Checkout technology company Bolt has launched a partnership with payments solutions provider Checkout.com.
The collaboration makes Bolt Checkout.com’s “exclusive one-click checkout provider” with Checkout.com becoming “Bolt’s preferred payment partner,” the companies said in a Monday (March 18) press release.
“By integrating Bolt’s industry-leading checkout technology with Checkout.com’s enterprise-grade payment solutions, we are helping merchants deliver a better shopper experience and higher conversion by leveraging Bolt’s fast-growing shopper network,” Bolt CEO Maju Kuruvilla said in the release
According to the release, the collaboration will help Checkout.com merchants improve conversion performances, while Bolt will be able to give its new and existing merchants expanded payment options.
“By deepening its payment offerings with Checkout.com, Bolt is solidifying its standing as a merchant-first and payment-agnostic technology provider, giving its customers unrivaled flexibility,” the companies said.
The partnership could appeal to the 50% of consumers who weigh the ease of a merchant’s checkout process when determining where to shop, as shown in the PYMNTS Intelligence study “The Online Features Driving Consumers to Shop With Brands, Retailers or Marketplaces.”
“This suggests that businesses need to prioritize streamlining their checkout processes to attract more customers and improve their competitiveness in the online market,” PYMNTS wrote last month. “Ensuring a smooth, hassle-free checkout experience can enhance customer satisfaction and potentially lead, in turn, to increased sales and customer loyalty.”
Speaking with PYMNTS last June, Matthew Berk, CEO and co-founder of direct-to-consumer coffee brand Bean Box, said that when it comes to the purchasing experience, it is crucial to meet the consumer where they already are.
“What we’ve learned is that when it comes to meeting the consumer, … part of the equation is giving them a frictionless experience to buy,” Berk said. “That can be the website. They can purchase in an SMS message. They could purchase using our app. We try and make it really, really simple. … Those are the ways to really engage your customers and to continue building their lifetime value.”
Additional findings from “How Preferred Payment Availability Can Reduce Cart Abandonment,” a PYMNTS Intelligence and Adobe collaboration, showed that 70% of shoppers see the availability of their preferred payment method very or extremely influential when choosing which online store to purchase from.
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