Optimized Payment Success Rates Achieved through AI-Powered Routing by Praxis Tech
Praxis Tech Introduces AI-Powered Smart Routing for Enhanced Payment Approval Rates
Praxis Tech, a leading provider of advanced payment solutions, has unveiled Smart Routing, an AI-driven feature designed to optimize payment approval rates for merchants. According to Guy Karsenti, Chief Technology Officer and Managing Partner at Praxis Tech, Smart Routing is an integral part of their payment orchestration platform.
Smart Routing works by analyzing transaction data patterns and dynamically optimizing the order in which payments are routed through various Payment Service Providers (PSPs). It continuously studies how different PSPs perform for each merchant based on real-time payment success rates and suggests adjustments to the priority sequence for routing transactions, placing providers with higher approval success earlier in the routing flow.
This intelligent selection process helps merchants achieve higher first-time payment approvals by routing transactions through the best-performing processor for each transaction scenario. By reducing the need to retry payments through multiple providers, Smart Routing also lowers costs associated with payment attempts, especially when processors charge per try.
In addition, merchants can track performance with new analytics tools provided by Smart Routing and approve changes to their rules for routing card payments based on Smart Routing's recommendations. This feature aims to help merchants get more payments approved on the first attempt, thereby improving overall payment processing efficiency.
Praxis Tech's platform offers access to over 600 pre-integrated PSPs, ensuring a wide range of options for merchants. The company also integrates fraud and risk management solutions with Cybersource from Visa, providing merchants with comprehensive payment solutions.
Moreover, Praxis Tech's platform is developed to optimize payment infrastructure for global merchants, offering support for multiple currencies and global payment methods. The company's focus on developing advanced technology solutions for better payment outcomes is underscored by the introduction of Smart Routing.
In summary, Praxis Tech’s Smart Routing leverages AI to optimize payment flows dynamically, thus enhancing approval rates and reducing payment processing costs for merchants by intelligently prioritizing PSPs according to their actual success rates for each merchant’s unique transactions. The use of Smart Routing can lead to measurable performance improvements for merchants, making it a valuable addition to Praxis Tech's comprehensive payment solutions offering.
- The Smart Routing feature introduced by Praxis Tech, an integral part of their payment orchestration platform, not only optimizes payment approval rates for merchants, but also assists in finance management by intelligently prioritizing Payment Service Providers (PSPs) based on their actual performance, thus aiding in lowering costs for businesses associated with payment attempts.
- Praxis Tech's focus extends beyond smart payment routing, delving into other realms such as technology development and artificial-intelligence integration, as evidenced by their incorporation of fraud and risk management solutions with Cybersource from Visa, and their platform's optimization for global merchants, offering support for multiple currencies and global payment methods.
