“Naver Pay’s ‘Quick Settlement’ cumulative amount exceeds 40 trillion won… ‘SMEs saving 180 billion won in financial costs'”

The day after shipping, the fastest settlement speed in global commerce,

[Provided by Naver Pay],
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, ‘[Herald Economy=Reporter Mun Hye-hyun] Naver Pay announced on the 31st that the cumulative amount of settlement funds deposited in advance through its fast settlement service has reached 40 trillion won, saving about 180 billion won in financial costs for small business owners.’,
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, ‘Since November 2020, Naver Pay’s fast settlement service settles 100% of the funds the day after shipping and about 3 days after payment, offering the fastest settlement cycle in global e-commerce including in Korea.’,
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, ‘The existing Naver Smart Store and Naver Pay merchants normally settle the day after purchase confirmation (about 8 days), which is approximately 5 days faster than the typical settlement cycle. The service has been available on Naver Smart Store since November 2020 and will be expanded to external malls starting from September 2023, providing services to Naver Pay order-type merchants as well.’,
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, ‘Among domestic businesses selling physical delivery products, those who are Naver Smart Store or order-type merchants can easily apply for the service without additional costs or conditions if their Naver Pay monthly transaction volume exceeds 20 transactions for three consecutive months and return rate is below 20%. Naver Pay was also selected as the only ‘Excellent Organization for Cooperation and Cooperation’ among electronic financial institutions by the Financial Supervisory Service in January for its contribution to cooperative finance through fast settlement services.’,
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, ‘From November 2020 to July 2021, approximately 120,000 small business owners who used Naver Pay’s fast settlement service received advance payment totaling about 40 trillion won. Currently, 93% of small business owners using the fast settlement service are classified as micro-small and medium-sized enterprises, with about 46% of the monthly transaction volume on Naver Smart Store being settled in advance through the service.’,
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, ‘Particularly, by looking at the financial support effect of the fast settlement service through the ‘advance settlement loan’, which is widely used by online small business owners who wait up to two months for settlement, you can estimate the financial cost savings effect of approximately 180 billion won. Assuming that the total settlement funds received through the fast settlement service are treated as advance settlement loans, the same amount of settlement funds totaling about 40 trillion won, the financial cost savings effect for small business owners due to Naver Pay’s fast settlement service is estimated to be about 180 billion won.’,
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, ‘The average interest rate of business owners who receive advance settlement loan services through fast settlement is assumed to be 6%, and the calculated value is based on assuming the average term profit calculated based on the average settlement period (about 27 days) compared to other e-commerce platforms.’,
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, ‘Lee Hyang-cheol, responsibility leader overseeing Naver Pay’s payment business, said, “The reason why Naver Pay was able to provide stable and fast settlement services while lowering the hurdles to make it available to anyone who meets the minimum requirements was due to the continuous enhancement of Naver Pay’s excellent risk transaction detection system (FDS) and other technologies,” and added, “In the future, Naver Pay will continue to collaborate with merchants and further enhance the support effect of the fast settlement service.”‘,
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