Toss Cuts Payment Fees in Half for Small and Medium Franchise Merchants

Reduced from 3% to a maximum of 1.6%
Differential discounts based on sales scale

[Asia Economy Reporter Minwoo Lee] Financial platform Toss is reducing payment fees for small and medium-sized merchants by nearly half.

Toss operator Viva Republica announced on the 3rd that it will lower the payment fees for its simple payment service 'Toss Pay' starting from the 1st of next month, based on sales scale.

Previously, the fee was fixed at 3% regardless of sales scale, but going forward, Toss Pay fees for small merchants with annual sales of 300 million KRW or less will be reduced to 1.60%. This represents a reduction of about 47% compared to before. For medium-sized merchants with annual sales between 300 million KRW and 3 billion KRW, fees will also be lowered to between 1.90% and 2.40% depending on sales scale. These fees include the charges Toss pays to card companies or payment banks linked to the simple payment, as well as fees for PG (Payment Gateway) companies.

This measure was promoted with the intention of minimizing the fee burden on small and medium-sized business owners and supporting their operations, considering the challenging business environment due to COVID-19 and policy interest rate hikes. Meanwhile, Toss has also completely revamped the Toss Pay homepage, where various information including fees can be checked.

Choi Jae-ho, Head of Business Strategy at Toss, said, "Toss Pay has grown together with small and medium merchants through a simple payment experience via the Toss app and fast integration," adding, "We hope this reduction in simple payment fees will ease the burden on merchants and provide an opportunity for many customers to experience Toss Pay."

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