If the direct deposit payment is still unprocessed or pending, you have the option to void it until 5 pm PST. I'll show you how to void.
Go to Expenses and select Expenses.
Find the direct deposit transactions and click on it to open.
Click on More and choose Void.
Select Yes to confirm the action.
Otherwise, it cannot be stopped if the direct deposit payment already went through or it's already processing. You'll have to create a journal entry to offset the amount and make an internal agreement with the contractor you've paid.
The following article will provide more information about direct deposit’s accessibility, billing, and timing: Contractor direct deposit.