NetSuites e-commerce capability lets companies transact business on the Web while linking into internal CRM (customer relationship management), financial and warehouse systems. Products and prices are dynamically updated, inventory is tracked in real time, and each customer is charged their own price level and displayed their own content. Orders are taken on a secure shopping cart with fraud protection, multiple warehouses can be notified for fulfillment, and customers can track their orders and support tickets. Click here to learn about the New York Stock Exchanges hybrid market. NetSuite, delivered as an on-demand service, allows users to build an online Web store using its point-and-click interface. The tools enable the process of designing, hosting and managing the Web site as well as tracking customer movement through the site. Online transactions can be paid via credit card or purchase order, and customers have 24/7 access to order history, package tracking and multilevel support. NetSuites patent-pending "real-time dashboard" technology provides a view into role-specific business information that is updated in real time. Check out eWEEK.coms for the latest news, views and analysis on financial applications and services for the enterprise and small businesses.
 
 
 
 
Theresa is the Editor of CIOInsight.com's Finance Industry Center. She's been writing about financial technology issues since 1990 for a wide variety of publications, including PC Magazine, Newsweek, Fortune, and Fortune Small Business. She is also a Contributing Editor to Barron's and writes their 'Electronic Investor' column.

Theresa received a B.A. from the University of California, Berkeley, and a M.S. from the University of Santa Clara. She also has a private pilot's license. When she's not at her computer, she coaches a local high school volleyball team, plays softball and volleyball, and takes part in many Cal Alumni Band events. She lives in Northern California.

 
 
 
 
 
 
 

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