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PayPal (NASDAQ: PYPL) has announced the availability of Fastlane by PayPal for U.S. businesses of all sizes. This new feature aims to enhance the guest checkout experience, making it quicker and simpler, just in time for the holiday shopping season. Fastlane leverages PayPal’s extensive payment expertise to allow users to complete their purchases in as little as one click.
Enhanced Checkout Experience
According to PayPal President and CEO Alex Chriss, Fastlane significantly reduces the time consumers spend on guest checkout, providing a more seamless experience. This innovation is expected to help businesses drive more sales and improve customer loyalty.
Guest checkout remains a preferred method for many consumers, despite its typically lengthy process. Research from Capterra reveals that 43% of consumers prefer online guest checkout, and 72% would still use it even if they have a store account. Additionally, 66% of consumers expect the online checkout process to take less than 4 minutes, highlighting the need for faster, more streamlined guest checkout options.
Key Features of Fastlane
Fastlane addresses these challenges by prioritizing the needs of both merchants and consumers. It allows merchants to recognize consumers early in the guest checkout process using their email. Consumers can then access their saved information with a one-time passcode, enabling them to autofill their checkout details and complete their purchase swiftly. For those not recognized during checkout, creating a Fastlane profile is simple and requires no forms or new passwords. Once a profile is created, future checkouts are expedited wherever Fastlane is enabled.
Availability and Integration
Fastlane by PayPal is now available on PayPal Complete Payments and PayPal Braintree. U.S. merchants can access Fastlane through various platforms, including Adobe Commerce, BigCommerce, and Salesforce Commerce Cloud. Integrating Fastlane into an online checkout can be completed in as little as one step, providing a faster checkout experience for consumers.
