Whats the difference between a void, and a refund?

Void vs Refund

The difference between a void and a refund comes down to whether or not a transaction has been settled. When a payment is processed, the card processor verifies that the customer's account is valid and that funds are available before sending a success/decline message. Once this is complete the funds are held and the balance is deducted from the customer's credit limit, but not yet transferred to your merchant account. At the end of the day all transactions are batched up for settlement, and at that point the funds are transferred to your bank account.

An unsettled transaction can be voided—stopping the transaction from processing and removing it from the customer’s account. Once a transaction has been settled it can only be refunded, and a partial refund can only be made to a settled transaction.

The standard batch time for DTPayment customers is 7:50pm EST.   This means with our standard setup any transaction can be voided till 7:50pm same day.   After this time, the transaction will need to be refunded.

A voided transaction will typically disappear from a customer’s credit/debit account statement within 24 hours, while a refund may take 3 to 5 business days to appear on a customer’s credit/debit account statement.