11st, Settles Payment to Sellers the Day After Customers Receive Products

[Asia Economy Reporter Seungjin Lee] 11st will provide the ‘11st Fast Settlement’ service to sellers participating in the ‘Today’s Shipment’ program.

‘11st Fast Settlement’ is a service designed for sellers who provide fast delivery to customers by shipping orders on the same day. It is offered to excellent sellers who maintain a 99% fulfillment rate for ‘Today’s Shipment’ within 11st and have seller ratings above 90 points in three categories over the past six months.

With ‘11st Fast Settlement,’ 70% of the settlement amount is paid the day after the product is delivered to customers who ordered ‘Today’s Shipment’ items on 11st. The remaining 30% is settled the day after the customer confirms the purchase on 11st.

Under the existing general settlement system, 100% of the settlement is processed the day after the customer confirms the purchase. Even if the customer does not confirm the purchase directly, it automatically switches to confirmation seven days after delivery, taking about 10 days in total. With ‘11st Fast Settlement,’ sellers receive settlement within 2-3 days after the customer’s payment, which is about seven days earlier than the general settlement.

Additionally, 11st has introduced a feature on the sellers’ management site, ‘Seller Office,’ allowing sellers to view and manage expected ‘Fast Settlement’ amounts, details, and settlement progress at a glance. Further details about ‘11st Fast Settlement’ can also be checked in detail on the 11st Seller Office.

11st’s ‘Today’s Shipment’ service is a faster shopping service where orders placed today are shipped on the same day. Only products from sellers who have fulfilled same-day shipment at a rate of 99% or higher in the past week are sold under ‘Today’s Shipment.’

As of October, over 13 million products from approximately 48,000 sellers are on sale. If payment is made by the order cutoff time set between 3 PM and 8 PM daily, the order will be shipped on the same day, and customers can receive their products within two days after ordering (excluding Sundays and holidays) at the latest.

Lee Sang-ho, CEO of 11st, stated, “We have provided the fastest settlement in the industry without fees to sellers who offer high-quality delivery services to 11st customers through same-day shipping. Going forward, we will continue to create a virtuous cycle of cooperation where 11st and sellers coexist, providing better selling environments and fostering growth based on this foundation.”

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