In the digital age, the landscape of online payments is evolving rapidly, and businesses are constantly seeking innovative solutions to streamline their payment processes. Praxis Tech, a dynamic payment orchestration software company established in 2014, is at the forefront of this revolution. This article delves into the transformative journey of Praxis Tech, highlighting its significant role in simplifying global expansion, optimizing payments infrastructure, and enhancing transaction approval rates.
The Praxis Tech Revolution
Praxis Tech’s Mission:
At its core, Praxis Tech is committed to helping businesses accept payments online and improve transaction approval ratios. The company specializes in payment orchestration, a sophisticated process that involves integrating and managing various payment service providers, acquirers, payment gateways, and banks through a unified software layer. This orchestration simplifies the complex web of payment options, making it seamless for businesses and their customers.
Global Expansion Made Simple:
In a rapidly globalizing world, businesses aspire to expand their reach and integrate with multiple payment solutions. Praxis Tech has emerged as a top-tier payment orchestration platform, empowering merchants to grow their businesses and explore new global markets. Currently, Praxis Tech boasts integration with over 540 Payment Service Providers (PSPs) and over 1,000 alternative payment solutions, supporting more than 200 currencies.
A Secure Foundation:
While Praxis Tech facilitates payments and payouts for its clients, it does not directly engage in transactions or handle client funds or information. Instead, it provides the infrastructure and technology to ensure secure and efficient payment processing.
The Praxis Tech Ecosystem
Three Distinct Products:
Praxis Tech offers three distinct products, each serving as a unique mode of integration into the Praxis ecosystem. These products are designed to provide merchants with suitable entryways into the world of seamless online payments.
- Praxis Cashier: This product forms the gateway for merchants to access Praxis Tech’s vast network of Payment Service Providers (PSPs) and Alternative Payment Methods (APMs). Through a single integration, businesses can accept payments via multiple methods, tailored to specific countries and criteria.
- Praxis Direct: Praxis Direct offers a direct and fast integration to the Praxis API, allowing businesses to access a wide array of payment solutions without replacing their existing cashier systems.
- Hosted Payment Fields (HPF): HPF provides an integrated payment solution for businesses, ensuring a smooth and secure payment experience for their customers.
Innovation and Enhancement
Decline Recovery Strategy:
Praxis Tech is dedicated to enhancing the transaction approval rates of its clients. It has introduced a comprehensive suite of features as part of its Decline Recovery strategy. This strategy is a testament to Praxis Tech’s commitment to innovation and its ability to provide clients with cutting-edge solutions to navigate the dynamic payments landscape.
Notably, Praxis Tech has introduced a game-changing solution – one-click payments for merchants. This Merchant Initiated Transactions (MIT) payment processing solution eliminates the need for manual entry of payment information, simplifying the payment process. One-click payments have gained popularity, especially among small- to medium-sized businesses (SMBs), where ease of use is a key driver for payment choices.
A Glimpse into the Future
Praxis Tech’s MIT empowers merchants to securely store their customers’ payment information, streamlining future transactions and improving the overall payment experience. This offering is just the beginning for Praxis Tech. The company is on the path to introducing more exciting products in 2023, including features like retry for insufficient funds and recurring payments.
Benefits of Praxis Tech
1. Simplified Global Expansion: Praxis Tech makes expanding into new global markets a seamless process.
2. Enhanced Transaction Approval Rates: The company’s innovative solutions help businesses boost their transaction approval rates.
3. Comprehensive Payment Integration: Praxis Tech’s ecosystem covers a wide array of payment service providers and alternative payment methods.
4. Secure and Efficient Payments: Praxis Tech’s commitment to security ensures that all transactions are conducted with the highest level of safety.
5. One-Click Payments: The introduction of one-click payments simplifies the payment process, making it more user-friendly and efficient.
Praxis Tech stands as a beacon of innovation in the world of online payments. Its dedication to payment orchestration, global expansion, and cutting-edge solutions has positioned it as a leader in the industry. As businesses continue to navigate the dynamic landscape of digital payments, Praxis Tech remains a trusted partner, ensuring seamless, secure, and efficient online transactions. In a world where the user experience is paramount, Praxis Tech’s one-click payments and ongoing innovations are driving positive change, benefiting both businesses and their customers. As we look to the future, Praxis Tech’s commitment to enhancing payment solutions will undoubtedly reshape the digital payments landscape.