We try the card three times, on three consecutive days, starting on your renewal day. Your shop keeps trading throughout the first two — a failed card is usually a thing to fix, not a reason to close a game store.
You get an email after every attempt. The second one names the date of the last try, so nothing about this arrives as a surprise. If that third attempt fails, the shop goes offline until a payment clears.
Nothing is ever deleted. Your products, stock, orders and settings are exactly as you left them, and the shop comes back within a minute of the payment going through. Updating your card under Payment at any point is the fastest way out — the next attempt picks it up automatically.