Starting tomorrow, preferential fees will be applied to 3.04 million credit card merchants.

New small and medium franchise stores to receive about 630 billion won in card fee refunds,

[Seoul=Newsis] Reporter Hwang Jun-sun = On the morning of the 31st, a store owner is making a card payment at a store in Mapo-gu, Seoul. Starting from the 14th, preferential card fees will be applied to 3,046,000 credit card franchise stores based on sales brackets. This accounts for 95.8% of all franchise stores (3,181,000).’,
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, ‘The Financial Services Commission announced the results of selecting small and medium credit card franchise stores for the second half of the year on the 13th.’,
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, ‘Under the Credit Finance Special Law, credit card fees are reassessed every three years. Currently, preferential fee rates of ▲small (up to 300 million won) 0.5%, ▲medium 1 (over 300 million to less than 500 million) 1.1%, ▲medium 2 (over 500 million to less than 1 billion) 1.25%, ▲medium 3 (over 1 billion to less than 3 billion) 1.5%, etc. are applied based on franchise store annual sales.’,
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, ‘The number of franchise stores receiving preferential fee rates by category is as follows: ▲small 2,302,000 ▲medium 1 282,000 ▲medium 2 274,000 ▲medium 3 188,000, etc.’,
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, ‘Payment Gateway (PG) sub-franchise stores that collect card payments through electronic payment service providers, including traffic settlement businesses, and individual taxi operators also receive preferential fee rates.’,
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, ‘Preferential fee rates ranging from 0.5% to 1.5% are applied to 1,786,000 PG sub-franchise stores with annual sales of up to 3 billion won and 166,000 taxi operators. This applies to 93.4% of all PG sub-franchise stores and 99.6% of taxis.’,
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, ‘Regarding the results of selecting preferential fee rate recipients for the second half of this year, the Credit Finance Association has been sending guidance notices to those franchise stores since the 9th. The applicable fee rates can also be confirmed through the Credit Finance Association call center or the Franchise Store Sales Transaction Information Integrated Inquiry System.’,
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, ‘In the first half of this year, about 183,000 franchise stores that were newly opened as credit card franchise stores and initially applied regular franchise store fee rates but were later confirmed through National Tax Service data and other sources to fall into the category of small and medium franchise stores will retroactively apply preferential fee rates and receive fee refunds.’,
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, ‘This is due to the fact that for new franchise stores, regular franchise store fee rates apply until the sales volume is confirmed as falling into the category of small and medium franchises through National Tax Service and other authorities.’,
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, ‘Each card company plans to refund the fee differences to the accounts of franchise stores by September 27. The refund amount is calculated based on the difference between the card fees that new credit card franchise stores, established in the first half of the year and having operated under regular fee rates, paid and what they would have paid if they had applied for preferential fee rates.’,
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, ‘The Financial Services Commission estimates that approximately 630 billion won will be refunded for about 183,000 franchise stores confirmed to have annual sales of up to 3 billion won each. The estimated refund amount per franchise store is approximately 340,000 won.’,
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, ‘The Credit Finance Association will provide guidance on the application of preferential fee rates and whether refunds are applicable to these credit card franchise stores.’,
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, ‘Even for franchise stores that newly opened in the first half of the year and later closed, refunds are possible. And from September 27, they can check the eligibility for refunds through the Credit Finance Association.’,
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, ‘Regarding PG sub-franchise stores and individual taxi operators who had initially been subject to regular fee rates as they opened in the first half of the year but were subsequently confirmed to fall into the category of small and medium franchise stores, approximately 166,000 PG sub-franchise stores and 5,173 individual taxi operators will have the fee differences refunded with the application of preferential fee rates.’,
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, ‘Details of the fee refunds for PG sub-franchise stores and individual taxi operators can be confirmed through respective PG companies and traffic settlement businesses from September 27.’,
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