Best practice workflow to reverse a transaction

What time do transactions settle so that I can figure out whether to void or credit? Is there a way to query a transaction status in order to know whether to void or refund? Is there a best practice workflow to “reverse” a transaction?
The default time is midnight but the settlement time can be configurable in the gateway on the page Home -> Company -> Edit Merchant Account or initiated via an API call.
There are several way to know when a transaction status has changed.

  1. We have a transaction query API that can be called to retrieve a specific transaction’s details.
  2. We have a module called ECHO Data Exchange which can be used to send settlement information to your external system via FTP, FTPS, SFTP or web service.
  3. If a transaction has settled and a void (Authorization Reversal) is attempted, a response indicating that the transaction has already settled will be sent. During a refund attempt (Purchase Return), if the transaction has not settled, a response indicating that the transaction has not settled and cannot be refunded will be returned.

Regarding a best practice, it depends on the application flow. More merchants use the date to determine which transaction type to use. If the original transaction was a previous day, then issue a refund. If the original transaction is the same day, issue a void.

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