Content Design > Wix Capital

Product overview
- Wix Capital offers a merchant cash advance as the first ever business funding offer for Wix users, embedded in their business solution platform
- Eligible users can apply quickly for flexible financing to support business needs such as inventory, marketing, or operations
- Funds are remitted as a fixed percentage of their future daily sales, plus a fee
- Built by the Wix Payments team who is responsible for 12% of Wix.com's total earnings

Stakeholders - Product team, legal, risk & data team, and several third-party provider partners

Initial scope
- Launch working product for Wix Payments merchants with payouts in less than 6 months
- Onboarding flow, dashboard, emails and notifications
- Wix Payments merchants = 1/3 of our of total potential users

Challenges
- 6 month turnaround to prove to C-level management that we could create this key, financial product for our users
- Legal terminology constraints ("Remit" not repay, "MCA" not loan)
- Complex and technical product. Each new audience type was essentially an entirely new product

Achievements -
- Rolled out to first users in 6 months despite the numerous challenges overcame
- 1 year after launch: 1,500 approved MCAs and more than $5.7 million in funding provided

1. MCA for Wix Payments users

Main research takeaways

After scoring the web, especially Reddit, I got an idea of what users are really saying. Cash advances have both positive and negative connotations. They are seen as expensive forms of funding, but much easier to apply and get approved for than traditional loans. This led me to call the product “Wix Capital,” yet underline that it's a cash advance

Legal and risk guidelines required using technical terms like “remittance” instead of “repayment.” I made sure to provide explanations for users around these terms via tooltips, subtitles, and knowledge base article definitions

In general, competitors focus on modern terminology, a personalized “we know you” experience, building trust, being optimistic, and creating transparency. This helped me create value propositions for the welcome page

I decided to offer fewer funding options to choose from and keep the flow simple to reduce analysis paralysis

A/B test results: We can predict that conversion rose by ~8.5% in 4 months after implementing the new welcome screen

Launched to additional 2/3 of our users: Wix Checking and third-party provider users. Each new version was essentially a new product.

Version offers one major benefit: instant availability of funds upon approval. With Wix Checking, a business bank account built directly into the user’s site, and Wix Capital, we can deposit funds into the user’s bank account immediately

Version had several technical changes around terminology and descriptions, like how remittance was calculated and which sales were included in it. I had to change many parts of the flow as well as emails to reflect this.

Version enables non-Wix Payments users to receive funds to their connected external bank account

External bank account connection posed many issues with connection, verification, and sending and receiving funds. To communicate issues to merchants, I created an entire new labeling system. This went through many rounds of reiteration and research. Here's the final results: