Baemin to Advance 49 Billion KRW Settlement Payments Before Chuseok

Early Payment of Settlement Funds for Business Owners' Mutual Growth
Settlement Advanced by up to 8 Days Compared to Before

Ahead of the six-day golden holiday from Chuseok to Gaecheonjeol, Baedal Minjok is advancing the payment of settlement funds for the Chuseok holiday. Woowa Brothers, the operator of Baedal Minjok (CEO Lee Guk-hwan), announced on the 19th that they will advance the payment of settlement funds worth 49 billion KRW by up to 8 days.

The early payment targets are businesses listed on ▲Baedal Minjok ▲Baemin1 (Han Jip Delivery, Affordable Delivery) ▲Baemin Takeout Order ▲Baemin Store ▲Nationwide Delicacies ▲Baemin Sanghoe, among others.

Through this early payment, business owners will be able to receive settlement payments up to 8 days earlier than before. For example, payments for transactions made on the 25th, which would normally be settled on October 4th after the Chuseok holiday, can now be settled on the 27th, two business days later, thanks to this early payment.

Previously, Woowa Brothers has been steadily improving their settlement system. After establishing a fixed settlement system in April 2019, they shortened the settlement cycle from 4 days to 3 days starting January last year. The payment method is based on 3 business days after the transaction date (purchase confirmation date), excluding weekends and holidays.

Choi Seong-gil, Head of Payment Settlement Product at Woowa Brothers, said, "We decided to advance the settlement payments again this Chuseok holiday to help with store operations during the long holiday. We will continue to improve the settlement system to find ways to reduce the burden on stores."

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