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"but now have 2 payments where there is actually 1"
You have One Payment, one Reversal (which is like a check expense for you) and one Redeposit. There is only 1 payment. The rest is Banking, not Payment.
Payment is processed, then deposited to Bank.
Bank entry is "check expense" posting as Other Current Asset, to show the amount you thought you deposited, that still is your Asset, didn't make it to Bank.
Then, Deposit entry as Other Current Asset, because the bank finally credited that lost deposit to you, after all.