When a new order is created in your WooCommerce store, it will always be marked with a status relevant to the payment stage it currently is. Understanding these statuses is important as it can be the difference between a successful or failed transaction, among other things.
Order statuses are also often utilized for troubleshooting failed orders and they can be utilized to send specific email notifications to your customers.
Namely, the default order statuses generated by WooCommerce are:
Pending payment: In this state, the order has been created but the payment hasn't started yet. Orders with this status are considered unpaid.
Note: It's possible that an order won't change to the Failed status immediately and remain as Pending until it has been verified by the payment processor.
											  Article ID: 1596
											  Created On: Wed, May 12, 2021 at 12:32 PM
											  Last Updated On: Wed, May 12, 2021 at 12:32 PM
											  
											
Online URL: https://www.heartinternet.uk/support/article/understanding-woocommerce-order-statuses.html