Sonika Patel
Digital UX/UI Designer
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Block
Credit options for sellers to move their businesses forward
Credit options for sellers to move their
businesses forward
Overview
During my time at Square, I was the lead designer for the term loans product, while 0 to 1 designing an alpha Line of Credit and Receivables Financing product and working with the International Loans team. Applying my range in design expertise from workshop design to iterative design through A/B testing, I enjoyed designing credit products for sellers to keep their businesses moving forward.
During my time at Square, I was the lead designer for the term loans product, while 0 to 1 designing an alpha Line of Credit and Receivables Financing product, working with the International Loans team. Applying my range in design expertise from workshop design to iterative design through A/B testing, I enjoyed designing credit products for sellers to keep their businesses moving forward.
During my time at Square, I was the lead designer for the term loans product, while 0 to 1 designing an alpha Line of Credit and Receivables Financing product, working with the International Loans team. Applying my range in design expertise from workshop design to iterative design through A/B testing, I enjoyed designing credit products for sellers to keep their businesses moving forward.
Rethinking the credit ecosystem
The Square Loans product is underwritten through seller eligibility and processing data. We offer two types of loans: flex and term. Flex allows sellers to pay back a percentage of daily sales through their daily processing, while Term, a newer product offering, is paid back in fixed monthly payments, traditional to bank loans. As we introduced more credit products, sellers became confused about their eligibility. I proposed a workshop to help sellers proactively select a loan offer that suits their business best.
The Square Loans product is underwritten through seller eligibility and processing data. We offer two types of loans: flex and term. Flex allows sellers to pay back a percentage of daily sales through their daily processing, while Term, a newer product offering, is paid back in fixed monthly payments, traditional to bank loans. As we introduced more credit products, sellers became confused about their eligibility. I proposed a workshop to help sellers proactively select a loan offer that suits their business best.
vision work
The Square Loans product is underwritten through seller eligibility and processing data. We offer two types of loans: flex and term. Flex allows sellers to pay back a percentage of daily sales through their daily processing, while Term, a newer product offering, is paid back in fixed monthly payments, traditional to bank loans. As we introduced more credit products, sellers became confused about their eligibility. I proposed a workshop to help sellers proactively select a loan offer that suits their business best.
How might we enable sellers to proactively apply for a loan that suits them best?
How might we enable sellers to proactively apply for a loan that suits them best?
How might we enable sellers to proactively apply for a loan that suits them best?
I led a workshop with cross-functional team members - engineering, marketing, UX writers - to ideate solutions. Knowing 85% of sellers typically take out loans when it aligned with timing for their business (from a survey conducted by the lead user researcher), whether it was the need for a new refrigerator or expanding locations, framing the HMW question around this key insight was crucial. During the workshop, I divided each specialty into separate groups. Each group brainstormed ideas to view, evaluate, and choose a loan, in a mad-libs exercise, eventually settling on a particular idea they expressed using a Concept Design framework. Subsequently, I translated each into the 3 distinct Figma visions displayed below.
I led a workshop with cross-functional team members - engineering, marketing, UX writers - to ideate solutions. Knowing 85% of sellers typically take out loans when it aligned with timing for their business (from a survey conducted by the lead user researcher), whether it was the need for a new refrigerator or expanding locations, framing the HMW question around this key insight was crucial. During the workshop, I divided each specialty into separate groups. Each group brainstormed ideas to view, evaluate, and choose a loan, in a mad-libs exercise, eventually settling on a particular idea they expressed using a Concept Design framework. Subsequently, I translated each into the 3 distinct Figma visions displayed below.
I led a workshop with cross-functional team members - engineering, marketing, UX writers - to ideate solutions. Knowing 85% of sellers typically take out loans when it aligned with timing for their business (from a survey conducted by the lead user researcher), whether it was the need for a new refrigerator or expanding locations, framing the HMW question around this key insight was crucial. During the workshop, I divided each specialty into separate groups. Each group brainstormed ideas to view, evaluate, and choose a loan, in a mad-libs exercise, eventually settling on a particular idea they expressed using a Concept Design framework. Subsequently, I translated each into the 3 distinct Figma visions displayed below.
workshop design
workshop design
Business Financing Options
Sellers can clearly see the value of both types of loans and how they’re paid back from a high level. Because they are pre-eligible for both in this product solution, they can see varying loan amounts and fees associated when selecting “See offer”.
Sellers can clearly see the value of both types of loans and how they’re paid back from a high level. Because they are pre-eligible for both in this product solution, they can see varying loan amounts and fees associated when selecting “See offer”.
Sellers can clearly see the value of both types of loans and how they’re paid back from a high level. Because they are pre-eligible for both in this product solution, they can see varying loan amounts and fees associated when selecting “See offer”.
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Loan Recommendation Wizard
Sellers can specify how much they’re looking for, by when and for what, so we can learn how loans are used. And based on their sales, we recommend the best loans product for them.
Sellers can specify how much they’re looking for, by when and for what, so we can learn how loans are used. And based on their sales, we recommend the best loans product for them.
Sellers can specify how much they’re looking for, by when and for what, so we can learn how loans are used. And based on their sales, we recommend the best loans product for them.
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Real-time Loan Offer Comparison
Real-time Loan Offer Comparison
Sellers can adjust the amount they’re looking for, and see how the loan affects loan variables for flex vs. term.
Sellers can adjust the amount they’re looking for, and see how the loan affects loan variables for flex vs. term.
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Sellers can adjust the amount they’re looking for, and see how the loan affects loan variables for flex vs. term.
Integrating Plaid to yield higher loan offers
iterative feature
Another significant project I worked on during my time at Block was thinking about the UX of collecting external bank account data, via Plaid, in order to provide higher loan offers. This helped expand inventory by lending a more complete view of sellers finances because repayment is not solely tied to future revenue processed through Square, as in existing Flex Loans. Throughout my design process answering the following how might we question, I kept in mind product values I set with the cross-functional team: valuable, consistency, clear, and simplicity.
Another significant project I worked on during my time at Block was thinking about the UX of collecting external bank account data, via Plaid, in order to provide higher loan offers. This helped expand inventory by lending a more complete view of sellers finances because repayment is not solely tied to future revenue processed through Square, as in existing Flex Loans. Throughout my design process answering the following how might we question, I kept in mind product values I set with the cross-functional team: valuable, consistency, clear, and simplicity.
Another significant project I worked on during my time at Block was thinking about the UX of collecting external bank account data, via Plaid, in order to provide higher loan offers. This helped expand inventory by lending a more complete view of sellers finances because repayment is not solely tied to future revenue processed through Square, as in existing Flex Loans. Throughout my design process answering the following how might we question, I kept in mind product values I set with the cross-functional team: valuable, consistency, clear, and simplicity.
Another significant project I worked on during my time at Block was thinking about the UX of collecting external bank account data, via Plaid, in order to provide higher loan offers. This helped expand inventory by lending a more complete view of sellers finances because repayment is not solely tied to future revenue processed through Square, as in existing Flex Loans. Throughout my design process answering the following how might we question, I kept in mind product values I set with the cross-functional team: valuable, consistency, clear, and simplicity.
Another significant project I worked on during my time at Block was thinking about the UX of collecting external bank account data, via Plaid, in order to provide higher loan offers. This helped expand inventory by lending a more complete view of sellers finances because repayment is not solely tied to future revenue processed through Square, as in existing Flex Loans. Throughout my design process answering the following how might we question, I kept in mind product values I set with the cross-functional team: valuable, consistency, clear, and simplicity.
Another significant project I worked on during my time at Block was thinking about the UX of collecting external bank account data, via Plaid, in order to provide higher loan offers. This helped expand inventory by lending a more complete view of sellers finances because repayment is not solely tied to future revenue processed through Square, as in existing Flex Loans. Throughout my design process answering the following how might we question, I kept in mind product values I set with the cross-functional team: valuable, consistency, clear, and simplicity.
How can we integrate Plaid bank account linking into the existing Term Loans product?
After evaluating each of the user experiences, we drove forward with a solution that enables sellers to input their number of bank accounts right off the bat. Overall, the final design solution yielded impressive results. It contributed to a 48% increase in offer size, for sellers who completed both Plaid and FICO linking. Seller who linked external bank accounts linked an average of 1 bank account, and the UX resulted in a 24% conversion, of sellers who started the Plaid flow, compared to the 14% conversion in the standard term loans flow with FICO only.
After evaluating each of the user experiences, we drove forward with a solution that enables sellers to input their number of bank accounts right off the bat. Overall, the final design solution yielded impressive results. It contributed to a 48% increase in offer size, for sellers who completed both Plaid and FICO linking. Seller who linked external bank accounts linked an average of 1 bank account, and the UX resulted in a 24% conversion, of sellers who started the Plaid flow, compared to the 14% conversion in the standard term loans flow with FICO only.
After evaluating each of the user experiences, we drove forward with a solution that enables sellers to input their number of bank accounts right off the bat. Overall, the final design solution yielded impressive results. It contributed to a 48% increase in offer size, for sellers who completed both Plaid and FICO linking. Seller who linked external bank accounts linked an average of 1 bank account, and the UX resulted in a 24% conversion, of sellers who started the Plaid flow, compared to the 14% conversion in the standard term loans flow with FICO only.
After evaluating each of the user experiences, we drove forward with a solution that enables sellers to input their number of bank accounts right off the bat. Overall, the final design solution yielded impressive results. It contributed to a 48% increase in offer size, for sellers who completed both Plaid and FICO linking. Seller who linked external bank accounts linked an average of 1 bank account, and the UX resulted in a 24% conversion, of sellers who started the Plaid flow, compared to the 14% conversion in the standard term loans flow with FICO only.
results
results
After evaluating each of the user experiences, we drove forward with a solution that enables sellers to input their number of bank accounts right off the bat. Overall, the final design solution yielded impressive results. It contributed to a 48% increase in offer size, for sellers who completed both Plaid and FICO linking. Seller who linked external bank accounts linked an average of 1 bank account, and the UX resulted in a 24% conversion, of sellers who started the Plaid flow, compared to the 14% conversion in the standard term loans flow with FICO only.