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Praxis Tech launches Merchant Initiated Transactions (MIT)

By Gloria Methri

April 11, 2023

  • Card Transactions
  • Cyprus
  • FinTech
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Praxis, Cyprus, FinTech, Payments Processing, Merchant Initiated Transactions, Tokenization, Payments Processors, Card TransactionsPraxis Tech Ltd has announced the launch of Merchant Initiated Transactions (MIT), a payment processing solution that provides secure, seamless, and convenient checkout experiences for merchants and their customers.

With MIT, merchants can now initiate transactions on behalf of their customers, eliminating the need for manual payment information entry and streamlining the payment process. The feature facilitates “one-click payments” for customers and supports most payment processors using the Card On File option (Tokenization).

Merchant Initiated Transactions are particularly useful for merchants who have a high volume of transactions, whereby they can securely store their customers’ payment information, making it easier to process future transactions. This streamlines the payment process for both merchants and customers, reducing the risk of errors or payment delays, and improving the overall payment experience.

In addition to simplifying the payment process, MIT also provides other benefits, such as increased customer loyalty, higher conversion rates, and improved security of card transactions.

Guy Karsenti, CTO, Praxis Tech said, “MIT is an exciting addition to our payment orchestration platform, and we are proud to be at the forefront of the industry’s ongoing evolution. Our dedication to innovation ensures that we will continue to provide our clients with cutting-edge solutions that meet their needs in the dynamic payments landscape.”

He then divulged that “MIT is just the beginning. It is a key stepping stone on our route to introducing even more exciting new products later in 2023, such as retry for insufficient funds and recurring payments.”

Praxis reiterated its commitment to providing merchants with advanced and reliable payment processing solutions and said the launch of MIT is a testament to its ongoing efforts to innovate and improve the payment experience for merchants and their customers.

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