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Is it possible that the payment "fails" even after paying by a Credit/Debit card?

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Is it possible that the payment "fails" even after paying by a Credit/Debit card?

As mentioned previously, Paypal.com, 2Checkout.com and EBS handle our credit card payments. It is possible that these payment gateways might fail your payment for various reasons. In such a case, we are required to close your account with us. In order to re-activate your account, you must contact Paypal.com, 2Checkout.com and EBS or your Credit/Debit card company and inquire the reasons regarding failure directly from one of these parties.