Home&Shopping to Advance 10 Billion KRW Payment to Small and Medium Partners Before Lunar New Year Holiday

Advance Payment to Over 2,000 Small and Medium Partners... 11 Days Earlier Than Originally Scheduled

CEO Kim Okchan

[Asia Economy Reporter Kim Cheol-hyun] Home&Shopping (CEO Kim Ok-chan) announced on the 25th that it will advance the payment of sales proceeds worth 10 billion KRW to small and medium-sized partner companies on the 27th.

The companies eligible for this early payment are approximately 2,000 small and medium-sized partners excluding large corporations. The payment date will be moved up by 11 days from the original date of February 7. Home&Shopping's early payment of product sales proceeds is a system that pre-pays the expected settlement amount for the period before the Lunar New Year holiday. It is expected to help small and medium-sized partners struggling due to COVID-19 secure liquidity.

Additionally, Home&Shopping operates with one of the shortest payment periods in the industry when paying product sales proceeds. Since last year, the payment period has been shortened by one more business day after the settlement closing, from the previous 4 business days to 3 business days, allowing partners to receive their sales proceeds within 3 business days. This is explained to be at least 2 to up to 7 days faster than the industry average payment cycle.

A Home&Shopping official said, "In home shopping transactions where large sales occur in a short period, this will help small and medium-sized partners who have difficulty managing funds."