With over 20 years of combined experience in online payments in the Forex, gaming, travel and e-commerce industry, our review team can safely say that Praxis Cashier offers the complete payment processing solution for a brokerage firm. It has offices in Costa Rica, Spain, Cyprus and Ukraine and operates a 24/7 multiple language support service. Praxis should not be thought of as a payment service provider (PSP), as it provides a native software for handling all incoming and outgoing payments. The Praxis Cashier can support almost all card issuers and integrate all the PSPs your business is using. A true solution provider.
Praxis Cashier’s Services at a Glance
Praxis Cashier offers a broad range of processing solutions for credit cards, wire transfers, payment service providers, e-wallets and crypto transactions. The company currently offers data transfer and integration services with access to over 300 payment processors. Integrations with new PSPs are claimed to take no more than 5 business days.
The software seems flexible as it allows transaction limits and methods to be customized per currency, country, campaign and virtually any other parameter you choose. The goal of the business is obvious – to provide a global bridge between various merchants and payment providers and by doing that – to close the payment circle for their clients. The platform’s front-end is designed to appear as a native component of the merchant’s website, as it loads the payment terminal within an iframe.
The Praxis Cashier: Integration, Specification and Advantages
With a single integration of the Praxis Cashier to your system, you can potentially utilize over 300 payments solutions, ranging from the largest banks and Tier 1 PSPs, to instant wires, e-wallets and localized APMs. Not only does the company add new solutions every month, but it saves you effort and money, in case you decide to increase the number of your payment options. The integration itself is a simple process consisting of the following 5 steps:
- You send your API to Praxis
- Your API gets connected in a matter of several hours
- The Cashier software is integrated to your website
- Praxis staff configure and test the software and train your employees to work on it
- You go live
The Praxis Cashier provides the flexibility to determine dynamic routing rules of your own or lets the software do this for you. Choosing the second option of letting the algorithm send each transaction to the best possible processor results in maximization of approval rates and minimization of declines.
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The system simplifies your payments by giving you the necessary framework to manage the finances of your multiple businesses, through a single interface. It has never been easier to support several websites in multiple currencies, to achieve proper reconciliation, increase approval rates and drastically cut declines in payment processing and block fraudulent attempts.
All personal details, card processors and settings are managed through a single virtual terminal within the cashier back office. In theory, this means that there will be no additional time for multiple logins to the platforms of each PSP.
This should optimize the work of a brokerage’s call centre agents, who will be able to choose which processor to route transactions to, or alternatively whether to use the optimal rules recommended by the Cashier.
As with most of the other reputable brands on the field, Praxis is also a certified Payment Card Industry Data Security Standard (PCI DSS) Level 1 service provider. Any Cashier’s compliance with this standard is absolutely critical and guarantees there are strong defense practices against leaks of cardholder data and other sensitive information.
Praxis operates a 24/7 multi-language support service, so users can get in touch anytime via phone, email or Skype in case you need assistance. The company’s staff monitors the system performance and clients’ transactions in order to detect potential processing issues and offer quick fixes. Apart from that, each customer is entitled to limitless support hours related to the initial setup of the system, the configuration of all existing and new PSPs, training of employees, data analysis and advice.
Voices from the Industry
There is no such thing as a free lunch, as they say. Almost all industry experts we spoke with, have emphasized the one big downside of doing business with Praxis – their high cost. While the company is indeed one of the big names on field, their popularity comes at a price, which not everyone can afford. Especially if you are just getting started. So ping us for advice and we might be able to help!
Companies operating within the financial industry are usually heavily reliant on payment processing services. If you are looking for a single solution to unify all the payment providers you are working with, and you are sitting on a large enough investment, Praxis just might be one of the solutions to consider. Its Cashier integrates hundreds of payment solutions of various types and keeps on broadening its coverage, adding new alternatives every month. All of this comes with professional customer service and a reliable software.
Based on the review above, on a scale from 1 to 10, our FinTechTycoon expert score is a shining