Praxis is a technology provider that develops smart cashier software. Its target customers are in Fintech, Online Gaming, Travel and E-Commerce. Its software was specifically designed to overcome high-risk processing difficulties; it increases businesses’ transaction-approval rates by more than 15 percent. Praxis has staff based in Cyprus, the United Arab Emirates, Costa Rica, Spain and the Ukraine and provides 24/7 support globally.
As a “technical connector” and not a “payment processor,” as it has been erroneously called in the past, the European Union’s Payment Services Law does not apply to Praxis.
The company was founded in 2014 by Amit Klatchko, who still serves as the company’s founder and partner. Previously, Klatchko worked as Co-Owner at Max Traffic Group Ltd. and also attended the College of Charleston in Charleston, South Carolina. Praxis is Visa certified and has been assessed by Advantio Ltd. to be in compliance with Payment Card Industry or PCI Data Security Standard 3.2.1.
Praxis’ top competitors are FLEETCOR, an Atlanta-based payment and spend-management company; Nuvei, a payment processor headquartered in Montreal, Canada; and First Data, a financial services company also based in Atlanta. Praxis’ revenues are estimated at less than $5 million.
Praxis has attempted to become a thought leader in the payment processing space, authoring several articles on Medium, including “Payments API And Why Your Business Needs One,” “How Payment Technology Can Improve Your Cash Flow,” “Fintech 101: Payments Glossary,” “Top 3 Digital Banking Transformation Trends Shaping Our Future” and “Why Selecting A Single Payment Processor Can Limit Your Potential.”
In February, Praxis announced the launch of its latest product, Hosted Payment Fields, which allows businesses to securely collect sensitive payment information from customers without the need for being PCI-DSS complaint. The product ensures that businesses can maintain their own cashier with their own user interface while accessing Praxis’ hosted payment fields.
The San Francisco-based sales engagement platform Groove announced in early April that it would be expanding its partnership with Praxis to provide added benefits to its own clients, which include more than 100 gambling operators.
Yahale Meltzer, Groove Co-Founder and COO, said, “Our latest collaboration with Praxis demonstrates that working together is a Win-Win, which is at the heart of our business philosophy. The gaming industry and the Fintech industry have become seamless in creating a positive environment for growth and better margins, so as we scale further in 2023, we expect to see additional take-up on more sophisticated products that complement our robust technology.”
Amit Klatchko, Co-Founder and Director of Praxis, said, “We look forward to making our smart cashier accessible to Groove's operators seeking to benefit from a complete payment solution that runs seamlessly on Groove’s enhanced technology stack. We are delighted that a major force like Groove sees the value in Praxis software.”
Praxis boasts 3.4 stars on Glassdoor, with more than 207 reviews. Eighty percent of the reviewers approve of the work Praxis’ CEO is doing and 54 percent would recommend the company to a friend.
