In the ever-evolving world of digital payments, Praxis Tech has emerged as a trailblazer in the field of payment orchestration. Founded in 2014, Praxis Tech has quickly made a name for itself as a key player in simplifying global expansion, optimizing payments infrastructure, and improving transaction approval rates. This article explores the remarkable journey of Praxis Tech and its pivotal role in reshaping the way businesses handle online payments.
The Essence of Praxis Tech
Pioneering Payment Orchestration:
At the heart of Praxis Tech’s mission is the commitment to help businesses seamlessly accept online payments and enhance their transaction approval ratios. Payment orchestration, a complex process involving the integration and management of various payment service providers, acquirers, payment gateways, and banks through a unified software layer, is Praxis Tech’s specialty. This orchestration simplifies the intricate web of payment options, ensuring smooth and efficient transactions.
Simplified Global Expansion:
In a world where businesses are constantly seeking to expand their horizons and explore new markets, Praxis Tech serves as an invaluable partner. The company has quickly risen to prominence as a leading payment orchestration platform, empowering merchants to expand their reach, cater to diverse markets, and seamlessly integrate with multiple payment solutions. Praxis Tech currently boasts integration with over 540 Payment Service Providers (PSPs) and over 1,000 alternative payment solutions, supporting more than 200 currencies.
A Secure Foundation:
Praxis Tech’s role in the payment process is to provide the infrastructure and technology that ensures secure and efficient payment processing. While it facilitates payments and payouts, Praxis Tech does not directly engage in transactions or handle client funds or information. Instead, it creates a secure foundation for businesses to conduct their online transactions.
Navigating the Praxis Tech Ecosystem
Three Distinct Products:
Praxis Tech offers three distinct products, each tailored to provide merchants with a unique entry point into the Praxis ecosystem. These products are designed to simplify and streamline the world of online payments.
- Praxis Cashier: Praxis Cashier serves as the gateway for merchants to access Praxis Tech’s extensive network of Payment Service Providers (PSPs) and Alternative Payment Methods (APMs). Through a single integration, businesses gain access to multiple payment methods, customized to specific countries and criteria.
- Praxis Direct: Praxis Direct offers a fast and direct integration to the Praxis API, allowing businesses to leverage a wide range of payment solutions without the need to replace 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.
Innovations Driving Success
A Comprehensive Strategy:
Praxis Tech is dedicated to enhancing the transaction approval rates of its clients. The company has introduced a comprehensive suite of features, part of its Decline Recovery strategy. This strategy underscores Praxis Tech’s commitment to innovation and its ability to provide clients with cutting-edge solutions to navigate the ever-evolving payments landscape.
One of Praxis Tech’s game-changing solutions is the introduction of 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 immense popularity, particularly among small- to medium-sized businesses (SMBs), where user-friendliness is a top priority.
Praxis Tech’s Ongoing Journey
Praxis Tech’s MIT empowers merchants to securely store their customers’ payment information, streamlining future transactions and enhancing the overall payment experience. This is just the beginning for Praxis Tech. The company is gearing up to introduce more exciting products in 2023, including features like retry for insufficient funds and recurring payments.
Benefits of Praxis Tech
- Effortless Global Expansion: Praxis Tech simplifies the process of expanding into new global markets.
- Improved Transaction Approval Rates: The company’s innovative solutions help businesses boost their transaction approval rates.
- Comprehensive Payment Integration: Praxis Tech’s ecosystem encompasses a wide array of payment service providers and alternative payment methods.
- Secure and Efficient Payments: Praxis Tech’s dedication to security ensures that all transactions are conducted with the highest level of safety.
- One-Click Payments: The introduction of one-click payments streamlines the payment process, making it more user-friendly and efficient.
Praxis Tech is not merely a payment orchestration software company; it is a catalyst for transformation in the world of online payments. As businesses strive to navigate the complex landscape of digital transactions, Praxis Tech stands as a trusted partner, offering solutions that are both secure and user-friendly. The introduction of one-click payments is just one example of how Praxis Tech is driving positive change in the industry. Looking ahead, Praxis Tech’s commitment to enhancing payment solutions will continue to reshape the digital payments landscape, ensuring businesses and customers alike enjoy a seamless and efficient payment experience.