Naver's 'Quick Settlement' System: Lessons from the Tmon and Wemakeprice Incidents
Naver Shopping's 'Quick Settlement' system Recently, the delayed settlement incidents of Tmon and Wemakeprice have brought attention to Naver Shopping's 'Quick Settlement' system. Emphasizing the importance of cash flow in the e-commerce market, Naver's quick settlement service has been a significant aid to small and medium-sized enterprises (SMEs). In this blog, we will explore the background, impact of Naver's quick settlement system, and the necessity of the 'Rocket Settlement Act'. 1. The Background of Naver's 'Quick Settlement' System In November 2020, Naver introduced the 'Quick Settlement' system, which ensures that e-commerce sellers receive 100% of their payments within three days after a transaction. This initiative was taken to foster a symbiotic relationship with sellers, despite there being no legal stipulation on settlement periods. Naver offers this service to Smart Store sellers who have a return rate of less t...