Cancelling and refunding a direct deposit payment

A new to ebay Buyer purchased an item on Friday evening, by Saturday morning they had sent numerous email saying "Cancel order" and "Refund" (with no explanation as to why they want it cancelled.  I have sent a Cancellation Request but I cannot refund their payment as I have not yet received it in my bank account, and probably won't receive it until Monday or Tuesday.  What is the safest way to refund their money (once it appears in my bank) and what happens if they don't agree to the Cancellation Request?

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