HubSpot's Commerce Hub: Turning Opportunity Into Revenue

What Is It?

HubSpot's Commerce Hub allows you to streamline your opportunity-to-revenue process to get paid faster, increase revenue, and save time. It brings together all the tools you need to bill customers, collect revenue, and report on that revenue. Commerce Hub is structured differently than the other hubs. There is no base cost and no tier system. Instead, users are to pay fees on transactions through HubSpot. If you use another payment processor, you would continue to pay their fees. This innovative approach eliminates the upfront costs typically associated with comprehensive business tools while offering scalability that aligns with your company's growth. Commerce Hub seamlessly integrates with your existing CRM setup, ensuring that all financial interactions are fully synchronized with customer data, enhancing accuracy and customer satisfaction. This integration enables businesses to simplify the financial aspects of their business operations.

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Key Features

Invoicing

Commerce Hub integrates invoicing capabilities within HubSpot, removing the necessity for third-party invoicing tools. This integration speeds up the creation and delivery of invoices, reducing the process from days to minutes using a unified platform.

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Invoice Management

Within the CRM, users can conveniently oversee and monitor their invoiced transactions. This feature provides detailed insights into invoice contents, associated records, and payment statuses.

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Automations

Commerce Hub offers the ability to automate repetitive invoicing tasks. Users can configure workflows that, for example, automatically send reminders for overdue invoices, streamlining the process and reducing manual effort.

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Payment Links

The platform supports the generation of payment links that customers can use to easily settle invoices, especially suited for smaller, direct transactions. Currently, this feature is available exclusively in the US for organizations with a US bank account and a paid HubSpot subscription, with potential future expansion to other regions.

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Subscription Management

Users can manage customer subscriptions directly within HubSpot, adjusting payment methods, billing cycles, and other relevant subscription parameters effortlessly.

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Quote Creation

Commerce Hub enables users to craft professional, aesthetically pleasing quotes within HubSpot. These quotes can facilitate a smoother transition from agreement to revenue and are capable of being digitally signed by customers.

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Reporting

The platform features a revenue dashboard that merges payment and commerce statistics with CRM insights. It allows users to analyze various revenue metrics such as sales performance by representative, top products, accounts receivable, and overdue balances, with options to manage receivables directly from the interface.

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Integration Options

Commerce Hub offers various integration possibilities with external financial systems like QuickBooks and payment processors such as Stripe, enhancing the flexibility and efficiency of financial management.

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Use Case

Ronbow is a California-based company with the mission of creating tailored kitchens reflecting the style and personality of every home. Before Commerce Hub, Ronbow’s sales process was complicated. Their sales team used HubSpot’s Sales Hub to track the customer and the deal. They also used Square to process and invoice each transaction, as well as NetSuite for accounting. Ronbow had to enter the same set of information in three different places, making the process a lot longer than it needed to be. Manual data entry inflated operation time and opened the company up to potential mistakes. When a customer sees errors on their invoice, that damages trust. Recognizing this, Ronbow then started using the HubSpot payments (along with other tools) to completely transform their marketing and sales alignment. This resulted in a more cohesive and efficent funnel from lead generation to closing sales. Now, Ronbow spends 40% less time on manual tasks such as data entry, creating quotes, and invoicing.

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Conclusion

In summary, Commerce Hub is a comprehensive solution that transforms the complexity of financial transactions into a streamlined, efficient process that propels businesses forward. By eliminating the need for multiple platforms and reducing the incidence of errors through automation and integration, Commerce Hub allows businesses like Ronbow to focus on growth and customer engagement without the burden of cumbersome financial processes. With its transaction-based fee structure, the platform is accessible for businesses of all sizes, ensuring that every organization can leverage its powerful features to turn opportunities into revenue. Whether you're looking to enhance financial accuracy, increase operational efficiency, or drive revenue growth, Commerce Hub provides the necessary tools to achieve these goals effectively and seamlessly.

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Ready To Get Started

Looking to transform your revenue management? Need help utilizing HubSpot to enhance your business processes? Contact us today! Here at Demand Machine, our team specializes in helping businesses like yours thrive with HubSpot.