Our company has experienced rapid growth in the last 2 months in our credit card transactions - more than 5x typical monthly transaction volume. Unfortunately, we are now seeing a large number of declined transactions, with the majority of the reason codes being the less than helpful 'Declined'/'Reason Code 12' coming back from the gateway/issuing bank.
We are currently working to see what we can do to a) successfully retry accounts and b) determine the most effective mix of data to send through the gateway (number & exp. + CVV/CID + Address verification, etc.).
Thoughts that would be great to see from the community:
- What are failure rates are typical for online payments? Heard the usual range is in the 5-7% range for online transactions
- Any consultants/payments experts we can engage to optimize our payments platform?
About the company
- Multi-national customer base (50% US/50% International)
- Zuora with PayPal/Payflow gateway (Visa/MC/AMEX/Discover/PayPal/eCheck)
- Annual and recurring billing options