Sometimes, the most challenging part of your sales process may be collecting your payments. For many businesses, the payment process involves multiple steps over different platforms, making for an unpleasant customer experience, and a potential headache for your business. Now, HubSpot Payments works to solve this problem.
What is HubSpot Payments?
HubSpot Payments is a payment processing tool that facilitates payments from start-to-finish, from directly within HubSpot. Partnering with trusted payment processing software from Stripe, HubSpot Payments allows you to easily collect payments from clients no matter when or how they pay, all while keeping track across your HubSpot deals, workflows, forms, analytics, and reporting tools. HubSpot Payments work primarily by using unique, native URLs as payment links, allowing your team to embed the links on your website, or send them directly to your customer.
The end result? an efficient quote-to-cash process that makes it easier for both you and your clients to keep track.
Some of HubSpot Payments most exciting features include:
- Automated payment workflows:
Automate the back-end tasks so that you don't need to spend time doing them manually. Create an easy way for your team to set up recurring payments and create reminders so they don't forget to renew contracts. With fewer hours spent on manual and repetitive processes, your team will have extra time to help customers and look for new revenue opportunities.
- Easily collect payments from clients no matter when or how they pay:
HubSpot Payments also integrates with your existing payment gateway, so you don't need to change any settings on your end.
- Track payment history across your HubSpot deals and workflows:
HubSpot Payments makes It easy for customer-facing team members to view and track payment history in one central location.
- Automatically create invoices based on client information:
With native integration into your Sales Hub, Payments automates invoices using your client information.
- Streamlining Sales Processes
So, how does HubSpot Payments streamline the payment process? Let’s start with looking at an example of a typical payment process step-by-step without using HubSpot:
- Invoice received
- Invoice scanner or downloaded
- Invoice sent to invoice management vendor
- Analysis performed by invoice management vendor
- Invoice entry logged in erp
- Invoice routed for approval
- Credit confirmation received from supplier
- Dispute raised to supplier
- Dispute raised to AP manager
- PO matched to invoice
- Invoice reviewed
- Detailed invoice data gathered
- Invoice data consolidated
- Approval sent to AP
- Approval recorded and invoice filed
- Payment approved
- Payment routed for approval
- Allocation and budget confirmed
- GL codes assigned
- Invoice posted to accounting system
- Payment scheduled
- Remittance details sent to supplier
- Invoice closed and archived for reconciliation
- Employee statements distributed
Now, take a look at what the internal process looks like, from invoicing to closing a payment, with HubSpot Payments:
- Sign invoice
- Confirm valid payment option
- Submit invoice for review
- Payment approved
- Payment scheduled
- Payment received
Sounds a lot more simple, right? That’s because HubSpot Payments brings together all aspects of the payment process–like the preferred payment method of the customer, the task of sending receipts, and payment processing–all in one place. By keeping payments within your HubSpot account, this not only keeps things more organized, but speeds up the process. Not to mention, HubSpot Payments automates payment processes to cut down on manual labor, consequentially unburdening your accounting team.
HubSpot Payments is available through HubSpot's sales software and is currently available to U.S. users with HubSpot Sales Hub Professional or Enterprise accounts. Sales Hub subscribers can utilize more advanced features with quotes functions.
Interested in using HubSpot Payments?
If you’re ready to jump into using HubSpot payments, InboundAV is here to help. As a Platinum tier HubSpot Solutions partner, we help guide clients through their HubSpot account to ensure that everyone is getting the most possible out of their subscription.