The internet is riddled with bad checkouts: a shocking number of purchase flows underperform both consumer expectations and business needs. Stripe research found that 99% of the leading ecommerce sites make five or more basic errors in their checkout, impeding the ability of customers to complete a purchase. Sixty percent of online shoppers said they’ll abandon a checkout that requires more than two minutes to complete—the average checkout takes more than three—and 85% of consumers said they would do the same if their preferred payment method were not offered.
Stripe research found that businesses that migrated from an older Stripe integration (the Card Element) to the optimized checkout suite saw a 10.5% increase in revenue.
The optimized checkout suite is available globally. Businesses interested in improving their payment conversion and increasing their revenue.
Bank account connections have many benefits. For businesses, linked bank accounts streamline direct debit payments, which boosts conversion. For platforms, Stripe allows them to use linked bank account information to underwrite risk and offer loans to their users. Businesses, for example, can offer their customers tools for tracking budgets, paying bills, and identifying spending patterns.
We think it may be time for designed around transparency, security, and customer privacy. To get started with myself, user have to specify the type of information they will request from customers, and why they need it. The linking process itself provides customers with visibility into the information they share. Then, once a link is established, Stripe encrypts a customer’s bank account information and saves businesses the risk of managing sensitive credentials on their own.