Hubspot Payments Explained

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Running a business is a balancing act. You have to prioritize certain operations to improve them and build a smoothly functioning machine, while also delegating tasks to other personnel and making decisions about the future of the company. 

Using a customer relationship manager program like the Hubspot platform can make many of these tasks easier. The right CRM streamlines communication between your various departments tracks customer data to maximize conversions, and can even guide customers through the sales process.

One of the best features of Hubspot’s CRM is the payment processing services. Rather than adopting multiple tools that may not integrate smoothly into your e-commerce operations, you can rely on Hubspot payments to help close sales and lessen the burden on your sales team. Let’s dive into the Hubspot payment feature and how you can utilize it to propel the brand forward. 

What Can Hubspot Payments Do?

The main selling point of this feature is its functionality. In 2024, online commerce is a crucial aspect of many businesses. The ability to initiate and complete transactions entirely online is a convenient benefit that your company can provide to its customers. Hubspot payments makes this incredibly easy. You can set up and manage invoices for your customers or vendors, and even automate your billing cycle. If you need to create and share a payment link for marketing collateral or emails, this feature is simple to set up and you can track your earnings accurately. You can even set up quotes for customers who want to get an estimate on pricing before they pay for a product or service. 

Some other features of the payment tool include managing subscriptions, handling refunds, setting up recurring payments, triggering workflows, and downloading receipts. Why choose Hubspot? The diverse functionality of this payment tool is one great reason for your business to switch to a new CRM. 

How Can You Set It Up?

Fortunately, setting up the payments feature on Hubspot’s CRM is not too complicated. There are a few requirements that must be present for the tool to work as it should. First, you must be a super admin for your Hubspot account. Second, your business must operate from within the United States. Third, the payments feature currently works with non-physical goods and services, so if your business is based on physical products, the platform is unable to support these processes. 

There is an application process to move through to set up your payments tool. You will need basic company information at hand to complete the application, as well as data on estimated income from customer transactions on the platform. You’ll submit this application and then enter the company’s banking information, payment methods, and shipping information and then set payment policies. You can then manage payment tracking and analytics to improve your data practices once payments start coming in. 

What Are the Benefits For Your Team?

Using the payments feature in Hubspot can change the way your business operates. If you regularly send invoices to your customers for services performed, you can now do this in the same platform as all your other customer data. If you manage a hybrid team, your CRM now can perform more functions and be readily accessible to your on-site employees and your remote workers. Instead of worrying about integrating your Hubspot CRM with another payment processing tool, you can now cut down on a lot of the busy work that results from transferring data back and forth between separate windows or applications. 

At the end of the day, adopting the payment features for your CRM will make life easier for everyone. Once you learn how to set up the automated processes, time-wasting will be at a minimum without all those logistical tasks to get through when handling payments from another application. 

How Secure Are Hubspot Payments?

The good news is that there are several security layers embedded in the payments feature to ensure all transactions are safe. These layers include Stripe’s API to ensure that data being collected and transferred is secure, as well as encryption for payment credentials from your customers.

What Does it Cost?

Using Hubspot payments is included in your paid CRM service fee. The only additional fees are a 2.9% credit card processing fee and a .5% processing fee for ACH, though these are capped at $10 per transaction. Other than those processing expenses, there are no additional costs to start using Hubspot payments with your current paid plan.

Maximize Your Hubspot CRM Services By Adopting the Payments Feature

A CRM is already designed to save you time and energy while tracking customer data. When you implement the payments feature on top of that, you will have a multi-functional tool that can speed up payment processing to lessen the burden on your team’s shoulders. Consider the benefits of this tool that have been discussed above and take advantage of this amazing tool to make your company more efficient. 

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