Update:
I received a response from Apple Developer Support.
They suggested re-submitting the enrollment using the Apple Developer app to resolve the payment issue, since alternative payment options are only available through the app. However, this would likely result in a second charge to my credit card, and the app does not even show an option for me to re-enroll or restart the process.
I don’t believe it is an optimal solution to require another payment to fix this issue.
They asked me to confirm whether I want to proceed with re-enrollment via the app. I will share another update once I have more information.