Reverse Payment & Refund ePayment
In Rev.io, there are two options when it comes to undoing payments: Reverse Payment and Refund ePayment.
Reverse Payment: Removes the payment in Rev.io only. This would happen if you have already reversed a payment in your merchant gateway and already given a refund and JUST need to get rid of it from Rev.io.
Refund ePayment: Provides an actual refund. There are two options for refunding and ePayment.
- VOID - This is used when the transaction has been initiated within the past 24 hours . It will void out the transaction so that the amount of the payment is not deducted from the card holder's account. It will void the entire amount of the transaction.
- Refund - This option is used for transactions that have already had the charge deducted from the card holders account (usually a day or so after the transaction is created). This option will credit the card holder or bank account holder's account for whatever amount is specified for the Refund Amount below. This amount can be a partial amount of the payment but no more than full amount of the payment.
TIP: For Credit Card transactions, it is best to try to void the transaction first. This is because a Refund will not work if the transaction has not been finalized and if it's not finalized it can only be voided.