"Easing Chuseok financial burdens"... Shopping NT to make early settlement payments to partner companies

[Financial News] Shopping NT, the T-commerce channel of TRN, a media affiliate of Taekwang Group, will make early settlement payments to partner companies ahead of Chuseok to ease their financial burdens.
According to industry sources on the 18th, Shopping NT will pay the second-round settlement payments on the 23rd, seven days earlier than originally scheduled. The first- and second-round payments to partner companies in September total 6.8 billion won.
The second-round settlement payments cover product sales generated from the 11th through the 20th of this month and were originally scheduled to be paid on the 30th. Small and midsize partner companies account for 99% of all eligible companies receiving the early payments. They can receive the settlement payments early without submitting a separate application.
Shopping NT explained that it moved up the payment schedule to help partner companies manage their finances smoothly as demand for funds rises ahead of Chuseok due to raw material and labor costs.
Shopping NT currently pays settlement payments to partner companies three times a month. Payments for sales made from the 1st through the 10th are made on the 20th of the same month, while those for sales made from the 11th through the 20th are paid at the end of the same month. The existing settlement criteria will remain unchanged despite the early payment.
Shopping NT plans to expand its support for partner companies in the second half of the year. Toward the end of the year, it will pursue improvements to its settlement system, including shortening settlement periods, to make financial management more convenient for its partners. It will also review customized support measures that reflect the needs of individual partner companies.
Sangwook Han, CEO of Shopping NT, said, "We moved up the settlement payment date to provide practical assistance to small and midsize partner companies facing increased demand for funds ahead of Chuseok." He added, "We will continue to identify support measures that provide tangible help to our partners, including these early payments, and further strengthen mutually beneficial management so that we can grow together."

[email protected] Jang Yu-ha Reporter