Here's something to ease your Latin American operations ❤️
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NetSuite: How to work e-payments in Latin American banks? 🏦
Imagine being able to manage all the payments of a company and its Latin American subsidiaries at local banks within NetSuite? With the LatamReady App 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 LatamReady has a native solution verified by NetSuite, that 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.
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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.
The case of Brazil and Colombia is different as well. The development of a chart of accounts depends on many factors such as the type of configuration that the company has.
How does the LatamReady App power up NetSuite with e-payments?
The LatamReady App is the best option for any NetSuite-using company looking to streamline its electronic payments from its own NetSuite ERP.
This App works with 5 specialized features to overcome every challenge companies face when doing business in Latin America.
Tax Determination and Tax Information Reporting
Tax Rules and Tax Calculation
Inventory Items Tax Calculation
Electronic Payments + NetSuite’s Electronic Bank Payments
As we can see, the LatamReady Solution 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 Solution for their Electronic Payments in Latin America?
Of course! Thanks to the LatamReady App and its Electronic Payments feature it’s possible to:
Banks we work with across Latin America
Also, through the LatamReady App, 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.