IBK Industrial Bank, Small Business Support 'Card Sales Immediate Deposit' Service

Payment credited immediately without card payment fees or charges within 2-5 days after the payment date

IBK Industrial Bank announced on the 27th that it has launched the ‘Card Sales Immediate Deposit Service’ to expand liquidity for small business owners.

The ‘Card Sales Immediate Deposit Service’ is a service that immediately deposits card payment amounts to card merchants without additional fees, which previously took 2 to 5 days from card payment to deposit. This service is expected to greatly help small business owners by eliminating cash flow gaps as they can receive payments immediately upon card sales occurrence.

Additionally, it resolves the hassle of having to manually reconcile deposit details and sales by each card company, which is expected to improve work efficiency for sole proprietors and small business owners who lack manpower and time.

The ‘Card Sales Immediate Deposit Service’ is available to businesses with annual sales of 3 billion KRW or less in the previous year and for sales transactions of 500,000 KRW or less per transaction made through IBK BOX POS or KIS Information & Communication’s POS devices. To subscribe to the service, registration for IBK BOX POS, non-face-to-face preliminary inspection, and assignment of claims contract are required.

To enhance customer convenience, IBK Industrial Bank has established a non-face-to-face application process to significantly improve accessibility. Businesses with annual sales of 300 million KRW or less in the previous year can apply for the service non-face-to-face, while those with sales exceeding 300 million KRW but not exceeding 3 billion KRW must visit a nearby IBK branch to sign the assignment of claims contract after applying non-face-to-face.

An IBK Industrial Bank official stated, “This service was planned to practice IBK’s value finance that prioritizes customer value enhancement and to strengthen the management stability of small business owners,” adding, “We will continuously develop the service, including expanding partnerships with VAN companies, to provide the service to more customers.”

Meanwhile, IBK BOX POS is a service that allows credit card payments, various pay payments, and issuance of cash receipts through an app on a smartphone without a separate card payment terminal. Since its launch in 2021, approximately 150,000 business owners have been using it to date.