What is the differnece between a void and a refund?

A void cancels a credit card transaction before it has been settled. Since the transaction was only authorized and not fully processed, no funds were actually removed from the cardholder’s account and the authorization drops off. Has to be the same day.

A refund is issued after the transaction has been settled. Because the funds have already been processed and deposited, a separate transaction is required to return the money to the cardholder.