What is a void transaction?
A void transaction is a debit or credit card purchase that is canceled after it has been authorized but before it has been settled. A void transaction does not appear on the customer's account statement, though it might appear in a list of pending transactions when the customer checks their account online.
PayJunction supports "reversals," and therefore, voiding a transaction will generally remove the temporary pending authorization on the customer's credit card within 1 business day. Some credit card issuing banks will take 2 to 3 days to remove the pending charge.
- Chart Shows When To Expect Income Tax Refunds in 2017
IRS Accepts Between These Dates Direct Deposit Sent Tuesday 1/24/2017 Friday 1/27/17 Friday 2/3/17 1/27/17 2/3/17 Friday 2/10/17 2/3/17 2/10/17 Friday 2/17/17 2/10/17 2/15/17 Friday 2/24/17
- Can the IRS audit you after a refund? A: The U.S. Internal Revenue Service (IRS) can audit tax returns even after it has issued a tax refund to a taxpayer. According to the statute of limitations, the IRS can audit tax returns filed within the previous three years.
- How long does it take to get a tax refund? The IRS has a goal of getting tax refunds to tax payers within 21 days. They reach this goal about 90% of the time. In fact, some people receive their federal tax refund in as few as 8 days, and most people receive their refunds in about 10-14 days.
In the context of point-of-sale and accounting systems, the term post void is a transaction which cancels, or deletes entirely, a previously completed transaction. The distinction is that the transaction being voided is one that was already completed, versus one that is still in the process of being made.
- 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.
- In the context of point-of-sale and accounting systems, the term post void is a transaction which cancels, or deletes entirely, a previously completed transaction. The distinction is that the transaction being voided is one that was already completed, versus one that is still in the process of being made.
- Typically, merchants do this at the end of the day, so in theory, the closer your purchase is to the merchant's time of closing, the sooner the transaction will clear. However, settlement policies vary by merchant, so it's not unusual for a debit card transaction to remain pending for up to five days.
Updated: 2nd October 2019