Baemin to Pay KRW 36.7 Billion in Settlement Proceeds Early Ahead of Chuseok

[Financial News] Baedal Minjok (Baemin) will pay settlement proceeds to its partner merchants ahead of schedule for the Chuseok holiday. The move is intended to help partners operate their stores smoothly.
According to industry sources on the 15th, Woowa Brothers, the operator of Baemin, will pay approximately KRW 36.7 billion in settlement proceeds early to partner merchants ahead of the Chuseok holiday, which runs from the 24th through the 27th.
Baemin makes early settlement payments every year for holidays such as Seollal and Chuseok.
This early payment applies to all partners using food services, including store delivery, Baemin delivery and pickup, as well as commerce services such as Baemin grocery shopping and shopping and Baemin Store.
Settlement proceeds from sales made on the 21st of this month were originally scheduled to be paid on the 28th, after the Chuseok holiday. Under the early-payment decision, however, partners can receive the funds on the 23rd, two business days later. Daily settlement amounts and deposit schedules can be checked on each service’s settlement details page.
Baemin is proactively establishing settlement systems to help small-business owners manage their operations more stably. In April 2019, it introduced the daily settlement system, the first among delivery platforms to pay settlement proceeds to partner merchants on a daily basis. In 2022, it shortened the settlement cycle from four days to three.

[email protected] Jang Min-kwon Reporter