Baemin to Advance Payment of 180 Billion KRW Settlement Funds Before Chuseok
Small Business Owners Settle Payment in Advance Before Holiday to Avoid Cash Flow Issues During Holiday Break
[Asia Economy Reporter Kim Cheol-hyun] Woowa Brothers, the operator of Baedal Minjok (CEO Kim Beom-jun), announced on the 28th that it will make an early payment of settlement funds worth 182 billion KRW to prevent a gap in sales settlements for its partner self-employed merchants ahead of the Chuseok holiday.
With this early payment, self-employed merchants registered on Baemin will be able to receive approximately 182 billion KRW in settlement funds generated over five days from the 23rd to the 27th earlier than the usual payment date, on the 28th and 29th. Currently, Baemin has been operating a daily settlement system since April last year to allow merchants to receive their sales settlement funds every day. Settlement funds are deposited four business days after the transaction date.
The early settlement funds were prepared with about 149.3 billion KRW from Baemin's own reserves and an additional cooperation of about 32.7 billion KRW from affiliated PG companies. Baemin also made early payments of settlement funds during last year's Chuseok and the holiday in May.
The early payment applies to all stores registered on Baedal Minjok, Baemin Riders, and takeout orders. The daily settlement amounts and deposit schedules can be directly checked on the Baemin Store Owner Plaza website under 'Self-Service' in the 'Settlement Details' section.
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Kim Seok-hwan, head of the Settlement System Team at Woowa Brothers, said, "We decided to make early payments again this year to support merchants so they do not face difficulties in managing funds due to delayed sales settlements caused by the Chuseok holiday and consecutive weekends." He added, "Baemin will continue to listen carefully to the concerns and voices of merchants and work together to find support measures that can help store operations."
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