Same issue here ... I've been unable to add a Payment Method since Monday (it is now Wednesday evening) and I've spent about 3hrs on the phone (so far) with Microsoft Support, including using their SaRA tool, and their Fiddler tool, and even uploading the "source code" of the Admin Centre page that had the error.
We're a US-based company, attempting to use the SAME US-based address that our organization is registered with Microsoft 365 under, for a new payment card (the old credit card expired naturally).
I've tried EVERY combination of street address, city name, and (US) ZIP code ... and then went on to try ANY real US-based address. No luck ... the same error message no matter what US address I use.
All they can do is say that they're going to need to analyze the issue.
There seems to be (or at least what they claim) no manual way for a customer support or billing agent to manually override or add payment details by phone or in any other way.
I have users that don't have email now, I have active Power BI subscriptions that are expire, and I have Teams phone numbers that don't work now for over 48hrs.