Home&Shopping to Advance Payment of Partner Companies' Product Sales Proceeds Ahead of Chuseok

100 Billion KRW Scale for Over 2,000 Small and Medium Partners... Payment Date Advanced by 10 Days from Original Schedule

[Asia Economy Reporter Kim Cheol-hyun] Home&Shopping (CEO Kim Ok-chan) announced on the 16th that it will make early payments of product sales proceeds to help small and medium-sized partner companies manage their funds smoothly ahead of Chuseok.

The early payment target companies are about 2,000 small and medium-sized partner companies excluding large corporations, with payments exceeding 10 billion KRW to be paid early. The payment date, originally scheduled for the 27th, will be moved up by ten days to the 17th. Home&Shopping expects that by prepaying the estimated settlement amount for the period before the Chuseok holiday, it will help small and medium-sized partner companies struggling due to COVID-19 secure liquidity.

Home&Shopping operates with one of the shortest payment cycles in the industry for product sales proceeds. In August, it shortened the payment cycle by one day from the existing 4 business days after settlement closing. This is evaluated to be helpful to small and medium-sized partner companies that have difficulty managing funds in home shopping transactions where large sales occur in a short period, with an average payment cycle at least 2 to 7 days faster than the industry.

Kim Ok-chan, CEO of Home&Shopping, said, "In the difficult situation caused by the prolonged COVID-19 pandemic, we decided to make early payments of product proceeds before the holiday to share the pain with our partners," adding, "We hope this will help reduce the financial burden on our partners and assist them in preparing for Chuseok, even if only a little."

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