99.5% of transactions are your money => business. This is where all the energy is expended on optimal speed, even if it involves paying fees to the likes of Visa. The other transactions, well they just don’t rate the finance and engineering effort to make them fast. Until people start picking Business A over Business B because A handles returns faster, nobody can make a business case for spending money to optimize refunds.
When it comes to things like credit cards, it’s because of the processing time of the financial institution. When you use a credit card at a store the store doesn’t actually get the money right then. It won’t go into their account for a few days usually. So when you ask for a refund, the store is still processing the transaction the same way, but you have to deal with a similar “processing period” that they did when you sent them the money.
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