Sep 12, 2024

The new feature speeds up purchases by autofilling payment and shipping details, simplifying online shopping. Share Fastlane from PayPal is designed to provide an accelerated checkout process. Credit: PayPal. Bold Commerce has announced a new partnership with PayPal to bring Fastlane, PayPal’s accelerated checkout feature, to US-based retailers using the Adobe Commerce (Magento) platform. This collaboration allows retailers to enhance their checkout processes without the need to overhaul their existing e-commerce infrastructure. Go deeper with GlobalData Retailers using Adobe Commerce (Magento) can now integrate Fastlane through Bold Checkout’s Magento extension. According to early results, this feature has already demonstrated improvements in checkout speed, particularly for guest shoppers. Fastlane users are able to complete their purchases 32% faster, and the conversion rate for those with presaved profiles reaches around 80%. See Also: How well do you really know your competitors? Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. Not ready to buy yet? Download a free sample We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData Submit Tick here to opt out of curated industry news, reports, and event updates from Retail Insight Network. Submit and download Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. In today’s market, where 66% of consumers expect checkout to be completed in less than four minutes, this integration is a timely solution. Retailers have struggled with shoppers abandoning their carts due to the lengthy process of account creation and manual entry of details. Statistics show that 82% of shoppers do not complete purchases when faced with complicated checkout systems, creating an opportunity for retailers to increase conversions with a more streamlined process. Guest checkout and consumer convenience One of the standout features of Fastlane is its ability to mirror the convenience typically reserved for returning customers, even for first-time shoppers. When a consumer is recognised as a Fastlane user, their payment, billing, and shipping information is automatically prefilled, making the checkout process quicker and easier. New shoppers can also choose to save their details for future use, reducing the need to create a retailer-specific account. This allows for a smoother experience that meets consumers’ growing expectations for speed and convenience in online shopping. Retailers on any instance of Magento can install Bold’s extension to access these features, simplifying the process of upgrading their checkout capabilities. With Fastlane, businesses can offer a seamless experience for both new and returning shoppers without needing to invest in a new platform. No replatforming required For retailers concerned about the complexity and costs associated with replatforming, the Bold Commerce and PayPal collaboration offers a solution. By integrating PayPal Complete Payments through Bold Checkout, retailers can connect to Fastlane by PayPal with ease. The setup can be completed in under 30 minutes, allowing retailers to swiftly enhance their checkout systems. While there are no fees for using Bold’s Payment Booster to connect to Fastlane, PayPal will charge a transaction fee for Fastlane purchases. This new partnership builds on Bold’s previous work with PayPal, which began in 2023 when the companies collaborated to enter the headless commerce market. Sign up for our daily news round-up! Give your business an edge with our leading industry insights.