Razorpay aims to make every transaction successful for its customers. However, in the financial ecosystem errors might still occur because of intermittent communication and technical issues at multiple hops. Hence, it becomes critical for businesses to identify the source of the error, the payment step where the error occurred and the reason that caused the error. In short, you can identify the who, where and why of every payment error. This enables you to minimize or fix errors to reduce any losses.
With the new error codes, Razorpay helps you build your own logic and take remedial action at your end, wherever possible. Deriving these insights can help your business to:
Map and analyze top failure reasons
Identify the source of failure. Narrow down and understand if cause of the failure. Can be due to customer action or external factors (Razorpay, Gateway, Bank, Network)
Looking at the source, step and reason provided in the error description, you can understand that the payment failed at the authentication step due to the incorrect OTP entered by the customer. An elegant way to handle this error would be to notify your customer and bring them back to the checkout window and ask them to retry the payment with the correct OTP.