Visa Launches E-commerce 'Fast Settlement Service'... "Reduced from 75 Days to 4 Days"

KB Kookmin Card and Sellerhub
Launch Fast Settlement Service for Partner Stores
Payment for Sales Reduced from Up to 75 Days to Just 4 Days

[Asia Economy Reporter Ki Ha-young] Visa Korea announced on the 13th that it will launch a 'Fast Settlement Service' that allows online sellers to receive payment for sales within a maximum of 4 days, in collaboration with KB Kookmin Card and the online shopping mall platform SellerHub.

This service features a reduction in payment time from up to 75 days to just 4 days through virtual card transactions between e-commerce platform operators and tenant companies. It is first introduced in SellerHub, an integrated management solution for tenant-type shopping malls, and plans to expand to various e-commerce platforms in the future.

The Fast Settlement Service applies Visa's encrypted virtual card solution. This technology assigns a one-time card number each time a payment occurs, minimizing the risk of fraudulent payments and enabling easy transaction processing through the assigned card number for each transaction. With a low fee of 1%, the payment settlement process is shortened, allowing tenant companies to focus on their core business, which is expected to attract the attention of online business operators.

Recently, due to the impact of the novel coronavirus disease (COVID-19), the order volume of tenant companies selling products through e-commerce platforms has surged, but there have been difficulties in managing funds to handle the order volume. This is because most transactions between e-commerce platforms and tenant companies were conducted in cash, making the payment process complicated and time-consuming.

Patrick Yoon, President of Visa Korea, said, "We will continue to strive to provide smoother payment experiences between sellers and suppliers through Visa's infrastructure and services."

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