A Deep Dive into Praxis Tech’s Innovative Payment Orchestration Solutions

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Introduction

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In the rapidly advancing realm of online payments, Praxis Tech emerges as a pioneering force in payment orchestration software. Established in 2014, Praxis Tech has swiftly become a symbol of efficiency, providing businesses with a seamless approach to accepting online payments and optimizing transaction approval ratios. This article meticulously explores the fundamental aspects of Praxis Tech’s solutions, shedding light on how this payment technology company has reshaped the payment infrastructure for merchants globally.

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Praxis Tech’s Mission and Growth

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At its core, Praxis Tech is committed to simplifying global expansion for businesses and refining their payments infrastructure. Since its inception in 2014, the company has experienced exponential growth, positioning itself as a leading payments orchestration platform for merchants aiming to expand their operations, penetrate new global markets, and integrate with diverse payment solutions. Praxis Tech currently boasts integration with 540+ Payment Service Providers (PSPs) and 1000+ alternative payment solutions, supporting transactions in over 200 currencies.

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Praxis Tech’s Product Offerings

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To cater to its diverse clientele, Tech provides three distinct products, each offering different modes of integration into the Praxis ecosystem:

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• Praxis Cashier
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• Praxis Direct
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• Hosted Payment Fields (HPF)
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When merchants join this, they gain access to an extensive network of Payment Service Providers (PSPs) and Alternative Payment Methods (APMs). Through a single integration, merchants can seamlessly accept payments via multiple methods, tailored to specific countries and other criteria.

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Consistent Enhancement through Decline Recover Strategy:

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Praxis Tech has consistently enhanced its product offering through a Decline Recover strategy. This involves releasing a comprehensive suite of features designed to help merchants elevate their approved transaction rates. Key features include:

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• Background Dynamic Currency Conversion (BDCC)
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• Smart Routing
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• Transaction Decline Recovery with Open Banking
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• Retry on Insufficient Funds
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Global Expansion – Praxis Tech’s Dubai Office:

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In a strategic move, Praxis Tech has opened a representative office, Technology LLC, in the heart of Dubai’s Business Bay. This expansion aims to provide round-the-clock support for merchants, access to a talented local workforce, and further growth in the Middle East and Asia.

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Impressive Growth and Milestones

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Praxis Tech proudly reports a 14th consecutive month of positive growth in both transaction volumes and processed transactions through its platform. Bootstrapped and profitable, the company has experienced a remarkable 10%+ month-on-month growth, nearing doubling its transaction volumes.

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“We have been on a growth trajectory for the past 14 months and we are not slowing down. It is well on track to exceed our goal of USD 4 billion in approved transaction volume in 2023…” – Amit Klatchko, Co-Founder and Director.

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Ongoing Innovation for Business Efficiency

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Praxis Tech has rolled out a series of new features aimed at improving processing efficiency and increasing approval rates across various industries, including investment trading, iGaming, and eCommerce. Noteworthy features include Background Dynamic Currency Conversion (BDCC), Smart Routing, Transaction Decline Recovery with Open Banking, and Retry on Insufficient Funds.

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Adapting to New Verticals

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In line with its commitment to innovation, Tech has expanded its offerings to include features like Recurring Payments. Designed for a subscription payments model, this feature is complemented by One-Click Payment and Automatic Top-Up functions, all powered by Merchant Initiated Transactions (MIT) technology.

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Evolution of Praxis Tech Brand

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Praxis Tech, initially launched in 2014 with its flagship product – Cashier, underwent a rebranding in 2022 to reflect its expanded product line, including Direct (API) and Hosted Payment Fields (HPF). As a PCI-certified entity, Tech ensures the highest standards of data security for its clients.

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Conclusion

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In conclusion, Praxis Tech stands as a beacon of innovation in the payment orchestration sector. From its inception in 2014 to its recent expansion in Dubai, Tech has consistently demonstrated its commitment to providing cutting-edge solutions to merchants worldwide. As the company continues its upward trajectory, it remains a reliable partner for businesses seeking not just payments processing but a strategic ally in their journey towards growth.

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