How Does Paypal Refund My Money?

I recently purchased a downloadable product online for $149.99, and wasn’t satisfied with it so I contacted the customer support and asked for a refund.
I got a refund email from Paypal saying that they have refunded the money, but I have not yet received the money in my Paypal or my bank account to which the paypal is linked.
Does it take awhile? It has been about 2 days since they issued the refund. What is the deal?

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"How Does Paypal Refund My Money?" was posted on Tuesday, December 8th, 2009 at 4:12 am.