Leveraging Payment’s “Status” Property

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HubSpot Payments is a powerful tool that enables you to accept payments natively inside of HubSpot. Are you getting the most out of this new product? In this article we will be covering how to effectively leverage the “Status” property for payments. 

When a one-time transaction occurs, HubSpot will automatically create a payment record and associate it with the relevant contact, company, subscription, and deal record. Your payment records will appear in the table on the index page. The latest status of a payment is captured in a property called “Status”, with these predefined values:

• Processing: it can take two to three days to debit a buyer's bank account for a payment made via ACH, during which time the status will appear as Processing. When the payment is processed, the status will either change to Succeeded or Failed. 
• Succeeded: the payment was successfully collected from the buyer.
• Failed: the buyer's payment method wasn't successfully charged. This status only applies to payments made via ACH or subscription payments. 
• Partially refunded: the payment was refunded for an amount less than what the buyer originally paid.
• Refunded: the total amount of the original payment was refunded. 
• Processing refund: a refund request was submitted. Refunds for payments made via ACH can take five to ten business days to process. 

What makes this property so useful? Workflows, reporting, lists, custom filters and transparency to name a few things!

Workflows:

Utilizing the payment “Status” property, you can create workflows like:

• Trigger internal notifications for failed payments
• Create follow up tasks for successful payments
• Set custom property value once payment was successful
• Subscriptions created using the ACH payment method become active as soon as the payment is submitted (with a processing status), but might fail in the future. Automate to get notified when a payment on a subscription fails.

For help with creating workflows, check out the Knowledge Base or reach out to HubSpot Support.

Reporting: 

Report on what matters to your business:

• Total amount collected from payments in past x days
• Contacts with failed payments
• Companies that have been refunded
• Total deal amount collected

Lists:

Imagine being able to segment customers into lists based on the products they have bought, or when the link/ quote they have is paid. Using these lists, you can send smart content to those customers to better customize their experience.

Custom Views:

Similar to custom views with Contacts, Companies, Deals, Calls etc. you can also create custom views on the index page to quickly show information that matters to your team and save them for recurring use. Create that view for all failed payments for your finance team to take action upon or view all payments that have been collected in your previous quarter for your sales team.

Transparency:

Quickly viewing the status of a payment from an associated record can be easily done by navigating to the payment object on the right hand side of the screen like you would with associated contacts, deals, companies etc.

Once a payment has been processed you can view detailed reports on the transaction for reconciliation purposes. These auto generated reports can be found in the Payment settings page under “download reports” in the top right hand corner.

Final Thoughts:

Let us know how you’re using the Payment Status in your business in the comments section below! Want to see that shiny new feature in-app? Write about it in our Ideas Forum here. Have any tricky technical questions or want to better understand what HubSpot Payments is? Check out our payments knowledge base articles or reach out for support here.