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Product
PAYPAL HAS PARTNERED WITH BOLD TO HELP ALL MAGENTO MERCHANTS GET THE BEST OF
PAYPAL, INCLUDING ACCESS TO FASTLANE
ANATOLLI IAKIMETS
Director, Product Marketing
Published on:
Jul 24, 2024
Bold Checkout’s Magento extension is the easiest way for merchants to get access
to PayPal’s full lineup of payment solutions including Fastlane, Venmo (coming
soon), Buy Now Pay Later, and other payment options preferred by customers. This
extension seamlessly integrates with your existing Magento checkout, allowing
you to retain all your current customizations without any disruption and at no
additional cost to you.
HOW TO GET THE EXTENSION:
Requirements:
* An Adobe Commerce/Magento store
* A PayPal business account
* Must not be using 3D Secure.
Note: Fastlane by PayPal is currently only available for shoppers located in the
United States, using USD as their transactional currency.
Installation:
1. Install the Bold checkout extension: installation guide
2. Configure the checkout extension to enable Fastlane and other Payment
options from PayPal.
Note: For Fastlane, if you do not currently have PayPal’s Advanced Credit and
Debit Card Payments for your business account, you will need to request it.
Key features of the Bold extension include:
* Compatibility: It works with any Magento version for Magento 2, and support
for Magento 1 is coming soon.
* Quick Installation: The installation process is incredibly fast, taking less
than half an hour to complete.
* No additional cost: There are no additional costs for using the Bold
extension. You only pay your regular transaction rates and fees for using
PayPal as your payment provider.
For additional support in launching the Bold Checkout Magento extension to
enable Fastlane, we’re offering free white-glove support through our technical
support team.
WHAT IS FASTLANE BY PAYPAL?
Consumers expect a quick and convenient checkout experience. In fact, 66% of
shoppers expect to complete their checkout in less than four minutes. However,
guest shoppers, or those who have never shopped with a brand before, face more
friction in their checkout, needing to create a new account and manually enter
their checkout details, such as shipping address and payment method.
With 82% of shoppers abandoning purchases due to complicated account
registration, brands have a significant opportunity to boost conversions by
streamlining the guest checkout with passwordless authentication.
Fastlane by PayPal eliminates friction from the checkout process by leveraging
PayPal’s customer network to recognize customers and make checkout more seamless
than ever. Guest shoppers with Fastlane profiles can autofill their details, get
authenticated, and pay in seconds. No passwords or lengthy signup flows.
According to PayPal's internal data, Fastlane users convert at nearly 80%, which
is almost double the industry average of 47%. There are no trade-offs for brands
using Fastlane. If a shopper is not part of the PayPal network, they can still
pay by credit card or their preferred payment method. This flexibility makes
Fastlane a win-win solution for both shoppers and brands.
HOW IT WORKS FOR EXISTING PAYPAL CUSTOMERS
* When the customer enters a PayPal associated email in the checkout, they
receive a verification code by text which they can then enter into the
checkout.
* Once validated, the checkout is automatically populated with their saved
shipping, billing, and payment information.
* From here, they can either complete the order, or they can adjust their
checkout information.
HOW IT WORKS FOR CUSTOMER'S WITHOUT A PAYPAL PROFILE
* When the customer proceeds to the checkout, they enter their email address,
shipping information, and payment information as usual.
* If the customer consents to save their payment profile with Fastlane (enabled
by default) on the payment information page, a Fastlane profile is
automatically created once they complete their order.
* Customers can also manually disable Fastlane account consent if they do not
wish to save a Fastlane profile.
Learn more about how Fastlane by PayPal is designed to create a speedy guest
checkout experience and enhance conversion rates.
GET THE KNOWLEDGE AND INSPIRATION YOU NEED TO GROW YOUR BUSINESS.
Bold Commerce needs your email to send newsletters. For more information, read
our Privacy Policy.
Bold Commerce needs your email to send newsletters. For more information, read
our Privacy Statement.
ABOUT THE AUTHOR
ANATOLLI IAKIMETS
DIRECTOR, PRODUCT MARKETING
Anatolli Iakimets is a Director, Product Marketing at Bold Commerce
ONE-SIZE-FITS-ALL CHECKOUT IS DEAD. IT PAYS TO BE BOLD.
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