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PayPal Holdings Inc. has expanded its relationship with the big processor Fiserv Inc. to make its payment options more readily available to Fiserv clients in the United States.
The move with Fiserv is expected to simplify connectivity for Fiserv clients to PayPal and Venmo payment apps and make it easier to connect to Fastlane By PayPal, which allows consumers shopping online to check out as a guest in one click.
Guest shoppers using Fastlane convert more than 80% of the time, achieve up to 50% higher conversion rates compared to non-Fastlane users, and reduce checkout time by 32%, according to data PayPal gathered from April 3 to June 15.
“This is a significant opportunity to offer PayPal’s consumer payment methods—PayPal, Venmo, and others [including Fastlane]—to Fiserv enterprise and small-business clients in the U.S.,” says Frank Keller, executive vice president and general manager for PayPal’s Large Enterprise and Merchant Platform Group, by email. “Our goal with Fastlane is to make it available to as many payment-service providers and e-commerce platforms [as possible] to enable even more merchants and consumers to enjoy a seamless checkout experience.”
One advantage of partnering with Fiserv is that the Milwaukee-based company has a large customer base consisting of merchants of all sizes.
Fiserv and PayPal have partnered for more than a decade on a variety of merchant and payment functions, including payment processing, payouts and network services, and other e-commerce capabilities.
“Fiserv is a core strategic partner, delivering technology and capabilities that fuel PayPal’s customer-centric innovation across multiple domains and product lines,” Keller says.
