70% Payment of Settlement Amount the Day After Delivery Completion
Remaining 30% Settled Upon Purchase Confirmation
Settlement Accelerated by About 7 Days Compared to Existing General Settlement
11st Street announced on the 7th that it will launch the '11st Safe Settlement' service, which advances the settlement schedule for small business owners.
11st Safe Settlement is structured to pay 70% of the settlement amount the day after delivery is completed. Accordingly, sellers can receive a significant portion of the sales proceeds within 2 to 3 days after the customer’s payment, which is about 7 days earlier than the existing general settlement. The remaining 30% of the settlement amount is paid the day after the customer confirms the purchase.
11st announces the '11st Safe Settlement' service, which advances the settlement schedule for small business owners. [Image provided by 11st]
11st Street will apply the 11st Safe Settlement service to all small business sellers participating in the 'August Monthly 11th Day Sale' held for ten days starting from the 11th. Eligible small business sellers are those who receive the reduced card fee rate according to the Financial Services Commission standards.
Products eligible for Safe Settlement are general courier delivery items, while overseas shopping, travel, e-coupons, installation and construction products are excluded. Sellers who wish to receive the Safe Settlement benefit must ship the product by the day after the customer’s purchase.
Currently, 11st Street settles 100% of payments within 2 business days after customer purchase confirmation for all sellers. In October 2020, it introduced the e-commerce industry’s first free 'Fast Settlement' service. Fast Settlement for excellent sellers pays 100% of the settlement amount the day after the seller hands over the product to the courier (collection completed). The qualification for excellent sellers is granted to sellers who have been registered on 11st Street for at least 3 months and have received scores of 90 or above in three seller rating categories during the registration period.
11st Street explained that sellers have shown positive responses to the fast settlement speed. The number of new sellers in July increased by more than 16% compared to the previous month.
Park Hyun-su, Chief Business Officer (CBO) of 11st Street, said, "We prepared the 11st Safe Settlement service for many small business owners who are currently experiencing difficulties managing operating funds," adding, "We will continue to create a better sales environment through various support policies for coexistence with sellers."
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