topic Re: Tracking payment status on Deals with fields / stages in Tips, Tricks & Best Practices

Tracking payment status on Deals with fields / stages

billv — Thu, 02 Mar 2023 17:02:35 GMT

Our deals require an initial deposit to be made at signing. No delivery work would move forward without payment.

How do Hubspot Payments or the Stripe integration track the payment status on deals? Is there a status field that they update?

If I wanted to track my own external payment status (for example, trigger an email with payment link when Deal is "Closed Won"), it looks easy enough to update a field.

Are there pros/cons to using a final stage after "Contract Signed" like "Initial Payment Made" for the deal instead of a status field?

Re: Tracking payment status on Deals with fields / stages

kvlschaefer — Fri, 03 Mar 2023 13:21:58 GMT

Hi @billv,

Thanks for reaching out to the Community!

These are great questions 🙂

I would like to invite our subject matter experts to see if they have insight.

Hi @danmoyle, @bendonahower, @JackCoopersmith - Do you have any payments and sales best practices recommendations for @billv?

Thank you!

Best,

Kristen

Re: Tracking payment status on Deals with fields / stages

bendonahower — Fri, 03 Mar 2023 18:31:16 GMT

If you're using HubSpot payments you could create a WF to notify you of the payment / that you can begin work for the client.

Pro/con on the additional deal stage is whether you want to track the conversion rate between it and the pre/proceeding stages or not. You could likely automate moving the deal to this stage using a workflow, so it's relatively easily managed.

Re: Tracking payment status on Deals with fields / stages

danmoyle — Mon, 06 Mar 2023 14:38:56 GMT

+1 for @bendonahower's thought here, @billv. HubSpot Payments have properties which can then drive Deal stage movement.

Re: Tracking payment status on Deals with fields / stages

JackCoopersmith — Mon, 06 Mar 2023 15:37:40 GMT

+1 to everything mentioned here! We also are currently launching a functionality that will allow for you to create payment links in just 4 clicks directly from a contact/company/deal record and the payment records created from that deal will automatically associate with the record from which the link was created, and that should help with the automation piece should you want to go that route (go ahead and DM me your Hub ID if you'd like early access 😉)

Of course if you use quotes, you can use the quote status "paid" in workflows to move deals/set deal statuses as well

Re: Tracking payment status on Deals with fields / stages

danmoyle — Mon, 06 Mar 2023 15:57:58 GMT

👏 🎉 woohoo! @JackCoopersmith is my hero!

Re: Tracking payment status on Deals with fields / stages

billv — Mon, 06 Mar 2023 20:11:49 GMT

Definitely interested in testing that. Sending a DM.

One reason to choose an external flow is that we have control over displaying ACH-only or ACH / Credit Card payment options (and even charging a processing fee). I don't think the current HS payments has all that functionality right now.

The good news is that it sounds like I can still achieve automation of the payment link email, and tracking in HS even if I go with an external payment option.

Re: Tracking payment status on Deals with fields / stages

JackCoopersmith — Mon, 06 Mar 2023 20:18:29 GMT

So @billv you can indeed choose to enable cards, ACH or both with HubSpot payments... is that what you're referring to? Just want to make sure, I'd of course be remiss if I didn't speak to our tools 🙂

Re: Tracking payment status on Deals with fields / stages

billv — Mon, 06 Mar 2023 20:21:15 GMT

I meant that we currently control whether card payment is allowed at all or if there is a processing fee associated with card payment but not ACH. We are also using the latest Stripe option for Direct Debit (so no waiting on microtransactions).

Re: Tracking payment status on Deals with fields / stages

AlongTS — Thu, 05 Oct 2023 23:41:35 GMT

We are also using Stripe Hosted Checkout for payments, and need to integrate it with Hubspot to add new customers and record revenue passed from Stripe. My question is around triggering automations to update Hubspot fields upon a paid plan being purchased.

@JackCoopersmith what's possible with the Stripe <> Hubspot integration?
Ideally I want to:

1. Create a Deal when a customer creates a free trial

2. Send the amount of revenue to the Deal when the trial converts to paid

3. Mark the Deal as Closed Won

4. Change the Company type from Prospect > Customer

Re: Tracking payment status on Deals with fields / stages

JackCoopersmith — Wed, 11 Oct 2023 22:44:30 GMT

Hope all is well @AlongTS ! Great question, I'd say we can do this quite simply with our new Stripe payment processing option with Commerce Hub.

Taking a quick step back, our commerce data is represented by three CRM objects:

Payment object which represents a transaction
Subscription object which represents a recurring payment
Invoice object which represents a record of payment (as well as a payable channel)

These are objects from a UI perspective (index pages, associations on the right sidebar) but it also allows you to capitalize on the power of HubSpot - think subscription/payment/invoice-based workflows, custom reporting and using that data in list segmentation.

Going through your list though:

1. Create a Deal when a customer creates a free trial
You can schedule subscriptions, if you do this you can create a subscription based workflow, status=scheduled > create deal (you may want to rethink your usage of deals in light of commerce objects though, just sayin)

2. Send the amount of revenue to the Deal when the trial converts to paid
You can copy that info over if you'd like with workflows

3. Mark the Deal as Closed Won
Also doable with workflows. Also payment links can create deals and put them in the stage/pipeline of your choosing so all of this may be unnecessary

4. Change the Company type from Prospect > Customer
Workflows for sure