Smart cashier software giant Praxis clarified its offering today, explaining that the Cyprus-based payment gateway founded by Amit Klatchko is a technical connector and not a payment processor, as it has been erroneously called and addressed by questionable online sources. As such, the restrictions under the Payment Services Law do not apply to the company, as it pertains to payment processors, and not to payment gateways.
According to extracts from the legal opinion issued by a reputable law firm in the European Union, “The company offers integration services (with PSPs) and data transfer services only. Its services do not include transaction processing.” Or, in layman terms, Praxis acts as a technical connector between Payment Service Providers (PSPs) and business owners/merchants, providing data handling for all incoming and outgoing payments, but does not process the financial payments themselves.
With a single integration of the Praxis Cashier payment page interface and back-office into a business’ system, merchants are granted access to a selection of PSPs, over 300 alternative payment solutions to choose from, superior graphics and transaction management. The simple integration process includes merchants obtaining their own pre-approval directly from PSPs they seek to work with, integration of the Praxis Cashier into the business’ software, and a configuration and testing process prior to going live.
In light of Praxis Cashier System Ltd.’s clear and transparent statement of what the company does and does not offer, the law firm concluded and explains that Praxis remains on the right side of the below legislation, not infringing any of their provisions, despite any third party publications stating otherwise (see image 1).
Praxis’ legal representation seeks to make it explicitly clear that the company provides exactly those services it claims to provide. Furthermore, the restrictions under the Payment Services Law do not apply to the company, as it pertains to payment processors (which Praxis is not), and not to payment gateways (which Praxis is, see image 2).
Praxis’ technology is constantly evolving with new feature-rich products and integrations to give merchants more agility.
The company undertakes KYC screening of all prospective and existing merchants to help identify and mitigate financial, regulatory and reputational risk.
Praxis urges anyone who has any inquiries and would like to receive more information to contact the company at hello@praxis.tech.
About Praxis
Praxis Cashier is a technology provider that has developed the ultimate smart cashier software designed with Fintech, Online Gaming, Travel and E-commerce businesses in mind. Praxis Cashier software was designed to overcome high-risk processing difficulties, bring industrial peace to companies and increase business’ transaction approval rates by over 15%. With staff based in Costa Rica, Spain, Cyprus, and Ukraine, Praxis provides non-stop technological and support coverage around the globe.
