Accelerated Checkout: getting Magento experience on par with Shopify

Accelerated Checkout: How it Works

When a shopper goes through the checkout process, the system checks whether their information is already stored in the database. Here’s how it works:

How it works for existing 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 1st time customers

• 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 on the payment information page, the payment information is automatically saved once they complete their order.
• Customers can also manually disable account creation consent if they do not wish to save their payment information.

Accelerated Checkout: Benefits

For Customers: Accelerated checkout slashes checkout times in half by offering a hassle-free, login-free experience. With addresses, shipping, and card details automatically pre-filled, customers can complete their purchases quickly and easily, avoiding the frustration of entering information repeatedly.

For Merchants: A faster, smoother checkout process leads to increased conversion rates, as customers are less likely to abandon their carts. Additionally, by simplifying the process, merchants encourage more repeat purchases, as customers are more inclined to return to a store that offers a frictionless buying experience.

Tackling the accelerated checkout problem

Several companies have attempted to streamline the checkout process, but each approach comes with challenges. Startups like Fast and Bolt, along with established players like Shopify, have made efforts to address checkout abandonment by offering faster, more seamless experiences. However, these solutions aren't without limitations.

Startups, in particular, face the cold start problem. Only customers who have their payment cards vaulted can benefit from the accelerated checkout. In the early stages, when the customer database is small, very few guest shoppers have their details stored, meaning a minimal percentage can take advantage of the faster checkout experience. As a result, the solution provides limited value until a critical mass of users is reached.

On the other hand, Shopify's solution, Shop Pay, offers an accelerated checkout experience, but it is mostly confined to Shopify’s ecosystem. This restricts merchants' flexibility, as it limits the choice of payment options and locks them into a specific platform. While effective for Shopify users, it doesn't provide the universal solution that many retailers need.

Accelerated Checkout by Bold for Magento

Accelerated Checkout by Bold 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 internal data, Accelerated Checkout users convert at nearly 70%, which is almost double the industry average of 47%. There are no trade-offs for brands using Accelerated Checkout. 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.