More than 200 payment professionals worldwide contributed to this research study in 2021. Download the report now to gain insights from banks, NBFIs, and corporates on their failed payments.
In 2020, respondents said that failed payments cost banks $360K on average, and cost corporates $220K. These costs comprise bank fees, manual labour for researching and fixing payments, and customer attrition.
Respondents highlighted customer experience as the key concern of failed payments. 60% of respondents reported losing customers because of failed payments.
A failed payment rate above 5% is when companies act with urgency to improve their processes. 80% of organisations in this group were actively implementing improvements.
Download the full report to understand how these organisations approach failed payments and why their payments fail.