South Korea's Smartstore sellers to get payments in one go

This will apply to sellers with sales of more than $900 for three consecutive months.

South Korean Naver’s financial arm is now transferring the full value of transactions conducted through its portal to Smartstore sellers the day after delivery as part of the company’s ‘quick transaction’ policy, Korea Bizwire reported.

Smart Store is an online shopping mall for small merchants directly operated by Naver. Previously, only 90% of the transaction value was transferred to the seller a day after the delivery, and the remaining 10% was sent after the customer verified receipt.

The new policy will apply to all Smartstore sellers with sales of more than $900 (KRW1m) for more than three consecutive months.

With this, 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.