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The key difference between void and refund is crucial to understand. When a sale occurs, the card is authorized and the transaction remains in the system until the batch is closed. Voiding should be done before the batch is closed, while refunding should be done after the batch is closed. Voiding cancels the transaction before it is processed, while refunding reverses a processed transaction. Remember to void before closing the batch and refund after closing it to ensure accurate transactions.