Retrying is necessary to avoid lost sales and combat defaulting customers, which boosts profitability. But it is also essential to optimize sales team time and improve the customer experience, as a quick fix for reversible failures.
How do payment retries work?
So that you understand how retries work, we will explain the main elements involved in the transaction.
Checkout: where the customer starts the process by providing payment russia mobile database during the online purchase, after selecting the desired products or services.
Sub-acquirer: Acts as an intermediary between the acquirer and sellers, helping with payment acceptance, often providing customized solutions.
Acquirer: Facilitates the connection between the seller and the payment system, authorizing and processing transactions, ensuring the transfer of funds to the seller.
Brand: Represents the brand associated with the payment method (such as Visa, MasterCard), establishes the rules of the system and facilitates communication between banks, acquirers and sub-acquirers.
Bank: Issues and manages payment methods, performs fund verification and acts in the financial settlement of transactions between acquirers and merchants.