What does it mean if a payment has a status of “retrying” in the Transaction History screen?

When a payment has a status of “Failed - Retrying” it means that the payment has failed and the Instant System is trying to reprocess the payment. The payment will successfully process once the cause of the failure is addressed.  See why a payment might fail here

The Instant Back Office will attempt to retry periodically and eventually stop if the payment has not been processed successfully. The status will move to “Failed”.  Back Office Admins can always attempt to retry manually or cancel it entirely. See how to retry a payment here

It is important to only process a payment one time to avoid duplicate payments and overpaying your employee.  If you have to process the same payment to a different account or pay out by a different method be sure you are canceling the failed/retrying payment.  See how to cancel a payment here