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Void and refund have important distinctions. Void should be used when a card is authorized but no sale has occurred. Refund should be used after the sale has been processed at the end of the day. Authorization occurs when a card is swiped, dipped, or key entered, and the transaction is either approved or declined. The transaction then remains in the system until the batch is closed, which sends the transactions through processing networks. Batch closure is also called settlement and completes the transaction cycle.