There is no decline feature currently, however there is an Admin Pre Approval system, which you can turn on in the general settings, and then turn it on in the individual events. This system means that they register but do not count towards the event total until you manually accept them.
When you approve them you can send them an invoice.
Otherwise it is a case of setting the Default Payment Setting to incomplete and the using the invoice reminder to send a decline email and then either deleting the user or leaving them as incomplete and marking the non declined as completed.
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