Payouts of your available account balance are made daily, and contain payments processed two business days prior (this is how long it takes for your pending account balance to become available). For example, payments received on a Tuesday are paid out by Thursday, and payments received on a Friday are paid out by Tuesday.
A payout is composed of balance transactions (payments) that happen up to the cutoff of midnight / 00:00 UTC (5PM PST)
When on 2-day payouts, you'll receive the funds the 2nd day after the close of the cutoff
e.g. charge is collected on Monday 11:59:59 UTC, Monday is day 0, Tuesday is day 1, Wednesday is day 2. Funds are received on Wednesday - the time of day is dependent upon your bank.
Sometimes a short period is required to monitor business activity before payouts can be enabled, in which case a 7-day rolling schedule would apply instead. This is a rare case, and the delay protects your business and customers from the increased risk of fraudulent activity.