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Praxis Tech Launches AI Smart Routing to Enhance Payment Success Rates

Praxis Tech, a leader in payment orchestration, has announced the launch of its revolutionary feature, AI Smart Routing, aiming to significantly improve payment approval rates for businesses. Set against the backdrop of increasing digital transactions, this new tool utilizes advanced artificial intelligence to analyze payment habits and optimize routing paths. But how does it work, and what does it mean for merchants?

Understanding AI Smart Routing

AI Smart Routing employs a sophisticated algorithm that evaluates various payment service providers (PSPs) and recommends the best routing options based on real-time performance data. By examining how each PSP performs for individual merchants, the system can suggest modifications to transaction routing strategies, suggesting the most effective order for processing payments. This allows merchants to maximize the number of transactions approved on the first attempt.

Traditionally, many businesses have set up a standard order of payment processing that sends transactions through multiple processors sequentially. However, in a landscape where each processor might charge for every transaction attempt, this can lead to higher costs and inefficiencies. AI Smart Routing seeks to minimize these drawbacks by identifying which provider is likely to yield a successful payment for a specific transaction.

The Benefits of AI Smart Routing

Guy Karsenti, the Chief Technology Officer and Managing Partner at Praxis Tech, shared insights on the impact of this tool: "AI Smart Routing demonstrates our commitment to providing innovative technology that enhances payment outcomes for merchants. By intelligently analyzing transaction patterns, we enable businesses to achieve a greater number of approvals on the first try, while also introducing measurable performance improvements."

One significant aspect of AI Smart Routing is its ability to react to live transaction data. When implemented, it prompts merchants with optimization suggestions, allowing them to adjust their payment routing rules. This adaptability not only improves the efficiency of the payment process but also contributes to overall cost reduction by minimizing the repeated attempts to process a payment through different providers.

Furthermore, this feature provides merchants with an analytics toolkit to track their performance and make informed decisions based on emerging trends and data patterns. If a particular processor is yielding better results under current conditions, merchants can easily prioritize its use for similar transactions moving forward.

A Step Towards Innovative Payment Solutions

With AI Smart Routing, Praxis Tech continues its vision of creating cutting-edge solutions that assist merchants in achieving better payment results. This latest launch is part of the company's ongoing strategy to incorporate advanced AI capabilities into various products and features. It highlights a commitment to helping businesses optimize their payment processes to enhance user experiences and improve satisfaction.

As companies navigate increasingly complex digital payment landscapes, tools like AI Smart Routing will be crucial in ensuring that businesses can efficiently manage transactions and maintain positive relationships with their customers. It's not just about facilitating payments—it's about ensuring that transactions are successful and smooth, paving the way for a more efficient economy.

About Praxis Tech

Founded as a pioneering entity in payment orchestration, Praxis Tech delivers a leading platform that optimizes payment infrastructures for global merchants. With access to over 600 pre-integrated payment service providers and support for multiple currencies and payment methods, they are at the forefront of the payment technology industry. Their services also encompass PCI DSS tokenization, integrated fraud and risk management solutions, and innovative processes designed to increase approval rates through advanced routing rules. As the digital payment landscape continues to evolve, Praxis Tech remains dedicated to pioneering solutions that drive progress and efficiency in the financial sector.