As a self-service platform, Merchant Portal allows you to void or refund card payments when such a need arises. The action can be performed under Payment Detailed view by clicking the button VOID or REFUND. Information about performed action will be then automatically forwarded to your bank who does the required actions on their side. Void and Refund actions can not be reversed.
VOID
- card payment can be voided if necessary 24 hours after making the transaction or, in the case of pre-authorization transactions, before the transaction is captured.
- like authorisation, the void is also an online request to issuer bank that cancels previous authorisation and the funds that got blocked within authorisation will be released
- voiding a payment is a useful tool for mitigating risks in case fraudulent transactions
REFUND
- after the payment has been captured and settled but needs to be returned to cardholder this can be performed with refund transaction
- payment can be refunded in full or partial amount
- always use refunding a card transaction when initial payment was done with a card. This eliminates unnecessary disputes (chargebacks) as the original transaction and refund can be linked
Please note! Mastercard advises merchants to have a return policy that limits the time frame for processing the refund to a no more than 6 months and the policy should also have any alternative form of providing a refund in case the refund authorisation is declined.