Coupang Expands Support for Small and Medium Sellers on 'Marketplace'

Introducing Instant Settlement Service... Advance up to 90% of Sales Proceeds at Low Interest Rates

[Asia Economy Reporter Kim Cheol-hyun] Coupang has launched a new payment service to support small and medium-sized sellers. On the 15th, Coupang announced that it introduced the 'Instant Settlement Service' in collaboration with KB Kookmin Bank to provide financial support for small and medium sellers registered on Coupang Marketplace.

The 'Instant Settlement Service' allows online sellers to receive payment in advance without waiting until the settlement date, addressing one of the biggest challenges for online sellers. It was designed to help sellers who need to urgently prepare product inventory due to increased customer orders, sellers who require working capital for business expansion, and sellers who suddenly need cash due to overlapping payroll and supplier payment dates, thereby facilitating smooth cash flow on Coupang Marketplace.

To ensure sellers can use the service conveniently, the scope of use has been expanded and the payment process simplified. The 'Instant Settlement Service' is available to Coupang Marketplace sellers who meet certain qualifications set by KB Kookmin Bank, regardless of their personal credit rating. After applying for the service, sellers can receive up to 90% of their sales proceeds as early as the next day, with a low daily interest rate of 0.013%, reducing the financial burden on sellers.

Applying for the service is also simple. If sellers have a KB Kookmin Bank business account, they can apply through corporate internet banking without visiting a branch. However, the initial application requires a review period of 3 to 5 days for approval. Tiffany Gonzales, Senior Director of Coupang Marketplace, said, "We expect the Instant Settlement Service to help various small and medium sellers, including those trying new challenges and those who urgently need cash due to unexpected situations," adding, "We will continue to introduce measures to alleviate difficulties faced by small business owners on Coupang Marketplace and support their rapid growth."

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