Reasons Why Credit Card Transactions Take Too Much Time To Show Success

For instance, if 100 payments were made but only 75 were successful, your “transaction success rate” would be 75%. This measure is not directly connected to your income because payment attempts consist of consumers trying to make up for declined transactions.

The reality is that 33% of unsuccessful payments are not reattempted. Today’s consumers need a simple online payment process, and every extra step or inconvenience on the way from adding items to a basket to checking out only increases cart abandonment, which negatively affects a company’s bottom line.

Payment failure, on the other hand, is one of the elements that businesses have little or no influence over, which means that all of the costs associated with attracting and keeping consumers are squandered.

What affects ‘Transaction Success Rate’?

Understanding the reasons for payment failures can help in determining how many payments are successful. Everything from an erroneously entered OTP to a slow response from the payment provider or the digital infrastructure of the bank that is facilitating the transaction might result in a payment failure.

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