A void is the cancellation of a transaction before it settles. Unlike a refund, a void stops a pending charge from becoming final, often causing the authorization hold to drop within 24-48 hours.
Difference from Refund: A refund is used after a transaction has settled, whereas a void cancels it before settlement.
A web-based interface that lets merchants key-in card details for mail/phone orders or occasional manual transactions. It’s useful for remote billing and can leverage gateway tokenization to reduce PCI exposure.