Naver Financial's 'Fast Settlement' Payment Amount Surpasses 10 Trillion Won

[Asia Economy Reporter Buaeri] The amount of early payments made to small and medium-sized enterprises (SMEs) through Naver Financial's Fast Settlement service surpassed 10 trillion won on the 16th.

The Fast Settlement service shortens the settlement cycle, which used to take 10 to 60 days after sales occur, to 3 to 5 days without requiring collateral or fees.

According to Naver Financial, out of the cumulative 10 trillion won paid through Fast Settlement until April, 7 trillion won was paid to SMEs.

About 77% of the businesses using the Fast Settlement service are SMEs, and 50% of the settlement payments to all Smart Store SME businesses are made through the Fast Settlement service.

In fact, businesses using Fast Settlement are feeling the effects. According to a survey conducted by Naver Financial, 94% of participating businesses responded that Fast Settlement had the greatest effect on improving cash liquidity. Next, 40% said it enhanced operational efficiency, and 33.5% said it contributed to business expansion.

Naver Financial plans to expand the service so that more SMEs can use Fast Settlement. Currently, Fast Settlement is only available on Naver Smart Store, but this year it will also be offered to external shopping malls that apply as Naver Pay order-type merchants.

Park Sangjin, CEO of Naver Financial, said, "Since the Fast Settlement service, the platform industry has been spreading efforts to shorten settlement cycles for SMEs," adding, "Not only Fast Settlement but also various SME services from Naver Financial, such as loans for Smart Store operators and the recently launched Return Care service, will continue to increase successful cases of SMEs using them.”

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