Track this KPI by noting how often and the time of a system failure. You’ll be able to monitor if any purchases were lost during this time and how much. If it’s consistent enough, consider a different provider that can handle the needs of your customer and ensure you’re not losing any unnecessary sales.
Failed payments happen when a transaction does not complete when a payment is attempted. According to a research study conducted by Acuity, most organizations are subject to a payment failure rate of 5% or less. However, almost a fifth (18%) report a failure rate of 5-10%.
Payment isn’t as easy as it sounds. A indiatelegram screening buyer triggers a complex system of checks and balances, security, and tech reliability rate where if one part of it is done or fails, the payment itself ultimately can’t go through.
Payment failures can occur from human error, such as a customer inputting incorrect payment details and it getting declined on the business’s end, and from technological ones, too, where if one system in the complex path of purchase to profit occurs, failure happens.
Check what your payment failure rate is and how often it’s happening. If it’s something that’s happening because customers are incorrectly putting in their credit card information or having insufficient funds, there’s little you can do to change that besides having something like a one-click checkout, like Shopify Checkout. Otherwise, if it’s somewhere else in the pathway, consider what your tech solution could be to improve it.