Phil from the Shopify Support team here. That's a great question!
When you issue a refund on Shopify's end within the admin, we send the refund immediately, but the customers bank will take some time to actually process it. This is entirely dependant on their bank. For example, have you ever gone and requested a refund before on your credit card, usually there is a several day waiting period before the money appears back onto you statement. It's usually around 3-5 days. Similar to paying off your own credit card balance. Your customer can find out exactly how long a refund should take to show up in their bank account by contacting their bank and you can safely tell your customer that the refund has been sent.
Hope that helps!
A digital bank api transmits by 12 noon the following day. Anything longer means Spotify is holding it.
i purchased from a store and it has been 9 days with no refund of an item not in stock and cancelled by the store for refund the same day within 3 hours. Spotify has the dishonest gull. To not remove the pending and charge my card the full amount that clears the following day for $1738. The store shows me the shopifybwcredn of the cancelled order. Yet it has been 9 days and Shopify has basically committed fraud.
if not there Monday, my court will push and order that will include fees and interest for the case and become a lawsuit. My bank confirmed no refund was submitted the the federal credit union for Johnson space center.
you guys better get you act in check and fast.