Simplifying Invoice Discounting Marketplace to Drive User Retention

The Business Context

User’s Problem

When small companies or SMEs work for big national and transnational companies, they provide their products or solutions, but the big companies pay them within large time ranges (sometimes 120 days after the work is done).

This becomes a major problem because SMEs must pay for other providers, payroll, credits, etc.

Companies have to wait long periods of time for their money.

User’s Challenge

Banks, the only previous solution

How to reach liquidity without debts or credits, and avoid bank’s stressful and complicated process.

Facturedo provides a great alternative for SMEs, giving them their money in advance in less than 48 hours.

SMEs were facing complicated and long bank processes

Facturedo’s motto

Provide SMEs liquidity in less than 48 hours.

Fulfilling this promise was a team effort involving the legal team, customer service, compliance, data science, developers, and, of course, UX design.

How does Facturedo work?

Discovery Phase

Personas

I learned that there is a team inside SMEs focused only on collecting money owed by other companies.

With the help of surveys and user interviews, I crafted these SEM user personas:

User Flows

Understanding the user was crucial to providing a user-centered flow, after some rounds of brainstorming we came up with a solution:

💡

After the signup, the first thing that the user has to do is upload an invoice.

First Operation User Flow:

See the PDF

Create an Account and Onboarding Flow:

Information Architecture Flow:

Wireframes. Quick glimpse:

Competitor Analysis

🎯

We discovered a unique opportunity to create a standout product.

Final Designs:

Welcome:

XML reading tool:

Company Onboarding. XML file reading automation tool.

Costs:

Auction model:

🔥

We showed the users in real-time transparent information about how much money they would receive.

Performance tracking

Google analytics metrics

Hotjar Heatmaps

Results

Upon the release of the new signup, the number of users opening new accounts increased by 53% within one month. In other words, the conversion rate improved significantly, thanks to the enhanced signup flow and new design.

+53%
sign-up users

+62%
active users

+18%
companies unlocking liquidity

+23%
active investors

Task Time Improvement

With the introduction of new flows and designs, I also enhanced the user’s efficiency in creating an account and accessing investment opportunities.

Time to see investment opportunities (Investor)

Final outcome

Major contribution:

I really pushed the stakeholders to bring the user’s voice into the design process

What would I do better now:

Give the users something tangible and fist-hand in return, for example: amazon gift cards
Reduce the use of modal screens
Thinking more in mobile-first designs
More prototype testing with users!