Financial Infrastructure Fintech Stripe Introduces Major Upgrades to Enhance Checkout Processes
Stripe, a financial infrastructure platform for businesses, added new features to its optimized checkout suite to help users increase their revenue by making it easier for their customers to complete a purchase.
The optimized checkout suite consolidates years of Stripe research into “a set of products, tools, and features that businesses can integrate into their customer journey with minimal engineering effort.”
Today’s upgrades—which constitute the single largest bundle of new payments optimizations from Stripe to date—”offer vastly more payment method choice for consumers, an easy way for businesses to support the top one-click checkouts, and the industry’s first no-code A/B testing tool for businesses to evaluate how different payment methods perform.”
The optimized checkout suite allows businesses “to offer their customers a superb checkout experience without having to build it themselves.”
It combines pre-built UIs with accelerated checkout options, “a wide range of payment methods, and controls that allow businesses and platforms to quickly fine-tune the checkout experience for their customers.”
New features of the optimized checkout suite include:
- Access to more than 100 payment methods, now including RevolutPay, Mobile Pay, US bank transfers, and Swish. Additionally, the optimized checkout suite dynamically presents customers with the most relevant payment methods from among more than 40 options, using algorithms trained on billions of data points. For example, the Payment Element suggests Cartes Bancaires to Parisians buying goods in Japan, but Konbini to Tokyoites buying locally.
- An A/B testing tool that allows businesses to rigorously identify the best-performing payment methods in their checkout and make data-driven improvements over time. Creator platform Thinkific found through an A/B test that offering buy now, pay later increased average order value by 36%. This is a first-of-its-kind feature: Stripe is the only payments platform to offer a no-code A/B testing tool for payment methods.
- The Express Checkout Element, which allows users to display multiple one-click payment buttons (such as Apple Pay, Google Pay, or Link) with a single component. Payment methods are dynamically presented in the order most relevant to a customer, showing only the ones supported by the device or the browser a customer is using. Research shows that businesses with Link enabled see a meaningful boost in conversion.
- Multi-channel fashion retailer River Island adopted the optimized checkout suite in order to help modernize its fragmented payments system and display the most relevant payment methods for customers around the globe. Soon after implementation, River Island saw a 3% improvement in its credit card authorization rates, and anticipates significant revenue gains this coming year.
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