An Overview of HubSpot Commerce Hub. How will it be beneficial for businesses? What is the scope of growth for the commerce hub?
HubSpot Commerce Hub was launched in September 2023 at HubSpot’s annual conference – Inbound 2023. In this article, we will discuss the whole kit and caboodle of HubSpot Commerce Hub.
What is HubSpot Commerce Hub?
HubSpot Commerce Hub is an easy-to-use business commerce suite for B2B organizations. It launched in September 2023, only available for US businesses in its initial days. HubSpot is planning to roll it strategically to other countries as well. HubSpot Commerce Hub helps streamline your opportunity-to-revenue process, enabling you to get paid faster, resulting in increased revenue and time-saving.
It is a repackaging of HubSpot’s existing features, along with the introduction of new ones. Commerce Hub offers a great way for businesses to streamline their CPQ (configure, price, quote), invoice, and payment processing for a frictionless revenue experience.
What are the features of HubSpot Commerce Hub?
HubSpot Commerce Hub offers a variety of tools to help businesses track and manage their revenue, including the ability to send one-time and recurring payment links, create invoices, manage subscriptions, and process B2B payments. Businesses can choose to use HubSpot’s payment processor or integrate with Stripe. HubSpot also integrates with QuickBooks Online, making it easy to sync invoice, customer, and product data. HubSpot Commerce Hub features are:
- One-time and recurring payment links
- Subscription management
- B2B checkout
- Product Library
- Payment Gateway Selection – HubSpot Payment Gateway or Use Your Stripe Account
- QuickBooks Online integration (syncs invoice, customer, and product data)
- Export Payments and Payouts to CSV
How to get access to HubSpot Commerce Hub?
HubSpot Commerce Hub is available to all US-based customers at the free and above tier. They are planning to launch it globally, and for this, they have created a waiting list and asking customers to join. They will offer a 1% additional discount for 90 days on the platform fee for waitlisted customers.
What is the Pricing for HubSpot Commerce Hub?
HubSpot’s Commerce Hub is available to all US-based customers at the free and above tier. Commerce Hub uses a pay-as-you-go pricing model, so you only pay for the transactions you collect through the platform. You won’t be charged a monthly subscription fee.
Your fees will vary depending on which payment processor you use. If you use HubSpot payments, you’ll pay a fee of 2.9% of all credit card transactions and 1%, capped at $10, of ACH payments. If you use the Stripe integration, you’ll pay a platform fee of 1% per transaction plus the processing fee you have agreed to with Stripe.
Scope of Commerce Hub
HubSpot has launched this product as an entry point of commerce software which will carry a lot of feature modification and launch new features to build this platform as a strong commerce software solution targeting B2B businesses. It will be available for both types of companies – product and service-based. There are many solutions available in the market for product-based companies, but with HubSpot Commerce Hub, Service-based companies will take a deep breath as this will solve a lot of challenges for these companies.
Commerce Hub is a powerful tool, but it can be tricky to set up and use effectively. If you are unsure where to begin with implementing and leveraging Commerce Hub, you have come to the right place. NIDISH, a HubSpot Solution Partner can help you implement and leverage Commerce Hub to streamline your sales process and deliver a great customer experience. We’ll also provide you with templates, integrations, and comprehensive training for your team, so you can use HubSpot Commerce Hub like a pro.
With NIDISH on your side, you can be confident that you are getting the most out of Commerce Hub and providing your customers with the best possible experience.