Woowa Brothers to Advance Settlement Payments Ahead of Seollal Holiday
KRW 28 Billion Scale... Payment Date Moved Up by 5 Days
Woowa Brothers, the operator of Baedal Minjok, announced on the 6th that it plans to advance the payment of settlement funds worth 28 billion KRW for small business owners before the Lunar New Year holiday.
The services eligible for early payment include ▲Baedal Minjok ▲Baemin 1 ▲Baemin Takeout Order ▲Pre-order ▲Baemin Store ▲Baemin Sanghoe ▲National Delicacies, among others. Through this early payment, settlement funds can be received up to 5 days earlier than the originally scheduled date. For example, the settlement funds for the 6th, which were supposed to be paid on the 13th after the holiday, will now be paid on the 8th, shortening the period by 5 days.
The settlement amounts and deposit schedules by date can be checked through the store management program Baemin Self-Service and the seller offices for each service. Woowa Brothers abolished the weekly settlement system in April 2019 and switched to a daily settlement system to help small business owners manage their funds more smoothly. Additionally, in 2022, the settlement cycle was shortened from 4 days to 3 days to enable faster settlements.
To alleviate the financial burden on small business owners, Woowa Brothers is also operating a guarantee program worth 105 billion KRW in partnership with KB Kookmin Bank and the Korea Credit Guarantee Fund. This program issues guarantee certificates for insufficient credit to small restaurant owners and traditional market merchants who have difficulty obtaining loans due to low credit ratings or lack of collateral, and provides loans with special preferential benefits.
Baedal Minjok also plans to advance the payment of settlement funds to riders before the Lunar New Year holiday begins, earlier than the usual settlement date.
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Choi Sung-gil, Head of the Payment Settlement Product Office at Woowa Brothers, said, "We will continue to improve the settlement system to reduce the burden on small business owners and consider ways to help with store operations."
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