UNDERSTANDING FAILED PAYMENTS

Why and how failed payments can occur for recurring transactions
(and what you can do about it).

WHAT CAUSES FAILED PAYMENTS?
A failed payment is a payment transaction that was declined by your customer’s credit card issuer or bank. There are 7 common reasons for banks to fail a payment:

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Insufficient Funds

Your customer did not have enough money in their account to complete the transaction. This can be solved by the customer entering more funds into their bank account and then performing a re-bill to collect the failed payment amount.

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Incorrect Account Details

Your customer (or staff) has submitted incorrect banking details into the system, causing the transaction to be rejected by the bank. To solve this, update the banking details and re-bill the customer.

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Account Closed

The customer has closed their bank account, causing the transaction to be rejected by the bank. This can be solved by updating the Ezypay billing system with the latest banking details and then re-billing the customer.

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Expired Credit Card

A credit card transaction would be declined if the card has expired, but Ezypay is exempt from this – meaning that we can continue to perform successful transactions even on expired credit cards.

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Authority Not Held

All bank and credit card holders can place a stop order on future debit processing. To restart a recurring payment cycle, the customer will need to authorise the bank to allow all Ezypay transactions.

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Bank Reversal

The customer or the bank itself can perform a bank reversal if it suspects that the transaction is unauthorised. In this case, the customer’s bank is contacted to clarify the reason for the reversal.

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Unspecified

The card may be suspected of fraud, lost/stolen, minimum payment was not made, bank system error, card-not-present limit or it has not been set up to accept recurring direct debits/ international transactions.

 
 

Ezypay has an amazing collection rate of 99.5% in Australia

Manage your cash flow better by automating regular payment collection.
 

HOW EZYPAY HANDLES FAILED PAYMENTS
Learn about the billing process, and how failed payments are detected and resolved.
 
 
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Increase your revenue collection by 5%

No more manual collections for failed or outstanding payments. Ezypay has a steady track record of collecting over half of failed payments that do not succeed during the first transaction – which is why we have the highest payment collection rate in the industry.

View our pricing plan
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FAILED PAYMENT NOTIFICATION

Ezypay will notify you via email if any failed payments occur during the billing cycle. We will also inform your customer that their payment has failed, as well as outlining the reason why.


DIRECT DEBIT GATEWAY FOR FAILED PAYMENTS

One of Ezypay’s newest feature is the payment gateway “Pay-Me-Today” link that is included in the failed payment notification emails delivered to affected customers. This empowers your customers to instantly resolve all failed payments via credit card in real-time.

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You decide on how failed payments are handled
Your business, your terms. Ezypay offers all clients flexible options on how failed payments are handled to keep your stakeholders happy.
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Rebill

The rebill option is often selected for customers with insufficient funds or who have exceeded their direct debit limit for that period. The rebilling process is triggered after failed payment occurs and a failed payment notification is sent to the customer. You can further customise your rebilling process by changing the amount to be collected, the debit date or completely remove the outstanding payment.

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Continue billing

The customer is notified about the failed payment in an email and the failed payment amount is listed in the Outstanding Payments Report. Ezypay will continue to collect the next regular debit even if the amount from the last cycle is still outstanding. Business owners can then decide to recover, write-off or add the outstanding failed payment amount to the next collection cycle.

 

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Stop billing

The stop billing option halts all payment cycles if the cause of the failed payment is not resolved. If the failed payment is still unresolved after 10 days, Ezypay sends another failed payment notification to the customer. Similar to the “continue billing”, the billing option can only be reactivated if the failed payments are recovered, written-off or added to the next debit collection cycle.

Our Customer Survey reveals 96% overall satisfaction.

With a dedicated customer support team located across two continents, you’ll enjoy prompt and friendly service every time with Ezypay.
 

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