Every business is different. From different products to sales processes, size, and clientele, but one common theme is the trend that many operate online. The new online world of commerce offers vast opportunities to businesses, but brings its own particular set of challenges. Among which one of the biggest challenges, and often one that goes unnoticed and, often unreported, is payment failures. Payment failures are a common occurrence. Conservative estimates suggest that c. 8.4% of UK based card, not present payments fail.
This number is a conservative estimate based upon average failure rates witnessed in the UK market by leading companies across a range of industries.
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