We’ve all been there. Willing and able to make the payment, eager to receive our chosen goods or services, pleased that modern technology affords us the freedom to manage our purchases from our fingertips – on the train, plane, or in the comfort of our own homes. Then, for no good reason: payment declined.
Happily for shoppers, they’ve become more savvy and as the world of ecommerce has become more competitive, they can – and do – take their money elsewhere. Often never to return. Loyalty can be lost in a heartbeat in today’s deeply competitive online market for goods and services and our research shows that 45% of consumers won’t retry after one false decline – most often taking their business to a competitor. Perhaps even more starkly, 42% of consumers surveyed report that they’ve been deterred from returning to a website or app following one falsely declined payment.