LIMASSOL, Cyprus, April 10, 2023 /PRNewswire/ — Praxis Tech Ltd is pleased to announce the launch of Merchant Initiated Transactions (MIT), a revolutionary payment processing solution that offers secure, seamless and convenient payment experiences for merchants. merchants and their customers.
With MIT, merchants can now initiate transactions on behalf of their customers, eliminating the need to manually enter payment information and streamlining the checkout process. The feature facilitates “one-click payments” for customers and is compatible with most payment processors that use the Card on file (tokenization) option, making payments even more secure.
Merchant Initiated Transactions (MIT) is especially useful for merchants with a high volume of transactions, as they can securely store their customers’ payment information, making it easier to process payments for future transactions. Eliminating the need for customers to enter their payment details every time. This streamlines the checkout process for both merchants and customers, reducing the risk of late or incorrect payments and improving the overall checkout experience.
In addition to simplifying the checkout process, MIT also provides other benefits, such as increased customer loyalty, higher conversion rates, and increased card transaction security.
CTO Guy Karsenti commented, “MIT is an exciting addition to our payment orchestration platform and we are proud to be at the forefront of the industry’s continued evolution. Our dedication to innovation ensures that we will continue to provide our customers with customers state-of-the-art solutions that meet their needs in the dynamic payments landscape.
He then divulged that “MIT is just the beginning. It’s a key stepping stone on our path to introducing even more exciting new products later in 2023, like retrying for non-sufficient funds and recurring payments.”
Praxis Tech is committed to providing merchants with the most advanced and reliable payment processing solutions, and MIT’s launch is a testament to its ongoing efforts to innovate and improve the payment experience for merchants and their customers.
Visit Praxis Tech to learn more about other existing integrations and how to supercharge your payments.
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