HubSpot Payments vs. QuickBooks Payments: Choosing Your Ideal Payment Processing Solution

Introduction

Small businesses have numerous options for payment processing solutions. Two prominent choices are HubSpot Payments and QuickBooks Payments. This post examines both services, highlighting their features, limitations, and how they integrate with other tools to help you determine the best fit for your business.

HubSpot Payments

HubSpot Payments is a payment processing tool integrated within HubSpot's CRM platform. It offers features designed to streamline the payment process:

• Payment Links: Create shareable links for one-time or recurring payments, usable in emails, websites, or chat systems.
• Recurring Payments: Set up automated ongoing payments for subscriptions and retainers directly within HubSpot.
• Native Quotes Integration: Enable customers to make immediate payments upon accepting a quote, reducing the sales cycle time and improving cash flow.

As of November 2023, HubSpot Payments charges a 2.9% transaction fee for credit card payments and a 0.5% fee for ACH transactions, capped at $10. Effective June 20, 2024, the ACH fee will increase to 0.8%, with the same cap. Additionally, a platform fee of 0.5% per transaction applies after an initial 60-day waiver.

Limitations of HubSpot Payments

While HubSpot Payments offers seamless integration and ease of use, it has certain limitations:

• Available only to businesses within the United States with a U.S. bank account.
• No support for third-party payment processors such as PayPal.
• Lacks a customer portal for clients to manage their payments independently.
• Offers minimal customization options for payment links and checkout pages.
• Absence of one-click upsells or support for product variants.

QuickBooks Payments

QuickBooks Payments is closely integrated with QuickBooks accounting software, providing features that simplify financial management:

• Automated Invoice Creation: Generate and send invoices directly from QuickBooks, including options for recurring billing.
• Payment Processing: Accept credit and debit card payments as well as ACH transfers, with quick deposits to your bank account.
• Integration with HubSpot: Synchronize customer data and sales information between HubSpot and QuickBooks, ensuring consistency in financial management.

Benefits of Integrating HubSpot and QuickBooks

Connecting HubSpot and QuickBooks Online offers several advantages:

• Automated Financial Sync: Integrate QuickBooks financial data into HubSpot for real-time insights that aid in decision-making.
• Invoice Tracking: Monitor QuickBooks invoices and payments directly in HubSpot for a comprehensive view of your finances.
• Streamlined Revenue Operations: Use QuickBooks data in HubSpot to enhance revenue management processes and improve forecasting accuracy.

Comparative Overview

When deciding between HubSpot Payments and QuickBooks Payments, consider these factors:

• Integration and Workflow: If your business primarily uses HubSpot's CRM, HubSpot Payments may provide a cohesive, all-in-one payment processing solution. Conversely, if your operations are centered around QuickBooks, QuickBooks Payments, potentially coupled with HubSpot integration, can offer a comprehensive financial management experience.
• Customization and Flexibility: QuickBooks Payments generally allows for more flexibility and customization in payment processing compared to HubSpot Payments.
• Geographical Considerations: HubSpot Payments is restricted to U.S. businesses, while QuickBooks Payments has a more international reach, making it suitable for businesses operating cross-border.

Enhancing Integration with Slipstream

To further streamline your invoicing process, consider integrating your CRM with QuickBooks using Slipstream. Slipstream automates invoice creation in QuickBooks as soon as deals close in your CRM, reducing manual data entry and minimizing errors. Key features include:

• CRM Optimization Review: Ensure your CRM is set up for optimal integration.
• Custom Property Mapping: Tailor the integration to fit your specific business needs.
• Multi-Invoice Processing: Support for complex invoicing requirements, such as different revenue recognition schedules or billing cycles.

Slipstream supports various CRMs, including HubSpot and Pipedrive, and offers transparent pricing plans to suit different business sizes and needs. By automating the invoicing process, Slipstream allows you to focus more on growing your business and less on administrative tasks.

Conclusion

Choosing between HubSpot Payments and QuickBooks Payments depends on your business's specific needs, workflows, and geographical considerations. Evaluating each option's integration capabilities, customization options, and fee structures will help you make an informed decision. Additionally, integrating tools like Slipstream can further enhance your payment processing efficiency, leading to a more streamlined and profitable operation.