Ask What is the best way to handle failed payments in membership site?

[SuperAffiliateX]

I'm setting up a membership site but I'm worried about failed payments. I don't know what to do if a member's payment doesn't go through. Should I retry the payment, send reminders, or cancel their access immediately? I also don't want to lose members just because of a small payment issue. There must be a good way to handle this without making members frustrated. How do you manage failed payments on a membership site?