Overview
Understanding the difference between a void and a refund is essential for managing your firm's transactions and minimizing processing fees.
Comparison Overview
Feature | Void | Refund |
Availability | Same day only (before settlement). | Up to 6 months after the charge. |
Percentage Rate | Not charged. | Already charged (not reversed). |
Transaction Fee | Per-transaction fee applies. | Additional per-transaction fee applies. |
Full/Partial | Only full cancellation. | Full or partial amounts allowed. |
The Void Process
The option to void is only available the same day a transaction was submitted, prior to settlement time. Voiding cancels the transaction entirely, meaning you will not be charged the percentage rate for that payment.
Important Note: If you have Next Day Funding enabled, voids are only available until 8:00 PM Eastern Time.
How to Void a Transaction Step-by-Step:
Navigate to the Refund Menu: Open the "Refund" menu from the main dashboard.
Search for the Transaction: Locate the payment using the payor’s name, invoice number, date, or transaction ID.
Check Eligibility: Select the transaction. If eligible, the Void button will be visible.
Complete the Void: Select Void to confirm. If the option isn't available, you must issue a refund instead.
The Refund Process
A refund serves as the alternative to reverse transactions after settlement or for payment types that cannot be voided.
eChecks: The void button will not be visible for eChecks. However, an eCheck refund initiated on the same day as the payment will function as a void in the system.
Fees: A refund does not negate the processing fees (percentage rate) charged on the initial transaction and will incur an additional per-transaction fee.