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Voiding and refunding transactions are two important processes in payment handling. Voiding a transaction occurs before the batch is closed, essentially canceling the authorization. Refunding, on the other hand, happens after the batch is closed, returning the funds to the customer. It is crucial to understand the timing and purpose of each in order to effectively manage transactions. Batch closure, settlement, and processing networks play a significant role in completing the transaction cycle. Remember, void before batch closure and refund after.