Why Do Online Payments Fail? Understanding the Common Issues
Online payment has revolutionized how we do business and shop and made transactions more convenient. Payment failures are frustrating to both businesses and customers. Understanding why payments are failing can be helpful to both merchants and shoppers. 1. Insufficient funds Insufficient funds in the account of the customer is one of the main reasons why payments fail. Payments will not be accepted if the balance on the customer's bank account, or credit card is insufficient to cover the purchase. Before making any purchases, customers should make sure they have sufficient funds. Some banks hold part of the account balance to cover pending payments, so even though the customer thinks they have enough funds, the payment may be declined. 2. Expired and invalid card details Incorrect or outdated card information is often the cause of payment failures. The following are examples: Expiration of credit and debit cards The card number or ...