Improve Merchant Experience with Wix Payments
•Download as PPTX, PDF•
1 like•249 views
This document discusses the launch and success of Wix Payments in Brazil and plans for expansion to the US and Europe. Key points: - Wix launched its own payment processing service, Wix Payments, in Brazil to provide merchants with an integrated "one-stop-shop" and address issues with local providers. - In its first 6 months, Wix Payments in Brazil significantly increased onboarding rates and transaction volumes processed compared to third party providers. - Based on learnings in Brazil, Wix plans to expand Wix Payments to the US and Europe, addressing specific legal requirements in each region. - Rapid user experience design and product development was required to meet an ambitious deadline
Recommended
More Related Content
Similar to Improve Merchant Experience with Wix Payments
Similar to Improve Merchant Experience with Wix Payments (20)
Recently uploaded
Recently uploaded (20)
Improve Merchant Experience with Wix Payments
- 1. Wix Payments UX PREMIUM SERVICES
- 2. Kos, Kostia, Konstantin UX Designer @ PS 1 year at Wix. From Kyiv, Ukraine. A bit about me
- 3. Payment Provider is a service enabling businesses to get paid Managing the transfer of money from the (online) customer to the merchant's bank account.
- 4. Until now, Wix users could only use 3rd party Payment Providers, like PayPal, Stripe, Alipay, etc. Income and business were managed on separate platforms (e.g. Stripe and Wix).
- 5. Clear opportunity to improve merchant experience The need for a “one-stop-shop.” UX Value
- 6. 12 $ •••B $ •••M 3rd Party Providers Processed through Wix sites Commission earned by 3rd Party Providers Business Value 1 year period
- 7. An opportunity for Wix to grow as a company Business Value
- 8. Wix Payments Provide SMBs with essential financial tools to grow their business
- 9. Launch of Wix Payments in Brazil July, 2018
- 10. Why start with Brazil? – No credit card processors in Brazil – Low conversion rate for local payment providers – Lack of assistance from payment providers Wix Payments Brazil
- 11. User Voice Maria Borozny “The only option that I have is 1 payment . I’d like to have 10 installments” Ricardo Silva “It takes a long time to get a response from the payment provider” Wix Payments Brazil
- 12. Wix Payments Brazil 10 people Multi-functional team 4 months Of intense design and development How we did it
- 13. Impact of Wix Payments Wix Payments Brazil
- 14. ~3x Increase in onboarding completion rate Jul - Dec 2018Wix Payments Brazil
- 15. ••• K Merchants processing transactions Jul - Dec 2018Wix Payments Brazil
- 16. $ ••• K Total amount processed Jul - Dec 2018Wix Payments Brazil
- 17. Transaction Approval Rate 86%Wix Payments 49%PagSeguro 44%MercadoPago Jul - Dec 2018 34%PayPal Wix Payments Brazil
- 18. OWNER OF VEGAN MAGAZINE IN SAO PAOLO Orlando “I was looking for a quick solution, and Wix has that - so this is why I chose to use Wix Payments. A Simple check-out, one that doesn’t require me to go back and forth. I’d like my customers to go in and out - done.” User’s feedback
- 19. Wix Payments Brazil exceeded expectations Wix Payments Brazil
- 20. Wix Payments US
- 21. Wix Payments US Wix Payments EU
- 22. Expand to USA & Europe - Gather insights from Wix Payments Brazil - Add more features Refunds, Payment Details, Identity Verification - Meet specific legal requirements for each geo Wix Payments US | EU
- 23. A stressful deadline Wix Payments US | EU
- 24. A stressful deadline, but we committed to meeting it Wix Payments US | EU
- 25. Initial product requirements Wix Payments US | EU 6 weeks to the deadline
- 26. User Journey Mapping Wix Payments US | EU
- 27. User Journey Mapping Wix Payments US | EU 5 weeks to the deadline
- 28. Hey Kos! Man, how the designs are going? Wix Payments US | EU 5 weeks to the deadline
- 29. Wix Payments US | EU 5 weeks to the deadline Man, how the designs are going?
- 30. Simple notification system Wix Payments US | EU 4 weeks to the deadline
- 31. Simple notification system Wix Payments US | EU 4 weeks to the deadline
- 32. Wix Payments US | EU 4 weeks to the deadline
- 33. Just a FRIENDLY REMINDER We have only 4 weeks to go! Wix Payments US | EU 4 weeks to the deadline
- 34. We have only 4 weeks to go! Wix Payments US | EU 4 weeks to the deadline
- 35. Rapid UI Design Phase Wix Payments US | EU 4 weeks to the deadline
- 39. Development impact - Structured requirements for the FED - Framework for the UX Writers - Test cases for the QA - Solid knowledge base for the team Wix Payments US | EU
- 40. User Impact - Consistent messaging over the platform - Successful completion of the onboarding stage Wix Payments US | EU
- 41. Impact for Wix - Launching 2 weeks earlier - Including additional features - Start making some money sooner Wix Payments US | EU
- 42. ••• $ ••• $ ••• Businesses processing Processed through Wix Payments Paid out to merchants Wix Payments US 50% of new users. US . 2 weeks
- 43. Next step: Conquer the World
- 44. UX Key takeaways
- 45. Working with 4 PMs Impossible is nothing
- 46. Working with 4 PMs - Listen to everyone - Help to define and prioritize requirements - Keep everyone in the loop - Manage managers
- 47. Gather knowledge Design like a boss
- 48. Gather knowledge Design like a boss - Identify local user experience - Learn the domain - Establish shared knowledge - Take ownership
- 49. Being the glue - Facilitate closer collaboration - Identify weak points - Serve as a person to go to - Treat user with the top product
- 50. Enjoy what you do. Happiness at work is when I dive into solving problems, together with talented people who are doing their best to achieve the goal.
- 51. Wix Payments Premium Services
Editor's Notes
- Intro
- Hello everyone! Glad to see you and to stand in front you. Hope you’ll like my UX design story as much as the GIFs I’ve prepared for this presentation. First of all, nice to meet you. People call me in different ways using 3 to 10 letters. Tel Aviv colleagues call me Kos, Kyiv guys call me Kostia. And the ukrainian government calls me Konstantin, which is my full name. I’ve been working at Wix for almost a year. And last June I’ve joined beautiful team wich is dedicated to deal with an amazing opportunity for Wix. And this opportunity is called Wix Payments. Today I’m going to share with you some bits of my experience working with this product.
- Actually, I’m not sure that many of you are familiar with this product. So, briefly, I would say that Wix Payments is a payment provider. It basically means that it makes it possible for Wix Users, to accept money online from their customers and receive it to their bank account.
- For a long time Wix has been offering premium users to accept payments via 3rd party payment providers such as PayPal, Stripe and Alipay. On one hand, we provided flexibility of choosing the payment tool the user loves and is used to. But the downside of that, is that Wix merchants don’t have a single hub for managing their business. So the business is runining at Wix, but they manage their finances and access their funds somewhere else.
- From that pain-point, came the clear realisation that this was ours opportunity to offer a much better service to our merchants, and deliver a holistic experience for managing finances, & running a business online.
- Aside from the opportunity to improve the experience of the product, there’s a business value as well. Wix users are allowed to connect 12 of the biggest payment providers worldwide. And, can you imagine, they process through them over 1 Billion Dollars per year. Payment providers made over $25M Dollars from Wix users as a commission.
- This sounds pretty much like an opportunity, isn’t it? Obviously, one day we had to take a slice of this cake.
- So Wix Payments was created in order to complete the one-stop business management solution for small businesses at Wix and let Wix itself grow as a company. I mean increase collections and earn more money.
- The financial area was completely new to us. So we decided to start expanding from a single country. And that is Brazil.
- There was 3 main reasons to launch there first People were not able to accept credit cards online. Only some electronic wallets. Just like in the stone age. Second, Only 27% of merchants succeed in opening an account with these wallets in order to get paid at their Wix websites Plus, Wix Support got numerous tickets about poor service and lack of assistance from Brazilian Payment Providers
- Merchants were complaining that they don’t have much flexibility with the installment options provided by the 3rd parties. And also the support response of the local providers was not really good there. So that’s yet another chance for us to compete and deliver better product to this particular market.
- We took a 10 people team, being developing for for 4 month and last summer started rolling-out to new users in Brazil.
- We launched WIx Payments - Or as it called locally Wix Pagamentos on June 2018. And today we’re actually open to 100% of our Brazilian users, and the results up until now are great!
- Wix Payments onboarding completion rate is 3 times higher than any other payment providers operating locally.
- Over one thousand merchants are already processing payments with us.
- The total amount of processed transactions is over 600 000 dollars.
- Besides that, Wix Payments has the highest transaction approval rate in Brasil. We are ahead of PayPal, PagSeguro and MercadoPago.
- As you see the users love our product. Especially Orlando from Sao Paolo who is running vegan store at Wix.
- Seeing those numbers really assures that we’re doing a pretty good job in Brazil, Unlike, the Brazilian national team at the last World Cup, by the way. For sure, currenly our revenue is not that big yet. But one day, we hope to make as much money as Neymar does.
- We did not have much time to enjoy the Brazil success, as we we’re presented with a new challenge — expand the product to the US. Which is the largest target market for Wix Payments.
- And in addition to the US product, we were tasked to launch it for Europe as well. France and Spain, at first
- So what does it mean to launch a payments service in those locations? So first, we had to gather business and user insights from existing product Add more features which we’re missing in Brazil. Like Refunds ability, payment history and identity verification And then, meet specific legal requirements. This one is really critical to the product. Cause, besides the tool itself, we have to consider the legal constraints in every country. Since we’re going to operate in a really sensitive and regulative area. All that we had to accomplish in 1.5 months. Which is less the half of the time we had for Brasil.
- Every team member was not really confident about succeeding within such a tough timeframe. And it made the conditions even more stressful
- But, anyway, we committed to meeting it. Actually, we did not have any other choice.
- When I talked about meeting legal requirements I meant this. I get this thing from my PM. And from his words, this map reflect all the possible ways we ask user to pass the legal check. It was unclear to me, to the development team and to every one sitting in this room today. Just take a look at it. So many questions here at the first glance. What is this map is about? Where to start? What should be the outcome?
- I began reorganizing the map and building the structure I can work with. And I did it with the UX Tool wich, I believe, many of you have met before. I mapped out every possible user path from that huge mapping as a single user journey.
- What you see on this slide is an example of a snapshot of where the user is in the flow, and what action he should take to proceed. So, as a result I’ve got 11 possible user journeys. Quite a lot isn’t it?
- But, In the meantime product managers were curious when they can see the actual designs. They thought it was obvious what to do from that wicked map.
- And I was like. I’m alright, we can be on time, I just need to do some preparation. Not really convincing.
- Since I’ve got the birdview of the project with the journey mapping. I started noticing many cases and conditions that are repeating. So for me that was the chance to unify the experience and decrease the amount of different flows to cover with the custom designs. And, as a result, decrease the development efforts for it.
- So, eventually, I built a simple system of notifications which delivers messages through the specific channels in the relevant moment of time. As shown on the screen right now. That is how another priceless week has passed and we’ve got only 4 weeks to develop and QA everything.
- Logically, that product managers we’re a bit, let’s say, worried about the situation. And I was a bit concerned when I saw the manager is typing to me. Honestly.
- They were trying not to pressure me and be helpful as much as they can. But they had me under the time pressure still.
- I was optimistic and kept building the structure. But I felt things are heating up.
- So, basically, thanking to the journey mapping tool, at the end of the day, the actual design process got streamlined. Eventually, the design phase got to woking with these 3 components from the DS: - The modal window - the notification bar - and the section helper. So all I need to do is to put the relevant content into each and place it to a proper screen. I never thought I would have come up with this simple results when I’ve seen the requirements for the first time.
- Ultimately, It took me only 2 days to build all the flows in Sketch, wrap up and present the UI.
- An this is how the final product looks like
- The most exciting thing to me here, is that the user journey I did, helped the product in different aspects.
- First of all it was extremely useful for the dev team: — It established a clear development plan for the developers — Also it appears as a Framework for the UX Writers — As well a the test cases for the QA And in general; it became a solid product knowledge base for everyone within the team
- — Users got a consistent messaging over the platform — And successful passing the legal check, which was the main challenge of the expansion
- — Wix as a business got the product launched 2 weeks before the deadline — Included even more features into the release, so delivered even better product — And also we started making some money earlier
- These numbers are really small, but this is what we had instead of zeros.
- Next, Wix Payments is going to be expanded for 100% of users all over the Europe including the United Kingdom. And, eventually, we’re aiming to be available to every Wix user worldwide. Besides geographical expansion Wix Payments is considered to offer more services. Such as multi-currency payments and subscriptions.
- Only after the job is done and the product is finally launched I figured out how much I learnt during last time. So, I’m going to share with you the key insights I’ve taken from this journey
- Being involved into this product I had quite unique opportunity to work with 4 product managers at once. But sometimes they thought there’s not enough people to manage me. So they asked 2 heads of company to join. And even more, I had 2 UX writers. So, one UX designer and 8 people trying to manage. That’s not how I imagined design when I was a child, seriously. Anyway, I had to work it out.
- — The area itself is really broad, so every manager was in charge of a single aspect and delivered requirements separately. So first of all I had to listen to every stakeholder; — Then help to define and prioritize requirements even though it’s not the designers job. But the UX designer is the first person who starts building something tangible so he needs the strong background; — Keeping everyone in the loop is really important especially when you work remotely. — Sometimes managers need to be managed. Seriously. It worked out to me to deal together about the way we collaborate at the very beginning. And then just refer to this deal in case of any inconsistencies. Or redefine the better process.
- What helped me a lot, is that from the initial stage of the product I learned a lot about industry I have to tackle. Really, at the beginning I’ve tried just to apply “design magic” and I fucked up.
- — First I had to know user and identify local payments experience — After that I discovered the financial area itself. There’s a lot of professional terms, industry standards and legal regulations. I had to know those in order to, at least, speak the same language with product managers. Also there’s a bunch of technical limitations, API properties and so on. — Once I’ve got some fresh bit of knowledge I mapped it out brick by brick and share within the team. — And at the end of the day, I had in mind product priorities, solid information background so I don’t need to align with PM every single small change. I could own features and deal with minor issues on my own. That’s really helpful, especially when I worked remotely.
- At some point I realized that I’m doing not really designers job. I’m translating requirements to the developers, planning deliveries, managing experiments, teaching devs so they know what to do in case when some data is missing from the product or design side, helping them to do stuff quicker, so I can ask for more features or improvements to include. But, eventually, it turned out as right approach that helped to meet Wix business goals, user needs and technical constraints.
- To be honest, this is my first experience with public speeches, as well as with the financial products. Both were tough, but after all I’m feeling happy with what I’m doing. To me happiness at work means to dive into solving problems, together with talented people who are doing their best to achieve the goal. So do I.
- Thank you very much for your attention! Would love to hear you questions if have some