PayPal Holdings, Inc. (NASDAQ: PYPL) announced that Fastlane by PayPal is now available for U.S. businesses of all sizes, helping to increase their sales and drive customer loyalty in time for the upcoming holiday shopping season.
Announced earlier this year, Fastlane utilizes PayPal’s payment expertise “to innovate and accelerate the guest checkout experience – allowing users to complete their purchase in as little as one click.”
Alex Chriss, President and CEO, PayPal said:
“Fastlane by PayPal significantly reduces the time consumers spend using guest checkout – making for a more seamless checkout experience. With Fastlane, we are bringing an accelerated guest checkout to businesses of all sizes helping them to drive more sales.”
Merchants often lose sales due “to lengthy guest checkout experiences.”
Despite the time-consuming process, guest checkout “remains a preferred checkout method for many consumers.”
In fact, Capterra found that 43% of consumers said “they prefer online guest checkout and 72% said they would still use guest checkout even if they have a store account.”
The same research found “that 66% expect online checkout to take less than 4 minutes – creating a need for greater simplification and speed when consumers check out as a guest.”
PayPal developed Fastlane to “address these challenges, prioritizing the needs of merchants and consumers needs at the core of the product.”
Fastlane helps merchants recognize consumers “early in the guest checkout process using their email, allowing them to access their saved information with a one-time passcode so they may autofill their checkout and complete their purchase in as little as one click.”
Consumers not recognized during checkout can “create a Fastlane profile with a simple opt-in during their checkout experience for faster future checkouts; no forms to fill out or new passwords to remember. Once a consumer has a Fastlane profile, they can speed through future checkouts anywhere Fastlane is enabled.”
Fastlane enables a faster guest checkout experience with “a simple integration that maintains the uniqueness of their checkout – all with the payment expertise expected from PayPal.”
Black Forest Decor, a small business that focuses on home decor and lighting products for homes, cabins and lodges, has “been testing Fastlane by PayPal for several months.”
Their typical, non-Fastlane guest checkout “converted at approximately 74% and in about 3.9 minutes. With Fastlane, Black Forest Decor experienced an increase in conversion to approximately 86% and shoppers completed their purchase in as little as two minutes.”
BigCommerce, a key partner of PayPal and the first ecommerce platform to integrate Fastlane, has been working with their merchants to test the Fastlane experience over the past several months. Results from these tests show that guest shoppers using Fastlane:
- Convert more than 80% of the time
- Convert up to 50% better than non-Fastlane users2
- Complete checkout in as little as two minutes2
- Reduce time to check out by 32%
Brent Bellm, CEO, BigCommerce. said:
“BigCommerce is proud to have partnered closely with PayPal to integrate Fastlane’s exceptional accelerated checkout experience. Results from early-adopting test customers show that Fastlane users convert more than 80% of the time, which is up to a 50% improvement over guest shoppers who do not use Fastlane. For BigCommerce enterprise customers using PayPal, the Fastlane experience further improves on our checkout conversion rate of 71%.”
Fastlane by PayPal is now generally “available on PayPal Complete Payments and PayPal Braintree.”
Merchants will also be able to “access Fastlane through platforms including Adobe Commerce, BigCommerce, Salesforce Commerce Cloud, and others for U.S. merchants.”
Integrating Fastlane into a merchant’s online checkout “can take as little as one step, allowing merchants to provide faster checkouts for their consumers.”