Refunds and Voids are both the result of a sale being reversed. However, there is a subtle difference between the two:

A Sale happens when a transaction is authorized by the cardholder's bank. An approved authorization means the cardholder's bank has approved our request to debit their customer's card for a specified amount, and that they will hold that amount for us for a few days. Up to 24 hours later we will send another request to the cardholder’s bank confirming we want to capture that authorization, and the funds will then be transferred to the merchant.

A Refund happens when a reversal request is made on a sale that was authorized and subsequently captured.* Funds will have already been transferred from the cardholder to the merchant, and a separate transaction request must be sent to return the funds to the cardholder. The cardholder's credit card statement will show the sale and a separate refund. A refund can take 5-7 business days to display on the cardholder’s credit card statement. 

* A Refund can also occur on transactions which are auto-settled (authorized and captured in one request), such as one-clicks and rebills. 

A Void happens when a reversal request is made on a sale that was authorized but not yet Captured. This will happen if a reversal request is received between the time the sale was authorized and the time it would have been captured. As the funds have not been transferred to the merchant, there is nothing to return and a separate transaction request to return the funds to the cardholder is not required. The cardholder's credit card statement may continue to show the authorization for several days ( the cardholder’s bank determines how long the authorization will remain open and visible to their cardholder) after which the authorization will simply drop from the cardholder’s credit card statement

Merchants can check out the Refund/Void Reasons report in the Segpay Merchant Portal to see all of Refunds and Voids that were processed in their account during a specified time period.