4 HubSpot Payment Workflows Every Business Needs [with Benefits]

HubSpot payments tool is a powerful feature that can help businesses of all sizes collect payments online.

But what many businesses don’t know is that HubSpot Payments also includes a number of workflow automation features. These features can help you streamline your payment process and improve customer satisfaction while relieving your shoulders from the burden.

In this blog post, we’ll take a look at some of the most important HubSpot Payment workflows that every business needs. We’ll show you how to use these workflows to automate your payment process, send timely notifications to customers, and track your payments in real time.

So whether you’re just getting started with HubSpot Payments or you’re looking for ways to improve your existing payment process, this blog post is for you.

Understanding Payment Workflows

Payment workflows automate and optimize payment processes, improving efficiency, customer experience, and financial reporting.

HubSpot’s tools enable invoice creation, payment tracking, automated reminders, and seamless integration with payment gateways. Simplify your financial operations and enhance customer satisfaction with HubSpot payments workflows.

How to Set up Workflows for HubSpot Payments

Creating payment workflows in HubSpot isn’t a puzzling task. You just need to navigate to Automation > Workflows in your HubSpot CRM.

There you can click on the Create workflow button to start building your HubSpot workflow. You just need to select the right payment-specific triggers, conditions and action to set up workflows for HubSpot payments.

But what kind of payment workflows should you have?

Let’s look at it.

4 HubSpot Payments Workflows for Every Business

Let’s see some amazing workflows for HubSpot payments every business should have.

1. Payment Reminders and Notifications

The Payment Reminder workflow automates and streamlines collections by sending timely reminders to customers with outstanding invoices.

This workflow offers several advantages: improving cash flow by encouraging prompt payments, saving time and resources by automating follow-ups, enhancing customer satisfaction through clear communication, reducing administrative errors, and allowing customization for personalized reminders.

By leveraging HubSpot’s payment reminder workflow, businesses can optimize their collections process, improve cash flow, save time, maintain strong customer relationships, and minimize errors. Ensure efficient collections and a healthy cash flow with this valuable workflow.

Reports found that 59% of overdue invoices need three or more follow ups to settle. And you cannot just sit on your desk and bother your customers again and again with reminder mails. Hence, it’s good to set up a payment reminder workflow to do this automatically.

This is how this payment reminder workflow will look like in reality:

Here’s a quick explanation for the workflow,

1. The workflow will trigger whenever a deal moves to the “Closed Won” stage meaning that the deal was successfully closed.
2. After it triggers, it waits for 27 days to send a payment reminder. You can change this delay time accordingly.
3. After the set time, a payment reminder email will be sent to the customer.
4. Once the reminder is sent, it will automatically check if the customer made the payment. If the payment was made, it will send a thank you mail else resend the reminder.

2. Recurring Payments

The Recurring Payments workflow automates subscription billing, ensuring stable revenue streams for businesses.

According to reports, 39% of the consumers pay their recurring bills using automatic payment solutions. This shows that you can convert almost half of the consumers with your recurring payments. And the rest of the users could be your potential customers.

Benefits of this HubSpot payments workflow include streamlined billing processes, predictable cash flow, enhanced customer experience, time and resource savings, and reduced errors. Automating recurring payments simplifies invoicing, improves accuracy, and eliminates manual effort.

Businesses can rely on a consistent revenue stream while providing customers with a seamless payment experience.

With HubSpot’s recurring payments workflow, businesses can optimize subscription billing, improve revenue stability, save time and resources, and enhance customer satisfaction. Simplify your billing processes and ensure revenue stability with this valuable workflow.

Here’s how this recurring payment workflow will look like in reality:

Here’s a quick explanation for this workflow,

1. The workflow will trigger whenever a deal goes into the “Closed Won” stage or successfully closed.
2. After triggering, it will send a subscription renewal email after a delay of 27 days.

3. Payment Reconciliation

The payment reconciliation workflow automates and streamlines payment matching, improving financial accuracy and efficiency.

Benefits include enhanced accuracy, time and resource savings, improved efficiency, minimized errors and discrepancies, and better insights and reporting. Automating payment reconciliation reduces manual effort, ensures accurate financial records, and enables timely issue resolution. Businesses can make informed decisions based on reliable financial data.

With HubSpot’s payment reconciliation workflow, businesses can streamline financial operations, improve accuracy, save time and resources, and gain valuable insights into their financial performance. Simplify payment reconciliation for efficient financial management.

Here’s how this workflow would look like in reality,

Here’s a quick explanation for this workflow,

1. The workflow triggers with a successful payment where it checks multiple data points like transactional data, payment gateway data, etc.
2. Once the checks are done, the workflow goes forward and generates raw data based on its previous analysis.
3. Then it merges the report into one report and proceeds to find any discrepancies in the amount.
4. If no discrepancies are there, the workflow comes to the end, else it finds the root causes for discrepancies, fixes them and comes to the end.

4. Payment confirmation email

The payment confirmation email automates the process of notifying customers about successful payments. Such a workflow improves customer satisfaction, brand reinforcement, cross-selling opportunities, and streamlined customer support.

According to reports, 64% of the companies are willing to use e-invoices in the future. And obviously they’ll use emails to deliver them.

But manually sending these invoices would be exhausting. Therefore, setting up payment workflows to deliver these virtual bills is more convenient.

Personalized emails provide reassurance and transparency, reducing manual effort and errors. Customizable templates enable brand consistency and engagement. Businesses can leverage payment confirmation emails to upsell and provide post-payment support.

With HubSpot’s payment confirmation Email workflow, businesses can enhance customer satisfaction, improve communication, reinforce branding, and drive engagement. Streamline your payment confirmation process for a seamless customer experience.

Here’s a quick explanation of this payment confirmation workflow:

1. The workflow triggers if the deal moves into the “Closed won” or the successful stage.
2. After it triggers, it sends the payment confirmation email to let the customer know that their payment was successful.

Advantages of using payment automation workflows for business

Here are four advantages of using payment automation workflows for business:

1. Enhanced Efficiency and Time Savings

Payment automation workflows eliminate the need for manual data entry, repetitive tasks, and paper-based processes.

By automating invoice generation, payment reminders, payment processing, and reconciliation, businesses can significantly reduce the time and effort spent on managing payments.

This frees up resources and allows employees to focus on more value-added tasks, improving overall operational efficiency.

2. Improved Accuracy and Reduced Errors

Manual payment processes are prone to errors, such as data entry mistakes, incorrect calculations, or missed payment deadlines.

Payment automation workflows minimize these errors by leveraging predefined rules and automated processes. The system ensures that invoices are generated accurately, payment reminders are sent promptly, and payments are matched with invoices correctly.

This reduces the risk of financial discrepancies and improves the accuracy of financial records.

3. Streamlined Cash Flow Management

Payment automation workflows provide real-time visibility into the status of invoices, pending payments, and cash inflows.

By automating payment reminders and follow-ups, businesses can improve their collections process and expedite payment receipts.

This helps in optimizing cash flow management, ensuring that there are fewer delays in receiving payments and enabling better planning for expenses, investments, and growth initiatives.

4. Enhanced Customer and Vendor Relationships

Payment automation workflows contribute to a smoother payment experience for both customers and vendors.

By automating invoice delivery, offering online payment options, and providing timely payment receipts, businesses can improve customer satisfaction and build stronger relationships.

Additionally, streamlined vendor payment processes enhance relationships by ensuring timely and accurate payments, reducing payment-related queries or disputes, and promoting trust and reliability in business partnerships.

How MakeWebBetter helps you with HubSpot payments?

MakeWebBetter is the home to one of the best HubSpot payments integration called FormPay.

This app converts your HubSpot forms into payment forms so you can start collecting payments with them.

Why is this the best HubSpot payment integration?

The answer is its support for the wide range of payment methods. At the time of writing this post, this integration comes with the support of 7 popular payment gateways. The list includes gateways like:

• Stripe
• PayPal
• Amazon Pay
• Authorize.net
• Razorpay and more.

Apart from these popular payment gateways, this HubSpot payment integration is also compatible with e-wallets like Apple Pay, Google Pay and LinkPay.

Some of the key features of this HubSpot payment integration are:

• Create HubSpot payment forms to collect one-time/recurring payments and donations
• Offers HubSpot deal integration to create deals on each transaction with the HubSpot payment form
• In-depth reports for transactions and HubSpot payment form submissions
• HubSpot CRM card integration to track payments made by a contact
• Build product-specific forms to sell a product using HubSpot payment forms
• Tax calculation on HubSpot payment forms and so much more

And the best of all is that FormPay costs you nothing. You can try it for free for 7 days. If you like the app, you can pay a mere $25/month to keep using it. That’s the price of a lunch.

Conclusion

Implementing the right payment workflows is crucial for businesses to streamline their financial operations and enhance customer experiences.

HubSpot offers a suite of powerful payment workflows that automate invoice creation, payment tracking, reminders, and seamless integration with payment gateways. By leveraging these four HubSpot payment workflows, businesses can optimize their payment processes, improve efficiency, and drive customer satisfaction.

Don’t miss out on the opportunity to transform your business’s payment procedures with HubSpot’s essential payment workflows.