[lancecotingkeh]

I had the same experience at my previous startup and I ended up going down a rabbit hole of research and testing. I discovered there is this concept of "payment orchestration" which allows you to retry failed payments on other payment processors.

I learned that Stripe is one of the most conservative payment processors (to protect its reputation with card issuers like Visa and Mastercard), and typically has a higher payment decline rate than other processors. My recommendation is to retry these failed payments in another payment processor like Checkout.com, Airwallex, or Adyen if you're big enough.

Side note, after learning how big of a problem this is, I started a company called OpenPay (getopenpay.com) to solve this exact issue. We've helped hundreds of customers like yourself reduce their payment decline rates. Feel free to reach out to me at lance [at] getopenpay.com