Fastlane by PayPal Enables a faster, simpler Guest Checkout Experience

Rhea-AI Summary

PayPal Holdings, Inc. (NASDAQ: PYPL) has announced the general availability of Fastlane by PayPal for U.S. businesses of all sizes. This innovative solution aims to streamline guest checkout experiences, potentially increasing sales and customer loyalty. Fastlane allows users to complete purchases in as little as one click, addressing the challenge of lengthy guest checkouts that often lead to lost sales.

Key benefits of Fastlane include:

• Recognizing consumers early in the checkout process
• Autofilling checkout information with a one-time passcode
• Creating a Fastlane profile for faster future checkouts
• Increasing conversion rates (up to 86% in tests)
• Reducing checkout time (by up to 32% in tests)

Fastlane is now available on PayPal Complete Payments, PayPal Braintree, and through platforms like Adobe Commerce, BigCommerce, and Salesforce Commerce Cloud.

Positive

• Fastlane by PayPal is now generally available for U.S. businesses of all sizes
• Fastlane can potentially increase sales and drive customer loyalty
• Users can complete purchases in as little as one click
• Test results show conversion rates increasing to approximately 86% with Fastlane
• Checkout time reduced by up to 32% in tests
• Integration with major e-commerce platforms like Adobe Commerce, BigCommerce, and Salesforce Commerce Cloud

Negative

• None.

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.

FAQ

What is Fastlane by PayPal and how does it benefit businesses?

Fastlane by PayPal is a solution that streamlines guest checkout experiences for U.S. businesses. It allows users to complete purchases in as little as one click, potentially increasing sales and customer loyalty by reducing checkout time and improving conversion rates.

How does Fastlane by PayPal (PYPL) improve the guest checkout process?

Fastlane recognizes consumers early in the checkout process using their email, allows them to access saved information with a one-time passcode, and autofills their checkout details. This enables users to complete their purchase quickly, often in just one click.

What are the key performance improvements reported for Fastlane by PayPal (PYPL)?

Test results show that Fastlane can increase conversion rates to approximately 86%, reduce checkout time by up to 32%, and allow shoppers to complete purchases in as little as two minutes.

Which e-commerce platforms support Fastlane by PayPal (PYPL) as of August 2024?

As of August 2024, Fastlane is available on PayPal Complete Payments, PayPal Braintree, and through platforms including Adobe Commerce, BigCommerce, and Salesforce Commerce Cloud for U.S. merchants.