Kkaekkeuthan Nara Accelerates Win-Win Growth with Partners through Introduction of Win-Win Payment System
[Asia Economy Reporter Kim Jong-hwa] Comprehensive paper company Kkaekkeutan Nara announced on the 22nd that it will introduce a win-win payment system from February to promote mutual growth with its partner companies.
The win-win payment system is a system where the purchasing company pays the purchase price to the selling company through win-win payment, and if necessary, the payment amount can be converted into cash early at a low fee level equivalent to Kkaekkeutan Nara's credit rating.
Kkaekkeutan Nara decided to introduce the win-win payment system to reduce the risk of decreased purchasing power of partner companies whose financial liquidity has weakened due to the prolonged COVID-19 pandemic, and to establish a foundation for mutual growth with partner companies in the long term.
At the same time as introducing the win-win payment system, the existing 60-day promissory note payment period will be changed to 30 days, helping partner companies to recover sales proceeds early, which is expected to improve the financial liquidity of partner companies by up to 3 billion KRW per month. Through this, it is expected that the payment environment will improve not only for first-tier partner companies but also for their downstream selling companies.
Kkaekkeutan Nara is currently prioritizing the introduction of the win-win payment system for 16 partner companies and plans to continuously expand the scope of application in the future.
Under the win-win payment system, partner companies connected through transactional relationships are guaranteed payment collection stability as there is no right of repayment claim. Also, with the introduction of a payment deposit account, payments can be safely stored even when the maturity date is extended.
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A Kkaekkeutan Nara official said, "Helping the growth of partner companies and coexisting with them is Kkaekkeutan Nara's growth from a long-term perspective," adding, "Through the introduction of the win-win payment system, we will help secure the financial liquidity of partner companies and overcome the recession caused by COVID-19 together."
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