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An important update on Concord - Being taken offline September 6th, refunds to be issued
(blog.playstation.com)
this post was submitted on 03 Sep 2024
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"Refunds for PlayStation Store and PlayStation Direct purchases may take 30-60 days to appear on your bank statement"
Why do companies do this? They can process millions of dollars of incoming payments instantly, but take up to 2 months to reverse? Give me a break.
Bank transfers are slow. It is generally taken out of the account the next business day, sits in escrow for a few days, then appears in the destination account where it takes another day to clear. About a week total.
Though, if it gets held for suspected fraud or needs to cross international boundaries, it can sit in that escrow account for much longer.
In the EU we use SEPA and transfers are instantaneous. Used it when buying something of our local ebay when at the person's house. Also most banks even have Venmo style payment systems.. scan qr of your bank, click on my banks icon, authorize, done.
Companies sit on cash simply for cashflow reasons. Keeping the money in your account for an additional x days means it can be used for other stuff.
Sounds like I should start holding my payments in escrow, just in case the publisher decides to shut down their game less than 2 weeks after taking my money. Got it!
The company I work for does B2B and clients do the same shit. 45-90 day pay cycle after invoicing. That shit kills smaller businesses.
Your card is charged instantly, but it can take a week or two before it's cleared the fed's anti-fraud measures and they're assured you're not reversing it through your bank. Then they send the refund and it can take another week or two before your bank clears it and makes sure that they're not reversing their payment. Add in some wiggle room to cover yourself in case something gets flagged as potentially fraudulent and someone has to manually review it, and it can take a while.
In practice, refunds should arrive this week, but they want to be careful not to promise that in every case. What they're mainly worried about is people buying the game, immediately refunding it, and simultaneously doing a chargeback while in some faraway country.