SpectrumPayment Solutions
All terms
Payments & Settlement

Void

Canceling a transaction before it settles, releasing the authorization hold without a formal refund. Voiding a same-day error is cleaner than refunding after settlement, because no funds have moved yet.

Once a transaction settles, a void is no longer possible and you must issue a refund instead. Catching mistakes before batch close saves fees and time.

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Related terms

Payments & Settlement

Refund

Returning funds to a customer for a settled transaction. Prompt, well-documented refunds prevent many disputes, but excessive refund rates can themselves draw underwriting attention, so a clear policy matters.

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Payments & Settlement

Authorization Hold

The temporary reduction in a cardholder's available balance created by an authorization, before the charge is captured. Holds expire if not captured, which is why the timing between authorization and fulfillment matters.

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Payments & Settlement

Capture

The step that converts an approved authorization into an actual charge, flagging the transaction to be settled and funded. Capturing only when you can fulfill the order helps avoid disputes over charges that ship late or not at all.

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