Check Card Payments Deposited Instantly to Small Businesses... New Payment System Developed

WINGlobalPay Files Patents to Support Small Business Owners
Solving Cash Liquidity Issues with Real-Time Transfers
"Benefits for Both Consumers and Merchants"

WINGlobalPay, a payment gateway and fintech company, recently announced that it has developed a new payment system to solve cash liquidity issues for small business owners and has filed a total of five patents for the technology.

The core of the patents is a system in which, during a check card payment, funds are transferred directly and in real time from the consumer's account to the merchant's account.

Traditional credit and check card payments typically incur a fee of 0.7% to 0.9% or more, and it usually takes two to three days after the transaction for the settlement to be completed. Especially during periods of surging sales, such as holidays or peak seasons, card payments are often held up for several days, causing frequent cash flow difficulties for small business owners.

The technology developed by WINGlobalPay addresses these problems. When a consumer makes a payment with a check card, the funds are deposited directly into the merchant's bank account via the terminal within two to three seconds, and no fees are incurred during this process.

The company explains that this technology offers tangible benefits to both consumers and merchants. Consumers can receive a 30% income tax deduction on check card usage during year-end tax settlements, while merchants can benefit from a 1.2% tax credit due to the recognition of cash sales. The company plans to commercialize dedicated terminals and roll them out nationwide in the future.

A WINGlobalPay representative stated, "The check card payment market is worth approximately 625 trillion won annually, accounting for half of credit card sales. However, until now, even when sales occurred, cash did not circulate, leaving small business owners struggling with liquidity issues. This patent will make a significant contribution to stabilizing small business management."

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