How do you get paid? It may be time to consider HubSpot Payments.
The global B2B payments market is worth approximately $240 trillion, twice as large as the B2C market. Moreover, it is expanding at a CAGR greater than 6% and almost three times as large as the global GDP at $85 trillion, as multiple payments are made for the same production level.
By providing a secure and efficient payment method, B2B payments support companies participating in inter-commerce transactions. This is where HubSpot Payments fits the picture. It is one such platform placing the power of CRM solutions at your disposal.
A study by Gartner reveals that the latest purchase for 77% of B2B buyers was complex or hassling. Another research shows that processing transactions through multiple payment methods further complicates the B2B buyer journey. 80% of B2B companies still use checks, 63% use automated clearing housing (ACH), and 45% use cash, none of which lend themselves to digitization.
HubSpot’s built-in payments integrate the factors of safety and ease, creating seamless digital sales and payment processing solutions. An all-in-one platform in the truest sense, HubSpot Payments is a game changer in the realm of B2B payments and as a B2B company, you must identify its benefits for your business.
What Is HubSpot Payments?
HubSpot Payments is a B2B CRM payment solution powered by HubSpot CRM, which is possibly its biggest strength. It enables companies to accept payments securely, smoothly, and rapidly. Additionally, it allows B2B companies to set up one-time or recurring payment links within personalized quotes for customers, using which the customers can transact immediately.
As an end-to-end payment solution, HubSpot Payments makes online payments quicker and more convenient. It automatically updates your customer’s profile with vital information, such as updated contact details, communications, quote details, payment history, payment visualizations, and more.
With HubSpot Payments, you can automate workflows during customers’ payment process. The platform supports all major credit cards and ACH payments, so B2B companies can use payment methods that best suit them.
Payment Methods Used by HubSpot Payments
Payment links are one of the most user-friendly tools offered by HubSpot Payments. B2B companies can easily accept payments by generating payment links within their HubSpot portal.
This tool bypasses the process of repeating payments in HubSpot. With the help of recurring payments, you can send multiple invoices to one or more customers in a specific period. You can also track your subscription-based services by automatically creating lists and workflows that streamline buyers’ follow-up decisions. These workflows help notify buyers whose payments are due and set reminders for your customer reps to contact customers before their subscription ends.
Payments Natively Embedded in Quotes
This modern tool comes in handy when you want to provide customers quick and easy access to the payment interface from within your sales quote, avoiding the back-end lift. This streamlines your sales process and impresses your buyers as you save them the trouble of external integrations.
A relatively newer tool, payment object records, and stores individual buyers' transaction history and information whenever they pay via quotes or payment links. Payment object is an asset for automation and reporting purposes. With its help, you can send emails, auto-assign tasks to reps regarding customer payments, notify customers of failed payments immediately, create sales receipts, and so on.
How HubSpot Payments Can Benefit B2B Companies
HubSpot Payments is known as an all-in-one payment platform for all good reasons. Here’s a quick look at the benefits of HubSpot Payments for B2B companies:
Quick and Easy Setup
Enrolling for HubSpot Payments is an incredibly quick and simple process (it only requires a couple of minutes). After a two- or three-day review period at HubSpot’s end, they’ll provide you with an approval if you meet their eligibility criteria.
Increased Payment Flexibility
HubSpot Payments accepts ACH and all credit cards, making it a flexible payment portal. Such support for vast payment options encourages a quicker and hassle-free purchasing process than most external payment methods.
HubSpot Payment’s interface is easy to understand and free of external tools. Payment processes and solutions have been simplified to ensure consistency. Unlike manual and error-prone payment methods, HubSpot payments ensure the easiest layout so that you can’t go wrong with any step.
HubSpot Payments maneuvers from cumbersome processing to faster payment completion. It limits excessive checking, record reviews, and processing errors to deliver a quick and fulfilling digital payment experience both for buyers and sellers.
HubSpot Payments tries to break through the barriers between marketing, sales, service, and other operations. The platform streamlines the said processes and emerges as a unified and centralized payment medium.
You can sync payments collected in HubSpot to QuickBooks online accounts as paid sales receipts or invoices as and how required by your business. Even if you are using a different accounting software than QuickBooks, all you have to do is export the payment data from HubSpot to your accounting software.