When it comes to making online payments, there are various factors involved that ensure a smooth transaction. However, a tiny hiccup can result in payment failures. So let’s find out the three major reasons why online payments fail.  

Bank’s service downtime

Every bank has its own scheduled downtime periods, for example, HSBC. As such, when you attempt to initiate an online payment that is affected during a specific period, your transaction will fail as it would not be processed. 

Occasionally, banks may also experience unscheduled service downtime due to server errors. In such cases, if the payment gateway is unable to establish a connection with your bank for authentication, it will result in a payment failure. 

Inaccurate data

Sometimes, a payment failure can be due to entering incorrect data, often as a result of being in a rush or not paying attention. Here are a few examples of payment failures and how to go about it:-

1. Ever entered the wrong OTP? You may see an error message stating that your transaction couldn’t be authorised. Fret not, just click “resend OTP” and give it another go.  
2. What if this time, it’s not you? The OTP doesn’t show up in your inbox and the transaction time expires. In this case, it’s ideal to try again by clicking on “resend OTP”.
3. If your card doesn’t have sufficient funds or if you have mistakenly entered an incorrect CVV number or expiry date, you’ll simply receive a message to notify that the transaction did not go through. All you have to do is input the right data in your retry. 

Remember, it’s worth taking a moment to double-check the information you enter. It’ll not only ensure successful transactions but avoid simple mishaps that’ll take up time. 

Security concerns

But wait, there’s another reason why your transactions could lead to payment failure – security concerns. Different banks have varying parameters for flagging suspicious behaviours. Some being more strict and others more lenient. Even something as simple as your bank noticing a transaction that doesn’t align with your typical spending patterns can result in the payment being put on hold or outright declined. 

Other reasons vary from exceeding your transaction limit to poor connection and two-factor authentication failing. In such cases, you’ll need to start from the payment page again. 

For online businesses – what can you do?

As an online business owner, it can be worrisome when payment failures occur. All the more reason it’s important to understand the reasons behind these failures to better navigate it. Having said that, it’s also crucial to recognise that online payment failures are sometimes inevitable.

However, in situations where payment failure occurs, it’s reassuring to know that Curlec is available to provide support. We offer assistance and expertise to help resolve payment issues, ensuring a seamless and hassle-free payment experience. With us by your side, you can overcome payment hurdles so your customers can enjoy a more streamlined payment journey!