Which of the following methods can help if a payment fails due to a decline?

Choosing to target specific issuing banks based on decline types is a strategic approach to address payment declines effectively. Payment declines can occur for various reasons, such as insufficient funds, fraud detection, or issuer policies. By analyzing decline types and identifying patterns from specific banks, a merchant can tailor their retry strategy and potentially improve the chances of successful transactions.

For instance, if certain banks have a higher rate of declines for specific reasons (e.g., card verification issues), the merchant can make adjustments, either by prompting customers to check their payment details or by providing alternative payment options for those customers. This method fosters a more data-driven and customer-centered approach, leading to better customer experiences and potentially higher conversion rates.

In contrast, immediately retrying without any analysis lacks a thoughtful approach and may lead to repeated failures without changing the outcome. Limiting retries to only three attempts can be too inflexible, as some declines may still be resolvable upon analysis and targeted approaches. Lastly, restricting retries to weekends is impractical and does not align with consumer behavior or financial processing realities. Hence, targeting specific issuing banks based on decline types represents a more productive and informed strategy for mitigating payment failures.