How to Understand Void Vs Reversal Vs Return Quickly

The below are the best expalined terms on Void, Return and Reversals in credit cards domain.

What’s the difference between Reversal, Refund/Credit and a Void?

If your customer changes their mind on a product/service that same day and you hadn’t settled or batched your terminal yet, you would want to do a REVERSAL.

If it was after you settled or batched you would do a REFUND.

At the end of the day, you print a detail report and see that there is an error with a transaction, or you decide you don’t want to process that particular transaction; you then would also do a REVERSAL which is the same thing as a VOID to remove that transaction before you settled or batched.

Technically, after the required update to your terminal is completed, REVERSALS and VOIDS will do the same thing. Ref :Here

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Author: Srini

Experienced software developer. Skills in Development, Coding, Testing and Debugging. Good Data analytic skills (Data Warehousing and BI). Also skills in Mainframe.