Void vs Refund - When should you Void & when should you Refund Merchant Account

#voidvsrefund #Void #refund
Void vs. Refund. When is it right to void a credit card transaction and when should you use the refund option.
In this video we’ll discuss the small but important differences between void and refund.

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The answer is simple and easy to remember, and before we get to it remember that that every time a sale occurs, there’s 2 things that happen:

Number 1 is that the card is Authorized. When a card is swiped, dipped, or key entered, at the point of sale, an authorization is sent out to the issuing bank (i.e. the card holders bank) and the transaction is either approved or declined.

Assuming that it’s authorized, the transaction then remains in the terminal, point of sale system or the payment gateway until the batch is closed which should be on a daily basis.

And that’s the 2nd step. It’s the closure of the batch which just means that the transactions are sent out through the processing networks to complete the transaction cycle. This is known as “settlement” or “batching” and is the process referred to as the “capture” and that is the final step in charging a credit card purchase.

So authorized charges turn into captured sales, which then turn into Processed sales which means that they are released to be paid to your bank account.

So then, What’s a Void and What’s a Refund and when should you use it?
Well, simply put, voiding a transaction simply cancels it before it gets captured, while performing a refund, it actually reverses the processed transaction and the entire transaction cycle that has already taken place.


   • Void vs Refund - When should you Void...