Through: Kat Ambrose
At the start of the COVID-19 pandemic, retailers turned to e-commerce. Although the world is gradually returning to in-person experiences, online shopping continues to grow exponentially.
In fact, the e-commerce industry is expected to grow from $ 4.28 trillion this year to $ 6.39 trillion in 2024. With more and more people shopping online, the demand for a shopping experience fluid exploded.
Startup FinTech Fast has embraced this trend and aims to resolve checkout frictions for consumers and cart abandonment for merchants. With Fast Checkout – Fast’s one-click checkout button – merchants offer their consumers a payment option that takes seconds for secure and painless purchases.
Fast recently landed some of its biggest merchants to date, including the producer of outdoor stoves Big Green Egg, exercise equipment company Kings of kettlebells, and supplier of performance racing parts Brisk race. Fast boasts huge returns on long-time accounts: a snow sports company Ski Haus’s the conversion rate increased by 174% after the installation of Fast Checkout and leather goods Saddle leatherThe conversion rate of has increased by 65%.
Fast co-founder and CEO Domm Holland came up with the idea for the payment button when his wife’s grandmother forgot her password and couldn’t order groceries for the family online .
âI set out to solve this problem,â said Holland. “The concept behind this is really to make commerce easier for consumers – whether it’s the 70-year-old grandmother in Australia or the 20-year-old guy in San Francisco.”
Consumers only sign in once, that is, when they sign up for Express Checkout. Then to make a purchase, they just click on the Quick Checkout button and their order will be shipped automatically. No memorization of passwords, no re-entry of payment information.
Merchants can add the Quick Checkout button anywhere on their site. Most companies place the button on their product detail pages for optimal conversions, Holland said.
âWe are seeing the biggest payoff on the product page,â he said. “Over half of Fast transactions come from the product page, which is an incredible statistic considering that 99% of all merchants don’t even have payment functions on the product pages.”
Fast has several popular features, but two stand out in particular: batch processing and headless payment.
Batch of commands
Some merchants are reluctant to add a payment button on product detail pages, Holland said. Merchants fear that consumers will buy only one product and leave the site, lowering the average order value, or make multiple purchases of a single item, which would increase shipping costs for both the consumer and for the company, he explained.
To combat these risks, Fast consolidates multiple consumer orders placed within minutes of each other into a single transaction.
âWe avoid all of the issues encountered by all of the other payment buttons on the product page, and consumers have the ultimate, frictionless payment experience,â said Holland. âBasically, the consolidation of orders has been at the heart of almost all of our growth as a business to date. “
The other major feature of Fast is Headless Checkout, which allows merchants to place the Fast Checkout button on their websites and anywhere in the world. This includes emails, blog posts, news articles – even billboards and printed catalogs, using QR codes.
âWe expose payment to everyone who views a product, not just the people who actually click ‘Add to Cart’,â Holland said. âBy doing this, we turn every marketing channel into a transaction channel. For a large business, this is absolutely essential because affiliates are a great source of income.
Over the next year or so, Holland believes companies will start paying more attention to monetizing content across platforms.
“This is what we are doing today,” he said. âThis is what the headless fund allows today. “
Kat is a freelance writer covering B2B SaaS and e-commerce in Detroit, Michigan.