Praxis Tech has three different segments to its business: Cashier, Direct API and Hosted Payment Fields. Can you expand a little on what differentiates them from one another?
Absolutely. Each of our three products provide access to Praxis’ extensive network of hundreds of PSPs and over a thousand alternative payment methods, but they stand out through their distinct level of integration.
Our flagship all-in-one Cashier product offers a complete UI and UX experience for businesses, including embedded logic, allowing them more control over their transaction processing and ensuring a seamless end-user customer journey.
Direct, on the other hand, lets companies maintain their existing cashier systems while tapping into our extensive network and add-ons through a single API integration. Our latest product, Hosted Payment Fields, is our most customisable yet and integrates our systems into the existing credit card payment forms of businesses.
This allows them to fully benefit from our tokenisation technology and advanced feature suite we designed to enhance their transaction approval rates.
What fraud management systems do you have in place to eradicate risks?
By integrating with the best third-party risk management engines in the market and combining them with our rich in-house toolset, we have ensured Praxis stays at the forefront of fraud and security management.
Our cybersecurity is built around the ISO27001 and PCI standards, which represent the highest standards in our industry. To boost our transaction security further, we’ve also added an AI-based smart toll plugin to our system, which includes tools made by our expert partners and others we’ve built from the ground up ourselves to integrate into our platform.
Geographical expansion is high on our agenda and we’re actively looking to establish hubs in more regions, including Latin America, mainland Europe, Asia and Africa
Our use of the 3D Secure 2.0 Protocol also allows our clients to detect fraud more efficiently while at the same time enhancing their end-user experiences by streamlining the checkout process through the use of token-based or biometric authentication for transactions.
With these measures, our software infrastructure is stronger and safer, giving our clients and their customers peace of mind with every transaction.
Talk us through your year so far...
This year has been unprecedented for Praxis, witnessing more of everything than ever before. We’ve just seen our 17th consecutive month of growth and had a record 23% increase in approved transactions, in August alone, while at the same time establishing a significant number of new PSP and CRM integrations.
We’ve expanded into Dubai, a hub for global companies, which marks a huge milestone for us. The sense of achievement is high as we enter Q4 and we’re on track to process US$4bn in transaction volume by the end of the year.
We’ve also invested heavily in development this year, focusing on integrating AI tools throughout our platform and enriching our decline recovery suite - tools our clients leverage to boost their approval rates.
The introduction of our background currency conversion feature recorded a huge 13% surge in transaction approval rates and we’re working towards an AI-powered machine learning upgrade to our smart transaction routing feature.
Other noteworthy enhancements include introducing subscription-model payments, automatic account balance top-ups and launching one-click payments for easy deposits. Our users have also benefited from the value-added of other complementary features, such as the immediate ability to suggest lower amounts if a payment failed due to insufficient funds, cascading card transactions to the best-suited Open Banking gateways.
As well as our newly introduced feature that seamlessly redirects users who've exited the checkout process back to their transaction, ensuring a user-friendly experience.
What are your aims as Founder and CEO, what targets do you plan to have achieved by the end of 2023?
We’re on track to finish the year in our best form ever, and our team is highly optimistic about our strategic roadmap for 2024-25. We continue to establish ourselves as both pioneers and leaders in our field, having been the first to provide bespoke solutions to both the iGaming and Forex industries and we’re on target to experience the highest increase of active merchants utilising our platform this year, signalling the trust and reputation we’ve built for ourselves in the industry.
We’re focused on honing in on our team's skills by investing in the best talent
Being deeply embedded in the sector has allowed us to identify areas where innovation is needed and we’re now laying down robust guardrails to better safeguard the communication between PSPs and merchants, enhancing the overall payments ecosystem. This is needed to address unique issues that arise, such as free money events in the iGaming industry for example, and we’re keen to use our leading market position to drive change and shape the sector’s future landscape by setting higher standards.
How has Praxis Tech changed since its launch in 2014?
Since 2014 and following our launch from Beta in 2016, Praxis has undergone incredible growth and change, evolving into an early pioneer in payment orchestration for the online trading industry.
Created after realising a gap in the market, after having worked in both the iGaming and Forex industries ourselves, we saw the need to create sophisticated payment solutions to not only improve approval rates but also to expedite the time it takes to onboard PSPs and integrate new payment methods into CRMs.
We have launched new products and created new features, progressing from a single Cashier flagship to now meeting our users at their point of need with both Direct API and Hosted Payment Fields.
Praxis is now also more aware and better protected from fraud and risk than ever before, securing and safeguarding our operations and our clients, all while providing our users with increasingly customisable options to ensure their checkout experiences blend seamlessly with their brand image. It’s been a long journey to reach the sustained growth we are seeing today and we look forward to breaking new ground in payment orchestration.
How do you ensure you have a fast transaction rate? Especially considering all of the different payment services you offer and all of the different countries you operate in - how does it work with Praxis?
Our proprietary payment orchestration platform is designed to automatically route each transaction through the most efficient pathway, reducing latency and maximising speed.
We’ve established integrated connections with a growing number of global PSPs, now more than five hundred, which ensures our clients benefit from their chosen PSP's ability to facilitate the exchange of funds in the most timely way.
It’s important to note that Praxis doesn’t set rates, we instead equip our merchants with the tools they need to manage exchange fluctuations effectively
Should a gateway be experiencing downtime for any reason, our platform intelligently cascades and re-routes the payment to another gateway or alternative payment method. In this way, Praxis’ software is both proactive and reactionary and allows us to maintain a robust framework that is resilient to high traffic and consistent during peak times.
For our clients’ customers, this translates to a user-friendly checkout experience, complemented with geographically relevant and familiar local payment options, enhancing the trust they have in the transaction.
How do you keep a low FX rate on withdrawals?
It’s important to note that Praxis doesn’t set rates, we instead equip our merchants with the tools they need to manage exchange fluctuations effectively, granting complete control to our clients.
They possess total autonomy to determine spreads according to their needs, and our platform also allows them to implement fixed-rate exchange rates on withdrawals, shielding them from fluctuations during the fund exchange period.
We take pride in being able to offer this level of industry-specific support, which is reflective of our deep knowledge of the sector and builds on insights we’ve gained into the needs of our users.
What's next for Praxis?
Geographical expansion is high on our agenda and we’re actively looking to establish hubs in more regions, including Latin America, mainland Europe, Asia and Africa.
We believe this is key to bring us closer to our clients and partners, ensuring our solutions are tailored to the distinct needs of each market. We’re also excited to target new verticals and are looking forward to attending a more diverse range of expo events next year, which are valuable for connecting with our target industries and building new relationships.
Expanding into new verticals requires our platform to be completely versatile and adaptable to industry-specific needs and we’re focused on honing in on our team's skills by investing in the best talent.
Today Praxis stands stronger than ever and we will continue to fuel our growth and enhance our footprint in more markets.
