Comments - Table contention
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What constitutes a failed transaction? A deadlock?
Looking at SHOW ENGINE INNODB STATUS can report the latest deadlock. Does this look like the processes you are talking about?
READ COMMITTED can help will some, but not all forms of deadlock. As can specific indexing to ensure a minimial number of records are locked at the same time.
Also handling deadlock exceptions in your application code is a good way of doing it. The deadlock handling depends on the application which is why the database doesn't do this automaticly.