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The key difference between void and refund is crucial to understand. When a sale occurs, there are two important steps to consider - authorization of the card and batch closure. Authorization occurs when a card is processed at the point of sale and the transaction is either approved or declined. The transaction then stays in the system until the batch is closed, which should happen daily. Batch closure involves sending transactions through processing networks to complete the cycle. Make sure to void or refund accordingly based on these steps.