payment-failure

Vocabulary Word

Definition

'Payment failure' is when a payment you try to make does not succeed. It could be because of many reasons like insufficient balance, a problem with the payment method, or a system error.

Examples in Different Contexts

In online transactions, 'payment failure' happens when a purchase cannot be processed. An e-commerce specialist might analyze, 'High payment failure rates can deter customers from completing their purchases.'

Practice Scenarios

Business

Scenario:

We've been having some difficulties with our payment service provider. It's causing hindrances for our customers during checkout.

Response:

Considering the repeated payment failures, we should immediately contact our payment gateway provider.

Scenario:

Our servers experienced some unexpected downtime last night. We need to check if it affected any transactions.

Response:

A server outage could indeed trigger payment failures. Let's investigate further and resolve this technical snag.