2nd October 2019

thebalanceeveryday
15

Can you void a debit card transaction?

This system works fine with credit cards but with debit card transactions, once an approval code is obtained your money is going to be held. A "voided transaction" will not be removed until released by the retailer, which can sometimes take up to 30 days. That means those funds, may possibly, be out of your reach.

Herein, what is the difference between a void and a refund?

The difference between a void and a refund comes down to whether or not a transaction has been settled. 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.

What is a transaction refund?

Refunds. You can only refund a transaction with a Settling or Settled status. If you need to cancel a transaction that has an Authorized, Submitted for Settlement, or Settlement Pending status, you may be able to issue a void instead. As soon as the refund settles, the funds are sent back to the customer's bank account
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