Praxis Tech, a Payment Orchestration company, has launched AI Smart Routing, a feature that boosts merchants' payment success rates.
Praxis Tech provides a Payment Orchestration Platform for global enterprise merchants, offering access to over 600 pre-integrated PSPs, various payment methods, and multicurrency support. The company provides services that include PCI DSS tokenisation, integrated fraud and risk management with Visa's Cybersource, and checkout optimisations to improve approval ratios through advanced routing and decline recovery tools.
How does it work?
AI Smart Routing evaluates the performance of various Payment Service Providers (PSPs) and offers straightforward suggestions to improve first-time approval rates, tailored to each merchant's acceptance rates across their providers.
Many businesses implement specific sequences to reroute the same payment through multiple processors as a safeguard against transaction failures. If the initial provider is unable to process the payment, it is routed to alternative providers in succession to maximise the chances of approval. AI Smart Routing analyses this performance data and recommends adjustments to the priority order of providers, determining which should be first, second, and so forth, based on their approval rates for each merchant's unique circumstances.
This feature utilises live transaction data to provide optimisation recommendations to merchants. They can then choose to authorise adjustments to their card payment routing rules while monitoring performance through new analytical tools. By minimising the need to route the same payment through multiple providers it reduces costs for merchants whose processors impose fees for each transaction attempt.
AI Smart Routing showcases Praxis Tech’s commitment to developing advanced technological solutions that enable businesses to achieve improved payment outcomes and higher success rates. This launch exemplifies the company's effort to integrate sophisticated AI capabilities into a broader range of products and features, offering merchants more opportunities for optimisation.
