PayPal Collaborates With Fiserv To Enhance Merchants’ Payment Solutions

PayPal has announced the expansion of its partnership with Fiserv to improve the checkout experience of businesses in the US. According to the announcement, the extended partnership will simplify how merchant clients of Fiserv can integrate PayPal’s payment systems.

Fiserv and PayPal have been working together for the past decade, offering a wide range of e-commerce, payout, and payment processing services to millions of businesses globally. In PayPal’s statement, the collaboration will focus on streamlining the process Fiserv merchants use in offering Venmo and PayPal to their customers as payment options. The goal is to enhance the overall customer experience.

The Collaboration Will Speed Up Guest’s Checkout Flows

The partnership will speed up guest checkout flows, especially in the US market, by ensuring a connection to Fastlane. PayPal’s broad payment system powers Fastlane. The platform comes with unique features by optimizing guest checkout processes and allowing users to complete their purchases quickly.

Merchants will stand to benefit immensely from this integration of Fastlane. Standard checkout processes are time-consuming and less efficient. But with the unique features of Fastlane, Guest shoppers can get 50% higher conversion rates while converting 80% of the time into other productive activities.

Additionally, Fastlane will reduce the time used in completing transactions by 23 percent. This ensures a more effective shopping experience for users. The collaboration of Fiserve and PayPal will focus on streamlining the checkout experience and enhancing customer-centric innovation for millions of merchants and their customers.

The Integration Will Streamline Payment Systems For Merchants

The companies stated that the collaboration will strengthen commerce in the U.S. It will ensure that transactions are more efficient, simpler, and faster for both merchants and customers. The Fastlane ecosystem will streamline the process for businesses to enable Venmo and PayPal.

Apart from enhancing their offerings, Fiserv and PayPal are setting a new standard for the payments industry. They want to ensure that businesses give their customers the opportunity to enjoy the best possible checkout service.

The collaboration is coming following PayPal’s expansion of its collaboration with financial technology firm, Adyen. The partnership gives Adyen the right to integrate PayPal’s Fastlane into its services.

The integration into Adyen’s platform offers more e-commerce efficiency for marketplace and enterprise customers in the US. Both platforms are planning to expand their offerings to other jurisdictions in the future.

Similarly, PayPal initiated a partnership deal with MoonPay in May, introducing an option for buying cryptocurrencies for US users. It allows users to utilize PayPal for transactions through debit cards, bank transfers, and wallet transfers.