Praxis Tech, a payment software company empowering businesses to accept payments from all over the world, announces a 23 percent rise in processed daily transactions for August 2023, completing its 16th consecutive month of 10%+ monthly transaction growth. Praxis provides merchants with a market-leading payment orchestration software allowing for an optimized payment infrastructure, smart routing, and a variety of payment methods. Their software is designed to overcome high-volume global processing challenges to boost business-transaction approval rates and, as a result, revenue.
Merchants often struggle to develop their businesses and enhance their bottom line payment processes, pondering how to seamlessly accept payments from diverse global sources. Traditional payment systems can be time-consuming and inconvenient, resulting in high cart abandonment and low conversion rates. Roughly 70 percent of online shoppers abandon their carts before executing the payment, accounting for a loss of around $18 billion in yearly sales revenue for e-commerce merchants, according to Forrester research.
Praxis' growth stems from onboarding several new merchants and a rise in traffic from existing clients, which resulted from the integration of new PSPs and better payment infrastructure for merchants. In August, Praxis onboarded nine new PSPs to its portfolio of more than 560 and 1,000 alternative payment methods, that include a wide range of cryptocurrency payment options.
The momentum has been maintained by Praxis's continuous introduction of new features, such as Background Dynamic Currency Conversion (BDCC). It enables merchants to easily facilitate their clients' various currencies, with the conversion being done in the background in accordance with gateway requirements. The BDCC feature contributed a 13 percent rise in approval ratings in August for the merchants using it. Also consistently fueling the recent growth is the Smart Routing feature for the Cashier solution. This feature intelligently optimizes the transaction pathway by finding the route with the lowest merchant fees and fastest approval.
Another notable feature released by Praxis this year is its Merchant Initiated Transactions (MIT). MIT enables popular use cases, which include recurring/subscription payments, automatic top-ups, and one-click payments. These additions to Praxis's product suite have helped reduce cart abandonment. Praxis' MIT enables customers to make purchases with a single click, erasing the need for repetitive form-filling and manual input of payment details. By simplifying payments, improving customer experience, and strengthening security, MIT boosts businesses exponentially.
In July, Praxis upgraded its software to include recurring payments with advanced customization options, enabling them to tap into a growing market share of recurring payments. This market is projected to grow at a CAGR of 16.1 percent and reach an astonishing 17.95 billion by 2030.
"Praxis continues to go from strength to strength. Our consistent growth and target of reaching $4 billion in approved transactions for 2023 reflect the market's confidence in our product", says Amit Klatchko, Co-Founder and Director of Praxis. "We are happy to welcome new merchants to our platform, but what gives me special pride is the fact that this summer, particularly in August, we have seen strong transaction growth from our current merchants. We are continually looking to expand our product portfolio, as well as honing the current offering. Our priority remains our existing clients, but we are also looking to bring our payments orchestration platform to new verticals. Recurring subscription payments are a global trend, and it is our mission to tap into this consumer behavior and offer an effective and quality product to our clients."
