Why Merchants are embracing Web3.

Quincy Ememandu
1 min readJul 15, 2022


How long does it take to settle a credit card transaction?

60 days.

How long does it take to approve a credit card transaction?

10 secs or less.

By the way, what is settlement?

Settlement or clearing is the finalization of a transaction. It is the moment when a transaction is no longer reversible.

As a merchant who uses Web2 payment services, do not think that payments are settled when they arrive at your account balance.

They can show up 59 days later as unsettled or chargeback.

This is why merchants are embracing Web3 payment channels.

In Web3,

there are no chargebacks,

there is no 60 days settlement period.

Transactions are instant.

Waiting for ten minutes before your transaction is confirmed seems like a long time if you think that retail transactions are instantaneous.

They are only instant if they are cash. If it is a credit card, it is not instantaneous. The merchant doesn’t get paid for at least 30 days. In many cases, that payment is a credit, subject to be taken back if the transaction is disputed.

As a merchant using Web2 payment services, have you had a chargeback from customers after 60 days?



Quincy Ememandu

Content Writer and Strategist. I Write Web3, NFT and DeFi Related Content For Agencies And Crypto Projects. Reach out to me via qememandu@gmail.com