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
Faster checkout process for shoppers
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%.
This offers significant benefits to retailers looking to meet consumer expectations for faster and more convenient online shopping experiences.
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By GlobalDataIn 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.
