What is it?
Commerce Hub users can now have invoices automatically created for the payment schedules on their Quotes.
Why does it matter?
For companies selling project-based work, it’s common to ask customers to make an initial payment towards the promised work and collect remaining payments later at a specific date or milestone.
These initial payments could cover the initial costs of providing the work (e.g. 50% down for a website build to secure the dev resources) or indicate the buyer is serious about their contract (e.g. a 1k non-refundable deposit). The remaining installments are collected as needed based on the contract. Payment schedules enable companies to de-risk their business and ensure more stable cashflow for project based work.
How does it work?
Payment Schedules is a feature of Quotes available to Commerce Hub Customers.
Users can create Payment Schedules in the “Line Items” section of the Quote builder, select HubSpot Payments or Stripe to process in the “Signature & Payments” section, and any installments can be paid between the Quote and subsequent invoices.
When the user publishes the Quote, a buyer will see that the Payment button says “Make first payment [First Payment Amount]”, which will open a checkout page for the first payment.
Once a buyer pays for the initial installment, invoices are automatically created for each of the remaining installments. These invoices can be edited, finalized, and sent to buyers as needed. Customers can use Invoice dates to track collections and automate their internal billing process. This removes manual work from the Quote to Billing process so businesses can focus on the work that really matters.
Who gets it?
Commerce Hub