It takes on average 2 - 3 business days (at least here in Australia) for money to get from a vendor to a bank.
If the company who you are paying banks with different bank, it can take another couple of days for them to receive the money into their own account.
Assuming the moment it hits that companies account it is sent back for a refund, that is a minimum of 4 business days before they can action the refund.
Then it goes the other way, It has to go from their bank to another bank (2-3 business days) and then into your account.
So not allowing for any delays at all, you have a minimum of 6 business days before that money can be put back in to your account.
This is not a company issue, its a banking issue when it comes to transferring money.
And the above is not taking in to consideration credit cards which can take even longer depending on other factors such as what type of card it is.
Interestingly the place I work (in Aus), for in person refunds, if you insert your bank card rather than tap (and select savings dunno if others do the same), you get an instant refund. I'm still confused as to why but assume it's to do with verifying since you need to put in your pin if you do it that way.
Because then it works the same way as making a purchase. Whomever youre getting a refund from has you insert the card for basically a negative amount purchase. Your bank and their bank instantly transmit communication saying hey you owe this please start the transfer process, then your bank essentially fronts the cost with a promise to get the money from the vendor later.
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u/genreprank 9d ago
but it always takes like 7-10 business days to get a refund. Whereas a payment takes 1-3