Hyundai Capital "We Provide 'Advance Payment' to 11st Small Online Sellers"

'Automatic Settlement' with Daily Reconciliation After Dispatch
Introduction of 'Future Settlement' Allowing Advance Payment of 6 Months' Future Sales

[Asia Economy Reporter Ki Ha-young] Hyundai Capital announced on the 25th that it will introduce advance payment services to the small and medium online seller support service '11st E-commerce Factoring.'

11st E-commerce Factoring is a service launched in May last year through a collaboration between Hyundai Capital, 11st, and SK Telecom. It utilizes non-financial data such as sales items and buyer reviews for credit evaluation, providing financial benefits to small and medium online sellers. It is popular among small and medium online sellers due to its lower fees compared to existing credit loan products.

The newly introduced advance payment service includes two types: 'Automatic Advance Payment,' which automatically settles accounts daily, and 'Future Advance Payment,' which analyzes the seller's sales data to advance payment for up to six months of future sales. It is provided to individual business owners and will be expanded to corporate business owners in the future.

Automatic Advance Payment is a service that automatically settles up to 80% of the sales amount of products awaiting purchase confirmation daily once the seller completes shipping the items purchased on 11st. Any seller with monthly sales of 300,000 KRW or more for two consecutive months can apply, and it is offered at an industry-low fee of 0.1% up to a maximum of 50 million KRW. Notably, the service is free of charge for the first three months after application and automatically renews after a one-year contract. No additional fees are incurred even if the customer's purchase confirmation is delayed.

Future Advance Payment is a service that analyzes the seller's sales data and settles up to six months of future sales at once. Sellers with more than one year of experience on 11st can apply, and approval and deposit are made on the same day of online application. The limit is up to 70 million KRW, the highest in the industry. Additionally, it does not affect the seller's personal credit score, allowing additional use while maintaining overdraft accounts and credit loans, with fees starting at a minimum of 0.46% per month.