HubSpot Payments vs. QuickBooks Payments: Which Payment Processing Solution is Right for You?

Introduction

When it comes to payment processing solutions, small businesses have a plethora of options available, and two prominent contenders are HubSpot Payments and QuickBooks Payments. As an experienced consultant in the small business software industry, I often engage with clients trying to choose the best solution tailored to their unique business needs. In this blog post, we'll delve into the details of both services, highlighting their strengths, weaknesses, and how they may fit into your operational framework while saving you time and money.

HubSpot Payments

HubSpot Payments is a native payment processing tool integrated seamlessly into HubSpot's renowned CRM platform. It is designed to streamline expenses through features that facilitate an efficient quote-to-cash cycle:

• Payment Links: Create shareable links for one-time or recurring payments, which can be conveniently embedded in emails, websites, or chat systems.
• Recurring Payments: Set up automated ongoing payments for subscriptions and retainers right within HubSpot.
• Native Quotes Integration: Make immediate payments upon acceptance of quotes, which significantly reduces the sales cycle time and improves cash flow.

As of November 2023, HubSpot Payments charges a competitive 2.9% transaction fee for credit card payments and a modest 0.5% fee for ACH transactions, capped at $10. However, it's essential to note that 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 excels in integration and usability, it does have certain limitations:

• Only available 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, on the other hand, is intrinsically linked with QuickBooks accounting software. It brings to the table a variety of features designed to simplify financial management:

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

Benefits of Integrating HubSpot and QuickBooks

The integration capabilities between HubSpot and QuickBooks Online bring numerous benefits, including:

• Automated Financial Sync: Effortlessly integrate QuickBooks financial data with HubSpot for real-time insights that can drive better decision-making.
• Invoice Tracking: Keep an easy watch on QuickBooks invoices and payments right within HubSpot, providing you with a complete overview of your financial operations.
• Streamlined Revenue Operations: Leverage QuickBooks data in HubSpot to enhance revenue management processes and forecasting accuracy.

Comparative Overview

When choosing between HubSpot Payments and QuickBooks Payments, here are some critical factors to consider:

• Integration and Workflow: If your business primarily uses HubSpot's CRM, HubSpot Payments could provide a cohesive, all-in-one payment processing solution. Conversely, if your operations lean more towards QuickBooks, then opting for QuickBooks Payments, potentially coupled with HubSpot integration, will give you a well-rounded 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 appeal, making it suitable for businesses operating cross-border.

Conclusion

In conclusion, the decision between HubSpot Payments and QuickBooks Payments ultimately hinges on your unique business needs, workflows, and the geographical markets you operate in. By carefully evaluating the integration capabilities, customization options, and fee structures of each, you'll be well-equipped to choose the most effective solution that saves you time and money, empowering your business to grow. Whatever your choice may be, integrating a solid payment processing solution can lead to enhanced efficiency and ultimately, a more profitable operation.