About five years ago, I wrote several posts about how to 'fix your funnel.' Although it was a while back, most of the information still seems valid. But since then, I've gained a new perspective on what the bottom of the funnel really is.
Alternative payment methods are nothing new. Paypal has been a payment option since 1999, and Affirm since 2013. Over the past few years, the alternative payments space has exploded. There are new payment options; everything from small start ups, to existing payment options expanding the way they offer credit.
It seems clear that consumers want more than just the traditional payment options. With so many options, it is tough to decide how many and which options to choose. Too many choices can overwhelm customers and negatively impact your conversion rate.
The main thing to consider in selecting which payment options you will offer is the user experience. Factors include:
Ease of use - how much information is required vs. how much a customer is willing to share
Redirect - does the customer get redirected away from your site to complete the application
Acceptance rate - it can do more harm than good if customers attempt to use the payment option, but are declined
The bottom line is that offering alternative payment options is a great way to fix the very, very bottom of your funnel.