Praxis Tech boasts 23% growth in approved transactions, boosting revenue for businesses
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. "Cart abandonment" is not a new term and there are a few reasons why online shoppers don't close the deal, but chief among them is the lack of diverse payment sources.
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.
Praxis Tech, a Cyprus-based payment software platform, addresses this industry pain point by helping online merchants improve their payment conversion rates with its advanced payment orchestration software. The company's software is designed to overcome high-volume global processing challenges to help merchants achieve higher transaction approval rates by using an optimized payment infrastructure, smart routing, a variety of payment methods and some newly released features.
In August Praxis recorded a 23 percent rise in processed daily transactions, marking the 16th straight month of average double digit monthly transaction growth.
"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.
Praxis' growth partially 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.
Also supporting Praxis's sustained growth are new features such as its Background Dynamic Currency Conversion (BDCC) and its Merchant Initiated Transactions (MIT). The BDCC 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. MIT enables popular use cases, which include recurring/subscription payments, automatic top-ups, and one-click payments.
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.
