Stripe Launches Optimized Checkout Suite, Showcases the Flexibility of a Best-in-Breed Approach to Payments

Financial infrastructure platform Stripe launched a host of new features and capabilities to the optimized checkout suite this week. It’s the biggest ever bundle of payment optimizations to date, aimed at helping businesses improve conversion rates and boost revenue.

With the announcement of these new features, Stripe is ushering in a new era for payment solutions. Offering more options and greater convenience for customers, as well as easier platform management for businesses, Stripe is rocketing the payment experience forward.

Stripe’s aim is to offer a frictionless checkout experience. According to Stripe research cited in the announcement, “99% of the leading ecommerce sites make five or more basic errors in their checkout”, 60% percent of online shoppers will abandon a slow checkout and 85% will abandon a checkout if their preferred payment method isn’t available.

Abhinav Tiwari, product lead for optimized checkout, said, “What is the perfect checkout experience? It’s one where any legitimate customer, anywhere in the world, can complete a purchase in just a few seconds using their preferred payment method—and which requires minimal engineering effort from a business to build or maintain. That ideal may not quite exist yet, but thanks to the efforts of thousands of payments engineers at Stripe and great Stripe Partners like Orium, we’re getting closer by the day.”

The updates revolve around three core components:

1. Access to over 100 different payment methods, enabling businesses to provide customers the options they want and dynamically surface the most relevant payment methods from among more than 40 options.
2. An A/B testing tool that equips businesses with real-world insights into the payment methods that perform best for their brand.
3. Express Checkout Element, which allows for multiple one-click payment options (including Stripe’s own one-click checkout, Link, as well as Apple Pay and Google Pay) for maximum customer convenience.

The optimized checkout enhancements will give customers the experiences they’re looking for — not just by surfacing the payment methods they want and speeding up the checkout experience, but also by giving brands the ability to experiment with ease and discover new payment approaches that resonate. A first-of-its kind no-code A/B testing tool for payments will give Stripe customers an opportunity to gain real, meaningful insights into what their consumers want and need.

Early adopters are already seeing the results of Stripe’s solutions, with increased AOVs, improved credit authorization rates, and an average 10.5% revenue uplift.

The composable commerce approach is founded on the principle that you can build the right experience for your brand by choosing the best-of-breed technologies that meet your brand’s unique needs. With their latest enhancements, Stripe is giving brands the ability to truly maximize what payment can do for them, creating the experiences their customers want with the simplicity their brands need.