What metrics would you use to evaluate SumUp's online invoicing feature?

Introduction

Evaluating SumUp's online invoicing feature requires a comprehensive approach to product success metrics. To address this challenge effectively, I'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders. This approach will help us gain a holistic view of the feature's performance and impact.

Step 1

Product Context

SumUp's online invoicing feature is a digital tool that allows businesses to create, send, and manage invoices electronically. It's designed to streamline the billing process for small to medium-sized businesses, offering a more efficient alternative to traditional paper invoicing.

Key stakeholders include:

1. Small business owners: Seeking an easy way to manage cash flow
2. Accountants/bookkeepers: Need accurate, organized financial records
3. Customers receiving invoices: Expect clear, professional documentation
4. SumUp's product team: Aiming to increase platform adoption and revenue

User flow:

1. Business owner logs into SumUp account
2. Creates a new invoice using templates or custom fields
3. Adds line items, taxes, and discounts
4. Enters customer details and payment terms
5. Sends invoice via email or generates a shareable link
6. Tracks payment status and sends reminders if needed

This feature aligns with SumUp's broader strategy of providing comprehensive financial tools for small businesses, expanding beyond its core payment processing offerings. It competes with dedicated invoicing software like Wave and QuickBooks, as well as other payment processors expanding into financial services.

Product Lifecycle Stage: Growth phase. The feature has been launched and is gaining traction, but there's still significant room for user acquisition and feature enhancement.