Naver Expands 'Fast Settlement'... 100% Settlement the Day After Delivery Completion

[Asia Economy Reporter Bu Aeri] Naver Financial announced on the 8th that it will expand the 'Fast Settlement' rate, which pays the payment to Smart Store sellers the day after delivery is completed, to 100%.

Until now, the payment rate of Naver Financial's 'Fast Settlement' service was 90% the day after delivery completion.

Naver explained, "Paying 100% of the sales amount without collateral or fees just one day after delivery completion, even though the purchase has not been confirmed, is the first in the global e-commerce industry by Naver Smart Store."

Naver stated that since launching the 'Fast Settlement' service in November last year, it has advanced the 'Risk Detection System' that selects risky transactions and sellers based on big data, increasing financial support benefits for small and medium enterprises (SMEs) while minimizing the company's risk.

The cumulative sales amount paid over the four months since the service introduction was approximately 1.4 trillion KRW as of the end of last month.

Choi Jin-woo, head of Naver Financial, said, "We are exploring ways to further expand the fast settlement service through technological advancement," adding, "Our goal is to ensure that SMEs operating Smart Stores do not face difficulties in cash flow."

Naver stopped accepting new applications for the 'Quick Escrow Program,' an advance payment program operated since April 2019, in line with the launch of Fast Settlement.

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