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The key difference between void and refund lies in the authorization and settlement process of a transaction. When a card is authorized, the transaction remains in the system until the batch is closed and sent out for processing. Voiding a transaction cancels it before settlement, while a refund occurs after settlement is complete. Voiding should be done before closing the batch, while refunds are issued after the batch is closed. Remember, void to cancel before settlement, refund after settlement.
