Payment orchestration firm Praxis Tech has launched AI Smart Routing, a solution designed to support merchants in improving their payment success rates.
The new tool analyses how various PSPs perform, suggesting simple changes that can improve first-time approval based on each merchant’s acceptance rates across their providers. With the launch, the company aims to deliver on its customers’ needs and demands while remaining compliant with the industry’s laws and regulatory requirements.
Improving payment acceptance rates with AI
The majority of businesses set up specific sequences to send the same payment through multiple processors and avoid transaction failures. If the first provider cannot process it, the payment gets sent to alternative providers to maximise approval chances. AI Smart Routing analyses this performance data and makes recommendations to change the priority order of the providers. This is based on which one actually approves the most payments for each merchant’s specific use case.
The tool reflects the company’s focus on developing technology that drives better payment outcomes for its customers. By studying transaction patterns, AI Smart Routing helps businesses have higher first-time approvals while delivering measurable performance improvements.
The feature responds to live transaction data and shares optimisation suggestions with merchants, who then can choose to authorise changes to their card payment routing rules while tracking performance using analytical tools. Reducing the need to send the same payment across multiple providers means a lower cost for merchants whose processors charge for each attempt.
Praxis Tech aims to deliver improved technology solutions and help businesses get consistently better results and higher success rates. The launch highlights the company’s goal of contributing to engineering development by implementing AI capabilities into more of its solutions and features, offering more optimisation opportunities.
For more information about Praxis Tech, please check out their detailed profile in our dedicated, industry-specific Company Database.
