Actually the products are detected immediately and the features are activated instantly.
If a bought product and its feature are not activated, please check the following:
Was your order successful? Is the amount debited?
Go to smartChord and check this: ‘Info’ -> ‘Your products’. It requests the latest information from Google and your purchased products are listed then.
Check the purchased products in the Google ‘Play Store’ -> ‘My Account’ -> ‘smartChord’ -> ‘Subscriptions’ or ‘Order History’