A More Seamless Consumer Experience that can
help Increase Conversion and Sales
SAN
JOSE, Calif., Aug. 6, 2024
/PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today
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 decades of
payment expertise to innovate and accelerate the guest checkout
experience – allowing users to complete their purchase in as little
as one click.
"Fastlane by PayPal significantly reduces the time consumers
spend using guest checkout – making for a more seamless checkout
experience," said Alex Chriss,
President and CEO, PayPal. "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 account1. 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.1
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 leading 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.2
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 time2
- Convert up to 50% better than non-Fastlane
users2
- Complete checkout in as little as two minutes2
- Reduce time to check out by 32%2
"BigCommerce is proud to have partnered closely with PayPal to
integrate Fastlane's exceptional accelerated checkout experience,"
said Brent Bellm, CEO, BigCommerce.
"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. For more information on
Fastlane by PayPal, please visit:
https://paypal.com/GuestCheckout.
1 Capterra, Online shopping survey conducted in
March 2022 among 770 U.S. consumers.
April 2022. N=770.
2 Source: Based on PayPal internal data from
April 3 to June 15, 2024. Comparing
Fastlane accelerated shoppers vs. non accelerated shoppers for
merchants that have integrated Fastlane.
About PayPal
PayPal has been revolutionizing commerce globally for more than 25
years. Creating innovative experiences that make moving money,
selling, and shopping simple, personalized, and secure, PayPal
empowers consumers and businesses in approximately 200 markets to
join and thrive in the global economy. For more information, visit
https://www.paypal.com, https://about.pypl.com/ and
https://investor.pypl.com/.
Media Contact: mediarelations@paypal.com
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SOURCE PayPal Holdings, Inc.