Why CRM Payment Integration is a Must for Your Business

Not only does CRM help you keep track of your customers and their interactions with your business, but it also allows you to streamline your sales and marketing efforts.

But even the most robust CRM system can fall short if it doesn't have payment integration capabilities. In this blog post, we'll explore the downsides of not having payment integrations in your CRM and why you should consider adding them to your current system.

What is CRM Payment Integration?

CRM Payment Integration refers to the integration of a payment gateway into a customer relationship management (CRM) system. This allows businesses to manage and process customer payments directly from within the CRM system, rather than having to use a separate payment processing platform.

There are many popular companies that offer CRM payment integration. Some examples include:

Salesforce: Salesforce is a popular CRM platform that offers a variety of payment integration options through its AppExchange marketplace.
Zoho: Zoho CRM also offers a variety of payment integration options through its Zoho Marketplace.
Infusionsoft: Infusionsoft is another popular CRM platform that offers payment integration options for businesses.
Dynamics 365: Dynamics 365 is a CRM platform from Microsoft that integrates with popular payment gateways such as Stripe, PayPal, and Square.
HubSpot: Hubspot is a well-known marketing, sales, and service CRM platform that also offers payment integration through its App marketplace.

Without a CRM system with payment integration, your business may experience challenges, such as:

Inefficient Payment Processing

One of the biggest downsides of not having payment integration in your CRM is the lack of efficiency in payment processing. Without this feature, your sales team has to manually enter payment information into a separate system, which not only takes up valuable time but also increases the risk of errors.

With payment integration, your CRM system can automatically process payments, eliminating the need for manual entry and reducing the risk of errors. This means your sales team can spend more time focusing on selling and less time on administrative tasks.

Limited Data Visibility

Another downside of not having payment integration in your CRM is the limited visibility you have into your customers' purchasing behavior. Without this feature, you may not be able to track which products or services are selling well, which may limit your ability to make informed business decisions.

With payment integration, your CRM system can provide you with detailed information about your customers' purchasing behavior, including which products or services are most popular and which ones are not selling well. This information can help you make data-driven decisions that can drive your business forward.

Difficulty in Keeping Track of Invoices and Payment Status

Manually tracking invoices and payment status can be a time-consuming and error-prone task. Without payment integration in your CRM, it can be difficult to keep track of which customers have paid and which ones have not.

If the business doesn’t know who hasn’t paid, they might not be able to do proper follow-ups and set up auto-campaigns. They might also fail to disconnect the access of users whose payments failed to come through or who have stopped paying.

With payment integration, your CRM system can automatically update the invoice and payment status, making it easy to see which customers have paid and which ones have not. This can help you follow up with customers who have not paid and ensure that you get paid on time.

Missed Opportunities for Upselling and Cross-selling

Without payment integration in your CRM, it can be difficult to identify opportunities for upselling and cross-selling to your customers. This can limit your ability to drive additional revenue and grow your business.

With payment integration, your CRM system can provide you with detailed information about your customers' purchasing behavior, which can help you identify opportunities for upselling and cross-selling. For example, if a customer has recently purchased a product or service, you may be able to upsell them on a complementary product or service.

Difficulty in Managing Subscriptions

If you offer subscription-based products or services, it can be difficult to manage and track payments without payment integration in your CRM. Without this feature, you may have to manually track when payments are due and follow up with customers who have not paid.

With payment integration, your CRM system can automatically manage and track subscription payments, making it easy to see which customers have paid and which ones have not. This can help you follow up with customers who have not paid and ensure that you get paid on time.

What Can a CRM Payment Integration Do?

A CRM with payment integration can provide a variety of benefits for your business, including:

Improved data analysis: Payment integration allows for the collection of detailed data on customer purchasing behavior, which can be used for advanced analytics and reporting. This can help you identify patterns, trends, and opportunities for growth.
Personalized marketing: Payment integration in a CRM can also provide opportunities for targeted marketing and promotions based on purchase history and behavior. This can help you boost sales and customer loyalty and increase your overall revenue.
No manual inputs: Since you already have access to customer information in the CRM, no manual input of payment-related information is needed on payment pages.
Complete visibility: with payment integration, CRM users can have full visibility of the entire customer journey, including payment.
Faster collection: with automated inputs, complete visibility, and improved data tracking, companies can collect cash faster. There’s no need to remind or chase customers for their missed payments.

Having payment integration in your CRM can significantly improve the capabilities of your CRM system and help you streamline your sales and marketing efforts. It can help to reduce administrative tasks, improve customer experience, and drive more revenue for your business.

What’s Wrong with Today’s CRM Systems

Despite their obvious benefits, not many CRM systems today have robust payment integration features. CRM companies that do support payment integration are still most often focused on invoices and not self-check-out users, for example.

Some of the reasons why these companies don’t have more robust payment integration features:

Technical Limitations: Developing payment integration capabilities can be technically complex and requires specialized knowledge and expertise. Some CRM companies may not have the resources or expertise to develop and implement these capabilities. This can include challenges such as integrating with various payment gateways and processors, implementing security protocols to protect sensitive financial data, and complying with laws and regulations related to data privacy and security.
Focus on Core CRM Functionality: Many CRM companies prioritize developing and improving core CRM functionality such as contact management, sales automation, and marketing automation. As a result, they may not prioritize developing payment integration capabilities. In this case, CRM companies might focus on their core functionality and leave the integration to specialized payment processors.
Lack of Demand: Some CRM companies may not see a significant demand for payment integration capabilities from their customers and therefore choose not to invest in developing this functionality. This could be due to their target market, industry, or country, where the demand for this type of integration is low.
Compliance and Security: Payment integration involves handling sensitive financial data, and CRM companies may not want to take on the added responsibility of complying with various regulations and laws such as PCI DSS, GDPR, HIPAA, and others. The cost and effort of compliance and security can be a deterrent for some CRM companies.

Integration with Other Payment Processors: Integrating with other payment processors may have a cost implication and may not be easy to do, some CRM companies prefer to focus on their core competencies and leave the integration to specialized payment processors. This can include the cost of integration, testing, and maintaining the integration.

How DepositFix Can Help

As a robust HubSpot payment integration platform, DepositFix helps businesses that want to benefit from payment integrations. It offers a variety of features that can streamline your payment processing and improve your CRM system’s efficiency.

DepositFix can synchronize Stripe and PayPal transactions to HubSpot fields. You can also generate HubSpot timeline events. Single payments and subscriptions are also available. Other features include:

Custom form styling
One-click upsell
Auto sale tax
Integration with HubSpot deals
HubSpot CRM extension
HubSpot workflow actions

And more. Overall, DepositFix allows deep payment integrations with various CRM systems with powerful features for companies that need visibility to payments.