The new Merchant Initiated Transactions (MIT) payment processing solution eliminates the need for manual entry of payment information, thereby streamlining the payment process, the provider of online payment solutions said in a Monday (April 10) press release.
“MIT is an exciting addition to our payment orchestration platform, and we’re proud to be at the forefront of the industry’s ongoing evolution,” Praxis Tech Chief Technology Officer Guy Karsenti said in the release. “Our dedication to innovation ensures that we’ll continue to provide our clients with cutting-edge solutions that meet their needs in the dynamic payments landscape.”
PYMNTS research has found that one-click payment use has increased from 65% to 67% as small- to medium-sized businesses (SMBs) pursue seamless payment experiences.
For these retailers’ customers, ease of use is the most important factor, with 35% of consumers saying it drives their payment choice, according to “Tapping the Payments Opportunity in SMB Retail,” the January edition of the “B2B and Digital Payments Tracker®,” a PYMNTS and American Express collaboration.
The report also found that as consumer preferences change and digital payment options become a staple of the customer journey, retailers are turning to technology to meet these demands. For example, 34% of SMBs are bringing technology to their checkout experiences to remove friction.
Praxis Tech’s MIT enables merchants to securely store their customers’ payment information, allowing them to initiate transactions on behalf of their customers and more easily process payments in the future, according to the press release.
These one-click payments on future transactions streamline the payment process, reduce the risk of errors or payment delays, and improve the payment experience for customers by eliminating the need to enter payment details for each transaction, the release said.
The new one-click payment offering is the latest addition to Praxis Tech’s expanding lineup of online payment solutions, per the release.
“MIT is just the beginning,” Karsenti said in the release. “It’s a key steppingstone on our route to introducing even more exciting new products later in 2023, such as retry for insufficient funds and recurring payments.