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When it comes to deciding between voiding and refunding a transaction, the key difference lies in the timing of the process. Voiding a transaction happens before the batch is closed, when the card authorization is still pending, while a refund occurs after the batch is closed and the transaction has been settled. It is important to remember that voiding cancels the transaction completely, while a refund reverses the payment after it has been processed. It is crucial to understand the timing and process of voiding and refunding to ensure proper handling of transactions.