Starting from the 14th, the 'second half of the year small and medium-sized franchisee preferred commission rate' will apply to 5,098,000 places, including 3,068,000 credit card merchants, 1,864,000 sub-merchants of payment service providers (PG companies), and 166,000 taxi operators.
The Financial Services Commission sent a notice to the credit card merchants eligible for the preferred commission rate on the 8th, and each merchant can confirm the applicable commission rate through the Korea Credit Finance Association, card company call centers, and the integrated sales transaction information inquiry system.
The preferred commission rate for small and medium-sized franchisees is 0.4% for sales of 300 million won or less, 1% for 300 million to 500 million won, 1.15% for 500 million to 1 billion won, and 1.45% for 1 billion to 3 billion won. For check cards, the rates are 0.15% for 300 million won or less, 0.75% for 300 million to 500 million won, 0.9% for 500 million to 1 billion won, and 1.15% for 1 billion to 3 billion won.
The same preferred commission rate will apply to sub-merchants of payment service providers that accept card payments and individual/corporate taxi operators that accept card payments through transportation clearing contractors. Accordingly, 95.7% (3,068,000 places) of the merchants will be eligible for the preferred commission rate. In the case of PG companies, 93.2% (1,864,000 places) and individual/corporate taxi operators 99.5% (166,000 places) are applicable.
New credit card merchants that opened during the first half of this year and were subject to the general commission rate will have the preferred commission rate retroactively applied for 161,000 merchants whose sales volume qualifies as small and medium-sized franchisees, resulting in a refund of 65.15 billion won (400,000 won per merchant). The refund amount can be checked through the Korea Credit Finance Association's 'integrated sales transaction information inquiry system' starting from September 26.
Sub-merchants of payment service providers under the same conditions, totaling 148,000 places, and 5,505 individual/corporate taxi operators accepting card payments through transportation clearing contractors will also have the preferred commission rate retroactively applied, with the commission difference expected to be refunded before September 26.