HubSpot Payment, A CRM Powered Tool - What is it and Why should you make the switch?
CRM Payments
In today’s digital world, customers have come to expect a streamlined, convenient and easy process when interacting with a company. It is why customer experience should be at the heart of every business - if these needs aren’t met, they’re willing to go elsewhere.
Well, we don’t want to say Ciao don’t we?
Instead of using a myriad of disconnected tools, a CRM powered payments tool connects customer data, payments, payment processing, ecommerce and ecommerce data - all in one place. This way, you have the power to give your customers a delightful buying experience.
Introducing HubSpot Payments, built natively inside the HubSpot CRM platform, enables businesses to accept payments seamlessly in less time and with fewer tools. The days of manual and error-prone paper checks with digital payments are now long gone.
How does integrating HubSpot Payments benefit your customers?
- Improves the overall buyer’s journey from the awareness to decision stage. How? It provides sales reps with the information necessary to personalise and tailor a pitch, quote, proposal, or workflow to a customer by pulling data from previous conversations, purchases, challenges, and the like.
- Allows customers to make payments in real-time while talking to a sales rep, reviewing a quote, or clicking a shareable one-time or recurring payment link.
- Easily set-up automatic CRM payments.
- Be able to process a large number of payments and orders.
- Less time and effort needed from your customer when making a purchase.
- Gives your customers the option to pay in a fashion they prefer while still being secure. HubSpot Payments comes with – layers of security meant to protect payment information and forbid unauthorised people to access a customer's information.
CRM Payment Processing
HubSpot Payments supports all major credit cards and ACH payments. To help customers get up and running, HubSpot is also waiving fees on the first $50,000 of ACH transactions processed through HubSpot Payments each month. Other main features include:
- Payment links - a unique URL that processes payments with fewer steps. Links work out of deals, workflows, reporting, forms, and analytics. It can be embedded on a website or shared in email, chat, or quotes, making it easier for customers to conduct one-time sales and manage payments within HubSpot.
- Recurring payments, which allow customers to sell memberships, set up retainers, take ongoing donations, and more. This feature also allows customers to customise their preferred process.
- Integration with HubSpot's quotes feature in Sales Hub, allowing companies to get paid immediately when their customer accepts the quote. Connect your finance integrations is also allowed so you can create a full view from quote to cash.
NOTE: Currently, payments is only available to businesses or organisations located in the US that have a US bank account and are using a paid version of HubSpot.
CRM Auto Payments
For service based businesses, your customers are likely to have recurring payments. You can easily set-up automatic or recurring payments.
First, you need to integrate your billing system with HubSpot CRM so you can determine payment frequency, add custom start and end dates, and pause payments when necessary. Recurring payments can be accessed in the contact record.
By doing this, you can cater to customers who love the convenience of set and forget payments.
And for you, that means greater predictability in your cash flow and increased customer retention.
Deliver a connected buying experience for your customers — all from inside a CRM. From one-time payments to recurring monthly memberships, give them an easy way to send payments in just a snap.
Deliver a connected buying experience for your customers — all from inside a CRM. From one-time payments to recurring monthly memberships, give them an easy way to send payments in just a snap.
Get Started
- Set up payments
- You’ll need to fill out an application process in HubSpot and confirm your identity with Stripe, HubSpot’s Payment partner, to activate the payments tool in your account. HubSpot's risk assessment and underwriting team will then review it within 2 to 3 business days.
- Company's tax identification
- Ownership information
- US bank account
- Make sure all the information noted in the checkbox above is ready as you’ll be asked more about that information when setting up your payments account.
- Add and edit bank account information
- Enter the details of your US bank account where your payments or payouts will be deposited after your account has been verified and your payments tool activated.
Note:
- You can add one bank account per HubSpot account.
- Only users with super admin permissions can make changes to the bank account information. Don’t worry, each admin will be notified via email when one of the admins changes any details.
- To make other changes to your payments account settings, or to close your payments account, contact HubSpot Support. If you need to update the name of your company or the representative for your account, contact paymentsunderwriting@hubspot.com.
- At this stage, once your account has been activated and your bank information has been updated, you can start to create and share payments links, or integrate payments with your quotes.
- Set the default payment method
- Accepted forms of payment:
- Credit card or debit card
- ACH (bank transfer)
The payment method you select in your payment settings will automatically apply when creating new payment links and quotes. These preferences are also used when a customer updates their payment information for subscriptions.
Note: Changing the default payment method will not impact any existing payment links or quotes, and you can override these settings on an individual payment link or quote.
- Manage payment notifications
You will receive an email notification when you receive a payment or a payout is sent to the bank account listed. An email notification will be sent to super admin users when a payment is received or a payout is sent to the bank account listed.
Transactions will be automatically deposited to your bank account within 2 business days for card payments and 3 business days for ACH payments.
The deposit will appear on your bank statement as HUBSPOT PAYMENTS.
- Create and share a payment link
At this stage, you can now create payment links to share with customers so that they can easily complete a purchase.
You can:
- Share the link directly
- Add it to your website
- Insert it into an email using the HubSpot Sales Chrome extension
- Add the link to a CTA or in your email signature.
- Test one-time payment links using test payment information provided by HubSpot before you share the link with a contact.
Note: HubSpot can make changes to the payments tool from time to time. To make sure we’re setting you up for success, you can check their knowledge base article for reference.
HubSpot Use Case
The process of acquiring payment for most businesses is difficult and long haul. In many instances, the set-up is to send a proposal > send a quote > wait for manager’s approval > wait for finance to approve and pay > wait for money to arrive.
What if we could have it another way? Think of it as if we’re bringing ecommerce into the world of B2B. Customers like the service you sell > they pay > wait for money to arrive. That’s it — process simplified.
Since most businesses have budgets already allocated, they can then approve transactions quickly so it's beneficial for both parties to get things done faster.
After collecting payments, you can manage subscriptions for recurring payments, review transaction history, download payment and payout reports, and create custom reports — without leaving HubSpot.
HubSpot Payments is designed for customers selling non-physical goods (ex: services, events, courses etc.) and is less suitable for those shipping physical goods, as HubSpot does not calculate taxes or shipping fees at this time.
If you want to learn more about CRM-powered payments and generally how you can make the most out of it for your business, I’d be happy to speak with you. You can either book a time with me or chat with me on our website.
