PayPal has announced that its quick guest-checkout solution, Fastlane, is now available to all U.S. merchants after a successful testing period with select businesses. This move aims to simplify the checkout process and boost conversion rates for online retailers.
How Fastlane Works
Fastlane stores customer data such as names, email IDs, phone numbers, shipping addresses, and payment details. When a customer is on a merchant’s website, Fastlane can automatically retrieve this information without requiring the customer to log in. To access their stored data, customers simply need to enter a verification code sent via email.
Key Features of Fastlane
- Automated Data Retrieval: Fastlane fetches customer data from its database based on signals such as phone number or email entry.
- Verification Code Required: Customers must enter a verification code received via email to access their stored data.
- Guest Checkout Option: If the customer is not signed up for Fastlane, PayPal offers an option to do so during checkout.
Benefits of Fastlane
According to a study by Capterra, 43% of customers prefer checking out as guests to avoid signing in on e-commerce websites. Furthermore, 72% of consumers choose guest checkout even if they have an account. Frank Keller, EVP of large enterprise and merchant platforms at PayPal, emphasizes that Fastlane helps businesses with better conversion rates.
Conversion Rate Boost
PayPal claims that during the Fastlane testing period, guest checkout conversions were around 80%, while checkouts were 32% faster compared to traditional methods. This significant improvement is a major advantage for online retailers looking to increase sales.
Competition in One-Click Checkout Solutions
Fastlane competes with other one-click solutions such as Stripe Link, Checkout.com, OurPass, and Deuna. Keller mentions that PayPal plans to offer this service in other regions, indicating a broader expansion plan.
PayPal’s Commitment to E-commerce Innovation
By introducing Fastlane, PayPal demonstrates its commitment to simplifying the checkout process for online retailers. This move is expected to benefit businesses of all sizes and enhance the overall e-commerce experience for customers.
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