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5:00Why Your Card Payment Is "Instant" But the Merchant Waits 2 Days
The terminal said "Approved" in two seconds. So why does the shop owner not actually have your money until Thursday? Because "approved" and "paid" are two completely different events.
The speed you feel at the till and the speed money actually moves are two different clocks. The fast one is authorisation: a real-time "is this card good for £42?" question. The slow one is clearing and settlement: the batched, netted movement of real cash between banks, which takes one to three business days.
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