Zigzag Introduces 'Daily Settlement System'

Weekly Payment Settlement Moved Up to Daily Basis... Helps Sellers Manage Funds

[Asia Economy Reporter Kim Heeyoon] Croquis.com announced on the 11th that it will introduce a ‘Daily Settlement System’ that settles sellers’ payments on a daily basis in the women’s shopping app ‘Zigzag’.

With the introduction of this system, sellers can receive settlements on the 5th business day for confirmed purchases made during a single day. For example, payments generated on May 10 will be paid on the 15th, the 5th business day. The payment period, which used to take up to 10 days, has been significantly reduced to 5 business days with the introduction of the Daily Settlement System.

Sellers are also welcoming the introduction of the Daily Settlement System. A representative from Zigzag’s tenant store ‘YukYukGirls’ said, “Daily settlement is very welcome news for shopping malls struggling with cash liquidity due to COVID-19 and other factors.” A representative from the shopping mall ‘Gogosing’ also said, “Due to some platforms delaying settlements, cash flow was not good, but with Zigzag’s introduction of daily settlement, we can maintain smoother cash flow.”

All products purchased through the consumer’s ‘Z Payment’ are subject to daily settlement. Z Payment is an integrated payment service that allows users to pay for products from multiple shopping malls at once and accumulate points without signing up or logging in to each shopping mall. Since introducing the Z Payment feature in October last year, Zigzag has been making efforts to shorten the settlement cycle, including automating internal settlement processes to help sellers maintain smooth cash flow.

A Croquis.com representative said, “Small-scale businesses may face difficulties operating shopping malls due to unsettled payments, and with the recent COVID-19 situation, we have worked hard to introduce the daily settlement system more quickly,” adding, “We will continue to strive to build a healthy commerce ecosystem while maintaining sustainable growth with sellers.”

This content was produced with the assistance of AI translation services.