Understanding the difference between a void and a refund is an essential aspect of payments processing. Although we commonly interchange the terms, they mean entirely different things when it comes to payments transactions.
Here is a list of topics covered in this article:
What is the difference between voids and refunds?
A void transaction is a payment that is canceled by the merchant before it settles through the customer’s card. Transactions that are still processing can be voided on the GoSite dashboard. The transaction will show up as a pending transaction on the customer's card for up to 3 days before it is completely cancelled out. Once the transaction has been processed or settled with the card provider, it can no longer be voided because it means that the card has been charged completely.
A refund transaction is when a merchant chooses to cancel the payment after it has been settled or charged on the customer’s card. Once a payment has been processed on your GoSite dashboard, you can return this payment to the customer by choosing the refund function.
When will my customer receive their refund?
Once you’ve refunded your customer through your dashboard, they should expect that charge to be refunded in about 7 days. Keep in mind that different cards have variable timeframes for the refunds to process.
Is this reversible?
Yes! If you have already made a payment request that was fulfilled by a customer, you can reverse the void or refund by contacting our support team. Our team will assist you in reprocessing the payment. You can also send a new payment request to the customer through your GoSite dashboard. It is entirely up to you!
I voided a transaction. Why is my customer still seeing it as a pending charge on their account?
Transactions may take 24-48 hours to process and this time varies depending on the card. If you have already voided the transaction on your GoSite dashboard and the charge has not been removed from your customer’s card after 48 hours, please contact our support team so we may look into the transaction.
Will I still be charged transaction fees for voids and refunds?
Yes. Voids and refunds are still subject to fees.
Voids will not reflect any funding into your bank account. However, refunds will be charged for the full amount of the transaction. That means that if you were to refund your customer, the amount will be taken out of your account and the deduction of the 2.9% + $0.30 transaction fee will remain.
Why was a transaction voided/refunded on my GoSite dashboard?
Voids and refunds are done through the GoSite dashboard by the merchant. Our agents do not perform voids or refunds without our customer's permission. If your transaction was voided/refunded without your knowledge, please contact our support team at [email protected].
Still need help?
Visit us at gosite.com to chat, or email us at [email protected].