1082 sats \ 3 replies \ @davidw 8 Nov 2023 \ on: Pay Me In Fiat (With a Premium), If You Must bitcoin
Love the implementation but I have a concern from a user experience & human psychology perspective.
I feel like end users would prefer to see -20% off for the Bitcoin & LN options, rather than +20% added to use default payment option that they use with each and every day. I appreciate 20% is an example amount and it is customisable but…
-20% is using the carrot and +20% is using the stick. If merchants want to use the stick, credit cards probably shouldn’t be an option. Framing Bitcoin as cheaper is also an important win.
When cards are the default global payment method and when merchants want people to have a pleasant checkout experience, seeing a 20% surcharge added to the advertised price at checkout is likely going to hurt sales, conversions & erode trust in their brand.
It’s a good point, that subtle difference of 20% vs 20% extra. I quite like the reversal of the framing as people hate paying more when the don’t have to. 20% extra might be the mental shove people need to seriously consider that extra bit of effort to learn how to pay with Bitcoin/Lightning.
It’s powerful framing and subtly denigrates fiat in the mind of the consumer.
reply
100% agree with this with one change. It should be a 21% discount for obvious reasons.
Also, if we're all as bullish on Bitcoin as we should be it's not a problem taking a 21% haircut on the fiat value because we're expecting it to be worth more in the future anyway.
The only other thing I would say is this is an excellent opportunity to teach people how to get some Bitcoin. Linking to some instructions or other resources combined with the 21% incentive might be enough motivation to get them to take the next step.
reply
100% agree with this. the psychological component here is very powerful, the carrot approach can make a world of difference in the long term.
reply