Praxis Tech Unveils AI-Powered Routing for Improved Payment Success

Praxis Tech Launches Innovative AI Smart Routing

New AI feature analyzes payment patterns and suggests better ways to route transactions, helping merchants get more payments approved on the first try.

Enhancing Payment Success Rates

Praxis Tech, an influential player in Payment Orchestration, aims to empower merchants with its latest offering, AI Smart Routing. This groundbreaking tool is designed to significantly boost payment success rates by closely examining how diverse Payment Service Providers (PSPs) operate and recommending adjustments that can lead to increased approval rates on initial transactions.

Many businesses typically implement specific sequences to manage payment processing, ensuring that if one provider is unable to complete a transaction, the payment is automatically redirected to subsequent alternatives. This method helps improve the likelihood of transaction approval. AI Smart Routing revolutionizes this process by analyzing historical performance data, suggesting optimal order changes for payment processing based on each merchant's unique acceptance rates across their providers.

Revolutionizing Transaction Processing

Guy Karsenti, Chief Technology Officer and Managing Partner at Praxis Tech, noted the importance of this innovative technology. He stated, "AI Smart Routing demonstrates our commitment to forward-thinking solutions that generate improved payment outcomes for merchants. By leveraging intelligent analysis of transaction patterns, we enable businesses to achieve higher first-time approvals and measurable performance enhancements."

The feature is responsive to real-time transaction data, allowing merchants to receive tailored optimization suggestions. Merchants can readily authorize modifications to their card payment routing strategies, while also employing new analytical tools to track the effects of these changes. As a result, this approach minimizes the necessity to route the same payment through multiple providers, effectively decreasing operational costs for merchants who incur fees with each attempt.

Driving Continuous Innovation

AI Smart Routing represents Praxis Tech's unwavering dedication to creating sophisticated technology solutions aimed at delivering consistently better outcomes in payment processing. This launch is a testament to the company's continuous endeavor to integrate advanced AI functionalities into their diverse range of products, granting merchants unparalleled opportunities for optimization.

About Praxis Tech

Praxis Tech is at the forefront of Payment Orchestration, providing an optimized platform for enterprise merchants operating on a global scale. The company offers instant access to an extensive network of over 600 pre-integrated PSPs, a wide array of payment methods, and robust multi-currency support. Their offerings extend to PCI DSS tokenization, integrated fraud and risk management solutions via Visa's Cybersource, and innovative checkout enhancements designed to improve approval ratios through advanced routing protocols and decline recovery strategies.

Frequently Asked Questions

What is AI Smart Routing?

AI Smart Routing is a feature from Praxis Tech that enhances payment success rates by analyzing transaction patterns and suggesting optimal routing methods for payments.

How does AI Smart Routing work?

The tool reviews data from different Payment Service Providers (PSPs) and recommends the most effective processing order based on a merchant's acceptance rates.

Why is optimizing payment routing important?

Optimizing payment routing is crucial for reducing transaction failures, increasing approval rates, and ultimately maximizing revenue for merchants.

Who can benefit from AI Smart Routing?

Merchants operating within the payment processing system can significantly benefit from the enhanced payment success rates provided by AI Smart Routing.

What other services does Praxis Tech provide?

In addition to AI Smart Routing, Praxis Tech offers PCI DSS tokenization, fraud and risk management solutions, and tools to improve checkout experiences.

About The Author

Hi there I'm 38-year-old author and financial consultant Owen Jenkins. Having worked in the financial sector for more than ten years, I am well-versed in the subtleties and complexity that mold our financial environment. Following a degree in finance, I worked in a number of financial institutions honing my abilities in market analysis, financial planning, and investment strategies.

My love is teaching others about investing and personal finance. My goal in writing many books and articles has been to demystify financial ideas and give readers the information they need to make wise financial decisions. I write with a direct, useful style that emphasizes doable suggestions for daily living.

Along with writing, I lead webinars and seminars where I impart knowledge on how to successfully negotiate the financial world. I also write for financial journals and show up as a guest expert on financial news programs a lot. Whether they are new to investing or want to improve their approach, my mission is to enable people to take charge of their financial futures.

Beyond work, I like to hike, play the guitar, and spend time with my family. I think that balance is crucial and want to encourage people to strike a balance between their financial aspirations and their hobbies. I want to help people succeed and achieve financial security through my work, so having a good influence.

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