Key aspects that you should know when managing refunds and voids.
One of the most important aspects of managing your reporting is monitoring refunds and voids. Here are some key differences between refunds and voids that you should be aware of:
Refunds:
- Refunds can be issued within a specific timeframe after the transaction, typically 24-48 hours.
- Refunds are processed through the card issuer, which can take several business days to complete and be returned to the customer's bank account.
- Refunds can be partial or full, depending on the amount being refunded.
Voids:
- Voids are initiated before a transaction is settled.
- Voids can only be processed within a certain timeframe, typically within 24 hours of the transaction.
- Voids cancel the transaction before it is settled, meaning that the funds are never processed, and the transaction is removed from the customer's card statement.
- Voids can only be processed for the full amount of the transaction.