Public Home Shopping said on the 22nd that it will expedite payment of 24 billion won in sales proceeds to partner small and midsize enterprises and small merchants ahead of the Chuseok holiday.
More than 900 small partner companies in transaction with Public Home Shopping will receive payment for goods before Chuseok. Payments will begin on the 2nd, eight days earlier than the original Oct. 10 date. Partners using the win-win settlement system in the distribution network can secure funds starting on the 1st.
Payment for goods will be advanced for orders whose delivery is completed between Sept. 21 and Sept. 30. In at least two days, the proceeds can be converted to cash before the holiday.
The early payment is intended to support smooth cash management for small and midsize enterprises and small merchants before the holiday. It is meant to help partners struggling to secure cash due to the economic downturn.
A Public Home Shopping official said, "This year's Chuseok holiday has a long break, making liquidity even more urgent for small and midsize enterprises than in previous years," adding, "in addition to early payment, we plan to run holiday promotions to support partner sales."