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There's nothing more frustrating and potentially damaging to a Magento online business than a payment failure. In addition to customer irritation created from disrupted transactions, store owners and payment service providers risk losing customers for good due to failed payments.
Up to 62% of shoppers who experience payment failure when placing an order will not return to the website to try again. This emphasizes the importance of having a solution for Magento sites to prevent failed payments to occur.
That's why our Magento 2 Retry Payment was brought into play! Let's see how it helps to deal with payments that fail to complete in the following specific cases.
As you might know, if a payment fails, Magento will return an empty cart page, which is not that different from driving customers away. Realizing that threat, our plugin alters that page to the "Pay Again" one to stimulate payment retries immediately.
On the one hand, the Retry Payment extension for Magento 2 helps the store recover as many failed payments as possible. On the other hand, it also contributes to creating a better customer experience by giving them flexibility in updating chosen payment methods.
In many cases, the buyers want to change the payment option (e.g.: from COD to online payment) after placing the order. Although Magento facilitates that situation, the process is not really convenient for the customers. On the contrary, our Magento Retry Payment module makes it simpler and easier to alter the payment method on the submitted order by implementing payment retries.
As mentioned before, payment failure can be problematic for any Magento eCommerce business. Without the right processes in place, companies will not only bring negative experiences to their customers but also lose a high sales volume.
But it is possible to considerably minimize the number of failed payments they experience and improve operational efficiency by using our Magento 2 Retry Payment extension.
With the right steps in place, you can successfully recover failed payments with minimum cost and effort, establish a frictionless payment system and ensure seamless customer experience - the key to revenue growth. The more efficient your renewal process, the fewer customers that will leave because of a payment issue.
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Store Owners
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Customers
Cost Saving
Essential Functions
Enthusiast Support
