LIMASSOL, Cyprus, Oct. 3, 2024
/PRNewswire/ -- Praxis Tech, a leader in payment orchestration
technology, today unveiled the industry's first PIX Cascading
feature available as an easy-to-integrate solution for merchants of
all sizes. The feature, which is now being made widely available to
businesses connected to Praxis' Platform, substantially increases
transaction success rates when accepting payments in Brazil. This innovative new offering
solidifies Praxis' position as the premier platform for merchants
looking to improve their payment performance and offers
unparalleled approval ratios across various sectors prone to higher
decline rates, including high-risk industries such as iGaming and
Retail Trading.
PIX, the instant payment system introduced by the Central Bank
of Brazil, now accounts for the
vast majority of Praxis' merchants payments in the country. The
feature improves transaction approval rates by providing a single
endpoint to request a PIX QR code from multiple payment providers.
If one request fails, it automatically tries the next provider
until a successful QR code is generated for payment.
Guy Karsenti, Chief Technology
Officer at Praxis Tech, said:
"Our PIX Cascading feature marks a significant advancement in
payment technology for the Brazilian market. By harnessing our
extensive PSP network and implementing sophisticated routing rules,
we've achieved a dramatic increase in PIX transaction approvals,
maximizing revenue for our merchants while also delivering enhanced
customer deposit experiences."
PIX Cascading is the latest addition to Praxis' comprehensive
Decline Recovery suite, which includes a range of industry-leading
features designed to enhance merchant approval and conversion
rates. These include tools to expand global currency support in
checkout and deposit pages, 3DS Cascading that maintains customer
verification when re-routing a card payment across multiple PSPs,
retry mechanisms for insufficient fund declines and open banking
alternatives, and the recently launched Retry with APM feature,
which prompts customers to use an alternative payment method if
their initial attempt is declined.
About Praxis Tech
Praxis Tech offers a leading Payment Orchestration Platform that
optimizes payment infrastructure for globally operating enterprise
merchants, providing instant access to 600+ pre-integrated PSPs,
worldwide payment methods, and multicurrency support. Its services
include PCI DSS tokenization, fraud and risk
management solutions integrated with Visa's Cybersource, and
checkout enhancements designed to increase approval ratios through
advanced routing rules and decline recovery tools. Businesses
connected to Praxis Tech's Platform consistently achieve improved
payment performance.
Contact:
Maria Evangelou
maria.e@praxis.tech
+35725312086
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SOURCE Praxis Tech