How might facilitating payments empower customers and complete the full booking process?
Goals:
Facilitate direct payments between Prism clients and their customers so that we could achieve up to 10x revenue growth
Simplify the payment process for users
Integrate a secure and reliable payment system into the Prism platform
Launch a successful beta program for Prism Pay
Area of Focus: Platform Research, User Research, User Flows, Prototyping, UI Design, Stakeholder Engagement, Client Engagement
Background
Prism.fm sought to simplify the complex payment process within its platform by introducing Prism Pay.
Currently, Prism clients rely on various third-party tools and methods, including cash, checks, ACH, and wire transfers, leading to inefficiencies and manual effort. This project aimed to integrate a direct payment solution, streamlining transactions between agents, promoters, and their customers.
The demo showcases the end-to-end payment experience within the Prism platform, highlighting key features such as:
Securely linking bank accounts
Creating and sending payment requests
Tracking payment status and history
Managing payment notifications and reminders
Shown to the board and leadership
Requirements & Constraints
Requirements:
Securely link user bank accounts
Create and send invoices
Track payment status
Integrate with Stripe Connect for payment processing
Handle various payment methods and scheduling options
Ensure compliance with financial regulations
Provide clear and concise user flows
Implement robust error handling
Constraints & Challenges:
Stripe's payment fees could potentially be higher than competitors
Switching payment solutions in the future could impact beta users
Security concerns around handling financial data
Complexity in handling various payment scenarios and user roles
The Process & Plan
Research & Discovery:
Research existing payment flows and best practices, including Stripe and Adyen
Define user scenarios and journeys, focusing on various user types and interactions
Conduct user research to understand user needs, pain points, and expectations regarding payments
Design & Prototype:
Develop user flows for key payment scenarios, such as onboarding, payment tracking, emailing payment links, and notifications
Create high-fidelity prototypes in Figma, showcasing the user interface and interactions within the Prism platform
Conduct usability testing to gather feedback and iterate on the designs
Client Engagement & Review:
Collaborate with developers to understand platform constraints and technical challenges to ensure a smooth implementation process
Create a demo Stripe Connect account for Prism and guide beta clients through the integration process
Position the launch of a beta program with a select group of Prism users rolled out by client success and marketing providing support and gathering immediate feedback
Results
Prism Pay is placed on hold: While the designs presented opportunities for improved user experience, efficiency, and security, it also posed challenges such as regulatory compliance, data security, and addressing the complexity of various payment scenarios. Securing a solid vendor and achieving any kind of profitability from the effort was going to take too long despite initial feedback that was positive.
