A Viral Observation on the Discrepancy Between Payment and Refund Speeds
This post features a social media commentary highlighting the frustration many consumers feel regarding the difference in processing times for payments versus refunds. The author points out that while businesses can accept payments almost instantly, the process for returning those funds to a customer often takes several days. The post serves as a critique of modern banking and retail transaction systems, questioning why the return process cannot match the speed of the initial purchase.
Use cash. Get a receipt
I’ve always found this annoying!
bah - try working for a contracting client through an agency who not only takes a six figure take on top of what you get but they take 6-8 weeks to pay you - even though the client paid them immediately on the first invoice at the end of week one... They wouldn't budget on this 6
Answer. Sellers Bank: yay we just got some money, we can immediately invest 70% of it (160% if it's an American bank) Moments later... Buyers bank. Oiy, we want that money back. Sellers Bank: yo bro, I'll get it to you tomorrow bro, i swear I'm good bro, see I've got this thing g
The 8 days is to make sure the refund is legit and not a scam. Buying things COULD take 8 days if you WANTED to have the same kind of security and protection. But you don't. You want to get your shit as fast as possible, don't you?
Here in Brasil we have this, it is Pix and Trump hate it.
But they want to make 8 days of interest
Tell me you don't understand how BACS works without telling me you don't understand how BACS works. When you pay on a card, the retailer doesn't get the money for several days, it works just the same in reverse.
When you pay by CC or Debit, the financial firm involved doesnt even pay the store right away, it acknowledges the transaction with an APPROVED or DECLINED, the actual money transfer takes place 12 to 24 hours later at a mutually agreed upon time for all the transactions that day
When you pay, you lose access to the money right away. The business receives it from the credit card company days or weeks later. When they refund you, they lose access to the money right away. You receive it days or weeks later. Same process.