REFUNDS AND VOIDS - Payment Processing News

REFUNDS AND VOIDS

Void

Refunds –  transfers funds from your merchant account to the customer’s account.
Refunds are always associated with a transaction that has settled.

A settled transaction – is funds that have already transferred from the customer to the merchant. You can only refund a transaction with a Settling or Settled status.

The refunded transaction goes through the typical settlement process. As the refund settles, the funds are sent back to the customer’s bank account. It is normal for your customer to experience a delay because the customer’s bank may take a couple of days to deposit these funds.

Voids – will cancel the transfer of funds from the customer to the merchant and can be issued if the transaction is either Submitted for Settlement or Authorized. The original authorization should disappear from the customer’s statement within 24 to 48 hours.

 

May 27th, 2016 by