Naver Financial Increases Small Business Users of 'Fast Settlement' Service

Relaxation of Conditions for Maintaining Fast Settlement on Smart Store
9% Increase in Beneficiary Businesses After New Standards Applied
Expected to Grow Up to 16% by Next Year
Cumulative Fast Settlement Payments Reach 14.4 Trillion KRW
93% of Users Are Small and Medium-Sized Businesses

[Asia Economy Reporter Sim Nayoung] Naver Financial announced on the 19th that it has expanded the number of businesses eligible to use the ‘Smart Store Fast Settlement’ service, which provides 100% of the settlement amount free of charge within 3 days from the payment date. The total amount paid through fast settlement surpassed 14.4 trillion KRW just 1 year and 8 months after the official launch of the service.

Naver Financial stated that the conditions to maintain the fast settlement service have been relaxed from ‘at least 10 total orders in the previous month and a return rate below 20%’ to ‘at least 10 total orders over the past 3 months and a return rate below 20%.’ Smart Store business operators using fast settlement can now maintain a stable fast cash turnover rate even if the number of orders temporarily drops unexpectedly.

The application requirements for Smart Store Fast Settlement are at least 20 orders per month for 3 consecutive months prior to application and a return rate below 20%, making it the easiest pre-settlement service to access among those offered to online businesses.

Since the new criteria were applied starting in September, the number of businesses continuously using the fast settlement service increased by about 9% compared to August, and 93% of these businesses were small and medium-sized enterprises with annual sales under 3 billion KRW. The company expects the monthly growth rate of businesses maintaining fast settlement benefits to continue rising, potentially increasing by up to 16% compared to the previous standard by next year.

‘Fast Settlement’ is the fastest free settlement service globally. Naver Financial has continuously improved the service by shortening the settlement cycle and relaxing usage conditions so that small business owners do not face difficulties due to delayed payment settlements.

As of August, the cumulative amount settled through fast settlement reached 14.4 trillion KRW, of which 66%, or 9.5 trillion KRW, was paid to small and medium-sized businesses. Approximately 80,000 small business owners have experienced the fast settlement service, and about 93% of them are small and medium-sized enterprises.

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