Home&Shopping to Advance Payment for Partner Companies' Product Sales Ahead of Chuseok

Smooth Holiday Fund Management Support for Small and Medium Partner Companies
Sharing COVID-19 Burdens, Promoting Win-Win Cooperation

[Asia Economy Reporter Kim Cheol-hyun] Home&Shopping (CEO Kim Ok-chan) announced on the 22nd that it will make early payments of sales proceeds to help small and medium-sized partner companies manage their funds smoothly ahead of the Chuseok holiday.

The companies eligible for early payment this time are about 2,000 small and medium-sized partner companies excluding large corporations, and payments worth up to 15 billion KRW will be made early. The payment date, originally scheduled for the 8th of next month, will be moved up by ten days to the 28th.

Home&Shopping has also been operating by shortening the payment period for product sales proceeds. Sales proceeds are settled three times a month on the 10th-day basis and paid within 4 business days from the closing date. This means the average period to receive sales proceeds is only 9 days, which is considered a great help to small and medium-sized partner companies that have difficulty managing funds in home shopping transactions where large sales occur in a short period.

Moreover, this early payment of product sales proceeds is expected to help secure the liquidity of small and medium-sized partner companies by prepaying the estimated settlement amount for the period before the Chuseok holiday. Kim Ok-chan, CEO of Home&Shopping, said, "In these difficult times due to the impact of COVID-19, we decided to make early payments of product proceeds before the holiday to share the pain with our partners," adding, "We hope this helps our partners reduce financial burdens and prepare for Chuseok."