What is the process called that retries failed transactions on a schedule?

The process that retries failed transactions on a schedule is known as dunning. Dunning involves systematically following up on overdue payments or failed transactions to encourage customers to complete their payment obligations. It typically includes a series of reminders, notifications, or automated retries to collect the funds owed. This process is crucial in subscription-based services or businesses that rely on recurring payments, where the initial transaction might fail due to reasons like expired credit cards, insufficient funds, or technical errors.

Dunning not only improves cash flow for businesses but also helps maintain customer relationships by providing them with timely reminders about their payment statuses. It allows companies to implement a structured approach to manage their accounts receivable effectively.

In contrast, refunding refers to returning money to a customer after a purchase, and chargeback is a reversal of a transaction initiated by the customer, often due to disputes. Reconciliation, on the other hand, is the process of matching and comparing financial records to ensure accuracy and consistency but does not specifically relate to managing failed transactions.