Woowa Brothers "Early Payment of 83 Billion KRW Settlement Funds to Baemin Partner Restaurant Owners"

[Asia Economy Reporter Kim Bo-kyung] Woowa Brothers, the operator of Baedal Minjok (Baemin), announced on the 6th that it will make an early payment of settlement funds worth 83 billion KRW to its partner merchants ahead of the Chuseok holiday.

The early payment applies to all stores registered on Baedal Minjok, Baemin1, and takeout orders. These merchants will receive their settlements on the 8th, five days earlier than the originally scheduled payment date of the 13th. Unlike previous years, this settlement will be made solely with Baemin's own funds without cooperation from PG companies.

Baemin has been improving its settlement system to help stores maintain smooth cash flow. After establishing a daily settlement system in April 2019, it moved the deposit time to the morning in October last year. Accordingly, the payment time, which was previously between 11 a.m. and 3 p.m., has been changed to between 8 a.m. and 12 p.m. Additionally, since January, the settlement cycle has been shortened from 4 days after the payment date to 3 days.

Choi Seong-gil, head of the Settlement Platform Team at Woowa Brothers, said, "We decided to make early payments again this year so that store owners do not face difficulties in managing funds due to delayed sales settlements during the Chuseok holiday," adding, "We will continue to consider and implement various measures to support store operations, including improvements to the settlement system."

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