HubSpot Stripe Integration In Subscription Management Software

Since 2019, subscription businesses have witnessed a sudden growth, estimated it is 91%. And, the most noteworthy thing reported by subscription service or boxes providers is, 90% of purchases are made by international consumers. This allows recurring billing and recurring payment collection businesses to scale into regions that have the potential of ROI. However, to do so, you need to take into account the concern of online shoppers into account, ranging from native currency payment preference of 90% prefer paying in native currency and 72% consumer too who prefer websites or services in the native language. This posed a challenge for a subscription business to understand customers on a horizontal level throughout their customer journey than focusing on vertical customer growth from lead to paying customer. This is only possible when subscription management software is integrated with the right tools that combine the information on customers collected from every touchpoint to a single system accessible by everyone.

To address the challenges faced by the subscription businesses, we have drafted this article in two phases, the first part address the concerns raised by the subscription business with invoicing and marketing. The second part provides a detailed explanation of Stripe HubSpot integration with SubscriptionFlow, the benefits it offers, and ways the integration complements each other.

Invoicing & Marketing Challenges Faced by Subscription Businesses

1. Native Payment Collection, Lack of Multiple Currencies & Payment Methods

While expanding globally, the first challenge that every business face is reviving their payment collection and billing process to ensure the customer can understand the process and shop again. This is essential for subscription business for two reasons, first, customer has to be billed on a recurring basis against the subscription service they have subscriber or subscription boxes availed, hence the accuracy of the invoice is of utmost importance. Secondly, not every customer can understand the English language, therefore, customizing the website content is not enough, until every touchpoint is optimized to support the needs of subscribers at all aspects.

Moreover, as you scale your business you realize that PayPal, is not operational in many parts of the world, or the gateway you are offering for payment collection contains a limited payment method with no flexibility for subscribers to choose from. This results in voluntary subscription churn that is unrecoverable. Therefore, having a system that is agile to integrate additional payment methods and customize the interface to CX personalization has become the most significant challenge for the subscription business in 2022.

2. Invoice Automation & ChargeBack

In addition to the native payment, another challenge for a subscription business is managing the influx of invoices from existing to new subscribers and sending invoices on time with proration and 100% accuracy. However, ensuring this can not guarantee that subscribers won’t ask for a chargeback, which is on the rise too.

When it comes to marketing the challenges of subscription business take a 360-degree shift from invoicing to the following

3. Disconnected Information On Customer

The first thing that all marketer has to deal with is having dozen of customer touchpoints with unique files on customers. This makes customer data sorting, cleansing, and segmentation difficult. Moreover, the marketing team have to use third-party applications, spend unlimited time in keeping the information updated, and manually sync it with the subscription management system

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4. Influx Of Data But No Actionable Insights

Lastly, the data generated by each subscriber is so huge, spread over multiple touchpoints and channels that combining these with a single system doesn’t offer the quality insights that marketing and sale teams can use to create a contextual experience, and nurture leads, other than offering the insights on subscribers demographic or psychographics.

Solution Offered By HubSpot Stripe Integration In SubscriptionFlow

The purpose of integrating third-party applications with the primary system is to create a system that complements the missing element. And, with stripe integration with SubcriptionFlow, you will get the automated billing and safe payment collection system that support multiple online payment methods. However, the HubSpot integration with SubscriptionFlow provides you with a solution using which you can do more than automating marketing. Here is a list of features that the trio of Stripe, HubSpot, and Recurring payment system offers.

Unified Customer Data – The first thing it offers is it brings information on your subscribers, visitors, or leads to a single platform. Where you can view the attribute and history of a visitor through a user profile e.g. email, contact details, residence, preference, past interaction record, activities of a lead, etc. and utilize this information to make a contextual campaign, draft a personalized lifecycle journey for every persona and govern everything with minimal efforts through automation.
Processing, Import & Export, & Customer Engagement Management – Moreover, the solution brings everything to your figure tips. With Stripe AI you can automate invoicing and payment, and with HubSpot AI you can create reports on your customers by collecting information from social media. Besides, with workflow automation, the data is automatically synced between apps and thus, lessens the need for manual instructions.
Compliment Multiple Currency & Payment Collection Methods – Many payment methods stripe doesn’t support, similarly in the case of HubSpot, hence the amalgamation of these three apps create a system that is agile enough to grow with your business. Moreover, it complements and smoothens subscription business initiatives to scale globally with the right payment gateways. Lastly, automated invoicing supports subscription handling businesses in collecting payment timely, while with dunning management the one can recover lost revenue.
360-Degree Support To Subscription Businesses – With HubSpot integration with SubcriptionFlow, the utility of the system expands significantly. It brings customer relationship management, content management, marketing CRM, and sale support onboard that subscription business executives can use to enhance the experience of subscribers. Furthermore, the integration makes social media marketing, search engine marketing, SEO, website creation, content optimization, and campaign planning and tracking a piece of cake, with deep insights.

Conclusion

A subscription management system alone can not comprehend the rising challenges posed by the sudden increase in subscription trends, and consistent technological innovation. The only solution left for recurring billing businesses is integrating applications that complement the global expansion. For information on SubscriptionFlow integration with third-party applications contact us.