To attach Paypal and Stripe account follow these steps :

On the funnel left side menu click on settings and locate Paypal and Stripe.

Select the payment processor that you want to add from the dropdown menu.
Click on save.

Paypal max failed attempts is mainly used on subscriptions, it simply means after how many failed re-bill attempt should we stop attempting and mark the subscription as cancelled

Funnelair will send an email notification to the customer if a subscription payment has failed, to re-bill one the email the customers can even update his card information if his card on file is no longer valid
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