Naver Smart Store Increases Settlement Speed... Settlement Takes About 3.3 Days After Order

[Asia Economy Reporter Kang Nahum] Naver Financial announced on the 14th that it will advance the settlement standard of Naver Smart Store to 'the day after collection completion' starting this December.

Currently, the settlement time for the fast settlement standard takes about 4.4 days after an order. By advancing it to the day after collection completion, it will be shortened to 3.3 days.

Collection completion means that the product has been handed over from the seller to the courier company and is ready to start delivery, essentially indicating the start of the delivery process. Although it is not an advance payment financial product where the seller bears daily interest costs secured by sales receivables, Naver Smart Store is the first in the world to provide a free settlement service based on 'collection completion'.

The fast settlement service is considered one of the most satisfactory services among various seller-friendly policies provided by Naver to Smart Store sellers. Since Naver Financial launched this service in November last year, the cumulative fast settlement payment reached 1 trillion KRW in March and 3 trillion KRW in June. It is rapidly expanding to about 5 trillion KRW by this September.

Naver Financial also plans to relax the eligibility criteria for sellers to receive fast settlement. The standard will change from 'monthly transaction amount of 1 million KRW for 3 consecutive months' to '20 monthly transactions,' broadening the scope so that more small and medium sellers can use the service.

Additionally, previously, sellers with personal delinquency records could not receive the fast settlement service, but starting this December, applications will be accepted regardless of past delinquency records as long as there is a consistent transaction history on Smart Store.

Han Seong-sook, CEO of Naver, said, "Naver's subsidiary Naver Financial will focus on pioneering the data finance market for SMEs based on data, technology, and cooperation with financial companies."

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