The captured image shows the main page of the shopping platform operated by Naver Corp.
SEOUL, April 9 (Korea Bizwire) — South Korea’s leading portal operator Naver Corp., said Thursday that its financial arm Naver Financial Corp. will now transfer the full value of transactions conducted via its portal to Smartstore sellers the day after delivery, as part of the company’s ‘Quick Transaction’ policy.
Smart Store is an online shopping mall for small merchants directly operated by Naver.
Previously, only 90 percent of the transaction value was transferred to the seller a day after the delivery, and the remaining 10 percent was sent after the customer verified receipt.
Now, Naver will become the world’s first e-commerce platform to transfer the full amount of the transaction to sellers the day after delivery, without the need to wait for customers’ receipt verification. No securities or commissions are required.
The new policy will apply to all Smartstore sellers with sales of more than 1 million won (US$900) for more than three consecutive months.
Ever since the ‘Quick Transaction’ service was introduced last November, Naver has reportedly improved on the company’s Fraud Detection System, a big data-based system designed to filter fraud transactions and sellers, to maximize funding benefits while minimizing risk.
In the four months since Quick Transaction was introduced, the accumulated amount of transaction payments transferred to Smartstore sellers surpassed 1.4 trillion won (US$1.2 billion).
“It is our goal to ensure that small businesses running Smartstores receive their payments in due time,” said Choi Jin-woo, vice chief at Naver Financial.
Ashley Song (ashley@koreabizwire.com)
