Introduction:

In the ever-evolving landscape of online transactions, Praxis Tech has emerged as a trailblazer, revolutionizing the way businesses handle payments. This article delves into Praxis Tech’s remarkable journey, highlighting its impressive growth, innovative features, and the profound impact it has had on the global payments industry.

Praxis Tech’s Phenomenal Growth Trajectory

Praxis Tech celebrates 14 consecutive months of positive growth, achieving milestones in both transaction volumes and processed transactions. With a bootstrapped and profitable approach, the company has experienced a consistent 10%+ monthly growth, nearly doubling transaction volumes. Amit Klatchko, Co-Founder and Director of Praxis, expresses confidence in exceeding the ambitious goal of USD 4 billion in approved transaction volume for 2023. This sustained growth underscores Praxis Tech’s reliability and efficacy in facilitating seamless and secure transactions.

Partnering for Success:

Amit Klatchko acknowledges the pivotal role played by partners and merchants in Praxis Tech’s success. With 200+ active clients and support for over 650 brands, the company’s growth is fueled by new deals signed each month, primarily through referrals and positive feedback. This collaborative approach speaks volumes about Praxis Tech’s professionalism and the quality of service it consistently provides.

Innovative Features Driving Success

Praxis Tech’s commitment to innovation is evident in the introduction of features designed to enhance processing efficiency and increase approval rates. Key features include:

• Background Dynamic Currency Conversion (BDCC):
  • Especially beneficial for industries like investment trading, iGaming, and eCommerce, BDCC contributes to increased approval rates.
• Smart Routing:
  • Intelligent routing algorithms optimize transaction flow, ensuring transactions are routed through the most reliable and cost-effective channels.
• Transaction Decline Recovery with Open Banking:
  • A comprehensive suite of features aimed at recovering declined transactions, contributing to higher approval rates.
• Retry on Insufficient Funds:
  • Addressing insufficient funds scenarios, this feature further reduces transaction failures.

Diversifying Verticals with Enhanced Features

Praxis Tech’s innovative efforts extend to diversifying verticals, with an upgraded Recurring Payments feature supporting a subscription payments model. Complemented by One-Click Payment and Automatic Top-Up functions, these features are powered by Praxis Tech’s Merchant Initiated Transactions (MIT) technology.

Evolution from Praxis Cashier to Praxis Tech

Established in 2014 with its flagship product, Cashier, Praxis Tech underwent a rebranding in 2022 to Praxis Tech. This evolution reflects the company’s expanded product offerings, including Praxis Direct (API) and Hosted Payment Fields (HPF). The rebranding aligns with Praxis Tech’s mission to provide comprehensive solutions and stay at the forefront of technological advancements in the payment industry.

Payment Orchestration Unveiled:

Praxis Tech, a payment orchestration software company founded in 2014, specializes in seamlessly integrating and managing various payment service providers, acquirers, payment gateways, and banks on a single, unified software layer. This process, known as payment orchestration, simplifies global expansion and optimizes payments infrastructure for businesses.

Praxis Tech’s Integration Offerings

To cater to diverse business needs, Praxis Tech offers three products, each providing a distinct entryway into the Praxis ecosystem:

• Praxis Cashier
• Praxis Direct
• Hosted Payment Fields (HPF)

When merchants sign up with Praxis, they gain access to a vast network of Payment Service Providers (PSPs) and Alternative Payment Methods (APMs). Through one integration, businesses can accept payments via multiple methods, tailored to specific countries and other criteria.

Praxis Tech: The Numbers

Praxis Tech’s remarkable growth is complemented by its extensive integration capabilities. The company currently integrates with 540+ PSPs and 1000+ alternative payment solutions, supporting transactions in over 200 currencies. This broad integration network positions Praxis Tech as a top payments orchestration platform for merchants aiming to expand globally and integrate with multiple payment solutions.

Praxis Tech’s Role in Transactions:

As a payment technology company, Praxis Tech provides the infrastructure for merchants to accept payments and conduct payouts. It is essential to note that Praxis Tech does not partake in transactions, handle client funds, or manage client information.

Harnessing Decline Recovery Strategies

Praxis Tech consistently enhances its product through a Decline Recovery strategy, addressing declined transactions comprehensively. This strategy aligns with the company’s commitment to helping merchants boost their approved transaction rates, further solidifying its position as an industry leader.

Conclusion: Praxis Tech’s Ongoing Impact

In conclusion, Praxis Tech‘s journey is a testament to its unwavering commitment to excellence and innovation in the payment industry. From its impressive growth trajectory to the introduction of cutting-edge features, Praxis Tech continues to shape the way businesses handle transactions globally. As a leading payments orchestration platform, Praxis Tech not only simplifies the complexities of payment processing but also paves the way for businesses to thrive in a digital and interconnected world.