Fastlane by PayPal Enables a faster, simpler Guest Checkout Experience
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/.
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SOURCE PayPal Holdings, Inc.