How amazing could it be to manage all the payments of a company and its subsidiaries throughout Latin America at local banks within NetSuite? With the LatamReady SuiteApp this is possible as it works hand in hand with NetSuite Electronic Bank Payments.
As a company grows, managing payments, such as payments to suppliers, salaries, reimbursements, sales commissions and employee expenses, becomes increasingly challenging. Even more so if the company is looking to expand into new and challenging markets, such as Latin America.
Fortunately, for those companies using NetSuite, the SuiteApp LatamReady, a native SuiteApp verified by NetSuite, offers a specialized functionality in this process: Electronic Payments, which will not only help them to facilitate electronic payment processes, but will also be the key to reach a large number of Latin American banks.
What are the e-payments?
Electronic payments, best known as e-payments, are a new and modern way of making transactions or paying bills without the use of physical checks or cash. This type of payments are made online or through an electronic medium.
Because of them, payment processing is streamlined, making it faster, cheaper and more convenient. Some of the most popular methods of electronic payments include credit cards, debit cards, virtual cards, and ACH (direct deposit, direct debit, and electronic checks).
Do E-payments work in Latin America?
Of course! E-commerce in Latin America is advancing strongly every year.
In the markets of that region there was an expansion of 22% between 2017 and 2021 in e-commerce and for the future this trend is expected to continue growing, reaching 2025 with an average annual rate of 19%.
On the other hand, it is estimated that, over the next 5 years, revenues from electronic payments in Latin America will grow by 8.3% per year, according to a report revealed by Boston Consulting Group.
An example of how electronic payments have been successfully implemented in Latin America can be seen in Brazil, which, thanks to the introduction of its PIX electronic payment system in November 2020 by the Banco Central do Brasil, has seen the use of real-time payments skyrocket.
This system is currently the country’s dominant transfer model for person-to-person payments.
How does the LatamReady SuiteApp power up NetSuite with e-payments?
The LatamReady SuiteApp is the best option for any NetSuite-using company looking to streamline its electronic payments from its own NetSuite ERP.
This SuiteApp works with 5 specialized features to overcome every challenge companies face when doing business in Latin America.
The LatamReady SuiteApp is a Built-for-NetSuite solution that extends the power of Oracle NetSuite Cloud ERP to enable international companies to seamlessly achieve full tax compliance in more than 18 countries in the region.
Electronic Payments + NetSuite’s Electronic Bank Payments
As we can see, the LatamReady SuiteApp offers specialized features to solve tax compliance challenges in Latin America. This time we will talk about the Electronic Payments feature.
This feature works through NetSuite’s Electronic Bank Payments (EBP) enabling companies to make massive electronic payments that follow the specific local formats in dozens of banks across Latin America.
NetSuite Electronic Bank Payments is a platform that automates the creation of bank payment files, improving the efficiency of payment and collections processes.
It also ensures timely payment of vendor invoices, employee salaries and expenses, and sales commissions. In addition, it avoids complications in the collection process by automatically debiting customer accounts when payments are due.
Should companies use the LatamReady SuiteApp for their Electronic Payments in Latin America?
Of course! Thanks to the LatamReady SuiteApp and its Electronic Payments feature it’s possible to:
Also, through the LatamReady SuiteApp, thanks to its work with NetSuite EBP, companies will be able to manage and make electronic payments through various banks across the Latin America region. Here are some of them.
That’s right! The LatamReady SuiteApp is the solution for simplifying and agile the e-payments processes across dozens of Latin American banks offering significant benefits for companies.
Conclusions
So, now we know that…
- Electronic payments are a way of making transactions or paying bills online or through an electronic medium.
- E-commerce and, therefore, electronic payments continues and will continue to develop favorably in the Latin American region.
- The LatamReady SuiteApp works with NetSuite Electronic Bank Payments, which enhances its Electronic Payments feature by enabling companies to make bulk electronic payments that follow specific local formats at more than 40 banks throughout Latin America.
- LatamReady SuiteApp’s Electronic Payments feature powers up NetSuite to help companies save money and time, improve cash flow, minimize risks and increase visibility.
- The LatamReady SuiteApp is a Built-for-NetSuite service that extends the power of NetSuite by facilitating full tax compliance for more than 18 countries in Latin America.
How does the LatamReady SuiteApp power up Oracle NetSuite?
Do you already trust the power that Oracle NetSuite Cloud ERP brings to your company? Then you would love to extend its power by unlocking any Latin American country with the LatamReady SuiteApp.
Why LatamReady?
We are the #1 Oracle NetSuite partner in Latin America that, through the best ERP worldwide, will help you adapt to changes and grow your business.
Why should you choose us? Find out here.
Become a NetSuite expert with the LatamReady SuiteApp in our LatamDojo!
We want YOU to become the expert! That’s why we have a surprise: an e-learning platform (for our customers only) known as LatamDojo.
But… What is LatamDojo? What does it offer? Why should I use it? Here are the answers!
Chart a bold new path by adopting modern solutions for tax compliance challenges in Latin America with the LatamReady SuiteApp.