VENMO BUSINESS PROFILE BUDGETING TOOL
Making the case for an integrated budgeting tool for Venmo business accounts that helps users manage income, forecast payments, and set financial goals, reducing reliance on external tools. This feature encourages users who currently accept Venmo through personal profiles to switch to business accounts, streamlining their finances and boosting Venmo's profits through increased adoption and transaction volume.
Timeline: 3 Weeks
Role: UX/UI Designer, UX Researcher
Tools: Figma, Google surveys, Venmo analytics reports
Platform: iOS
UNCOVERING OPPORTUNITIES TO INCREASE ADOPTION OF VENMO BUSINESS ACCOUNTS
Venmo is a leader in mobile payments, with 82 million users, a 38% market share in digital transactions, and acceptance by over 2 million merchants. Despite this, initial research reveals growth opportunities, particularly among self-employed users who accept Venmo but have yet to transition to Venmo Business accounts. My survey of 115 self-employed users highlights a striking insight:
BUSINESS ACCOUNTS DRIVE VENMO’S REVENUE
Venmo business accounts charge an average transaction fee of 1.9%. In this research, we can see a relatively low adoption of Venmo’s business account feature, leading to lost revenue opportunities. This suggests that many users who could benefit from business accounts aren't making the switch.
HYPOTHESIS: HELP USERS BUDGET
I hypothesize that many self-employed individuals face challenges managing their income and budgeting due to irregular pay schedules and unpredictable expenses. This financial inconsistency can make it difficult to stay organized and meet goals. By providing tools that streamline income tracking and automate budgeting, users can better manage their finances, reduce stress, and achieve greater financial stability.
FINDINGS: A BUDGETING TOOL WILL INCREASE BUSINESS PROFILE ADOPTION
The survey indicates that 86% of users who currently use personal accounts to accept Venmo payments would consider switching to a Venmo Business account if it included an integrated budgeting tool.
RESEARCH BREAKDOWN
SURVEY & INTERVIEWS
Purpose & process: To assess what tools and methods self-employed users currently use for budgeting and managing their business finances to better understand gaps and opportunities for an integrated Venmo Business budgeting feature.
Survey: I surveyed with 115 respondents who self-identify as self-employed to gather practical data on their use of Venmo for payment of services.
Interviewees: I interviewed five users who self-identify as self-employed to gather and analyze practical data on their current Venmo use and to understand pain points in managing a business budget. Interviewees were personal trainers (two), a dog walker, a tutor, and a personal assistant.
SURVEY SNAPSHOTS
INTERVIEW SNAPSHOTS
FEATURE IDEATION
IDENTIFYING & PROPOSING TOOL FEATURES
ASSUMPTIONS & CONSTRAINTS
WIREFRAMES, TESTING, & ITERATIONS
USER TESTING ROUND 1
Purpose & process: I designed low-fidelity wireframes based on my research. Eight users participated in testing the initial low-fidelity wireframes to assess usability, identify pain points, and assess whether or not the proposed tools are helpful. Tasks included locating their budget, finding the payment schedule, and sending a past-due payment reminder. Users were also encouraged to explore the budgeting tool freely and provide open-ended feedback.
***These insights informed the design of the mid-fidelity prototype.
ROUND 1 KEY TAKEAWAYS
SELECT LOW-FIDELITY WIREFRAMES & ITERATIONS
USER TESTING ROUND 2
The second round of user testing focused on refining the prototype by evaluating updates made after the initial feedback. The goal was to ensure the changes have improved usability, verify that previously identified pain points are resolved, and test new features for ease of use. This round also aimed to gather more detailed feedback on the overall experience, assessing whether users find the tool intuitive and whether additional adjustments are needed before finalizing the design.
***These insights informed the design of the high-fidelity prototype.
ROUND 2 KEY TAKEAWAYS
FINAL TOOL FEATURES & FUNCTIONALITIES
INTEGRATION INTO VENMO’S EXISTING DESIGN
HIGH FIDELITY PROTOTYPE
NEXT STEPS
INTEGRATED INCOME TAX CALCULATOR
Tax season can be particularly stressful for self-employed users due to the complexity of managing irregular income and tracking deductible expenses. An integrated tax estimator would be incredibly beneficial by helping users automatically calculate their estimated taxes based on their income and expenses throughout the year. This tool would not only reduce stress but also improve financial planning, ensuring users are better prepared for tax payments and can avoid surprises when tax deadlines approach.
ANNUAL BUDGETING TOOL
An annual budget tool complements a monthly one by providing a long-term financial view, helping users plan for seasonal income changes and larger expenses. It ensures better preparation for irregular costs, making it easier to achieve bigger financial goals and maintain overall stability. Including a long-term budget would also aid in user retention.