Same here. The payment and the two partial refunds were processed on the same day. Paypal shows the refund as complete. Note that these did NOT come from a credit card, but directly from a bank account. Thus, there is NO "delay" rationale. So I called PayPal, and had it explained to me. In actuality, the original payment isn't instant - PayPal actually "loans" the money itself to the payee, and then settles accounts with the payer. The banking system can take 3 to 5 business days to complete the transfer (which is therefore actually to PayPal - Paypal does the "loan" to expedite the payment on behalf of the user). When the refund comes in quickly, it means the payment from Paypal to the payee is still en route, and thus the refund from the payee is also really en route. So all of this has to "settle" (think of it like a escrow with all funds needing to be in place before all transactions are completed). So it takes 3 to 5 business days for all this to occur, and I was told to expect my actual funds in that time frame.
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