How to create a single page checkout for donations but standard cart/checkout for for other ecommerce? I am currently using Commerce for handling selling physical products but also donations.

I would like to have a one page donation that includes the amount and entering their credit card information but still allow the standard cart/checkout process if they are doing physical products.

Is there any way of doing both because it seems that I can only pull off one or the other?

Here is an example of a single page.
You can use Commerce Buy One Click module.
The Project page says

Commerce Buy One Click Module allows customers to checkout directly
from the product page with just one click, skipping the annoying
checkout steps.

For more info go through the module documentation.