In a bid to make the payment checkout process quicker and more efficient, PayPal has launched its Fastlane service to accelerate the process for businesses across the US.
Initially rolled out in the US, PayPal aims to enable businesses of all sizes to help drive sales and customer loyalty with Fastlane. The service utilises the payments company’s technology and experience of knowing customer needs through a one-click solution.
Customer friction during checkout was cited as the primary driving factor behind Fastlane as PayPal found that merchants are losing sales and customers due to lengthy checkout experiences, with guest checkouts still a preferred method to many customers.
Research from 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 account.
Alex Chriss, President and CEO, PayPal, said: “Fastlane by PayPal significantly reduces the time consumers spend using guest checkout – making for a more seamless checkout experience.
“With Fastlane, we are bringing an accelerated guest checkout to businesses of all sizes helping them to drive more sales.”
Announced earlier this year, PayPal developed Fastlane to address challenges such as customer friction and guest checkouts by prioritising the needs of merchants and consumers.
The new service seeks to help merchants recognise consumers early in the guest checkout process using their email, allowing them to access their saved information with a one-time passcode so they can autofill their checkout and complete their purchase in one click.
Customers not recognised initially at the checkout can create a Fastlane profile without the need for new passwords or other manual personal information to be added. This will automatically be saved to the merchant’s platform for future use.
PayPal has been enhancing its payment options this year to help alleviate customer friction. By adding Apple’s Tap to Pay to Venmo and PayPal Zettle in the US last March, the company noted that it was vital for customers to be provided with preferred payment methods to accelerate the checkout process.