Cyprus-based fintech Praxis Tech has announced the launch of Merchant Initiated Transactions (MIT), a payment processing solution for merchants. With MIT, merchants can 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), making payments even more secure. Simplifying bulk payments with MIT 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 payments for future transactions. Removing the need for customers to enter their payment details every time.

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. Company officials said that MIT is an exciting addition to their payment orchestration platform, and they're proud to be at the forefront of the industry's ongoing evolution.

Their dedication to innovation ensures that they'll continue to provide their clients with cutting-edge solutions that meet their needs in the dynamic payments landscape. Bringing innovation to merchants Praxis Tech is committed to providing merchants with some of the most advanced and reliable payment processing solutions, and the launch of MIT is a testament to their ongoing efforts to innovate and improve the payment experience for merchants and their customers. .