Blog | InboundAV Insights

How HubSpot Payments can Streamline Your Sales Process

Written by Grace Mathews | May 4, 2022 5:07:21 PM

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:

  1. Invoice received
  2. Invoice scanner or downloaded 
  3. Invoice sent to invoice management vendor
  4. Analysis performed by invoice management vendor 
  5. Invoice entry logged in erp
  6. Invoice routed for approval
  7. Credit confirmation received from supplier
  8. Dispute raised to supplier
  9. Dispute raised to AP manager
  10. PO matched to invoice
  11. Invoice reviewed
  12. Detailed invoice data gathered 
  13. Invoice data consolidated 
  14. Approval sent to AP
  15. Approval recorded and invoice filed 
  16. Payment approved
  17. Payment routed for approval 
  18. Allocation and budget confirmed
  19. GL codes assigned
  20. Invoice posted to accounting system
  21. Payment scheduled
  22. Remittance details sent to supplier
  23. Invoice closed and archived for reconciliation 
  24. Employee statements distributed 

Now, take a look at what the internal process looks like, from invoicing to closing a payment, with HubSpot Payments:

 

  1. Sign invoice 
  2. Confirm valid payment option 
  3. Submit invoice for review 
  4. Payment approved
  5. Payment scheduled
  6. 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. 

Availability

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.

Book a meeting with us to learn more