11Street recently announced on the 14th that it will provide the '11Street Fast Settlement' service to sellers facing difficulties due to delays in settlements from the luxury vertical company (Balaan). The service pays 70% of the settlement amount the day after delivery and the remaining 30% the day after the customer confirms the purchase.
11Street first introduced this service in August of last year for small business owners affected by delays in settlements in the e-commerce industry. By using the fast settlement service, customers can receive a substantial portion of their sales proceeds within 2 to 3 days after payment, speeding up the settlement date by about 7 days compared to the standard settlement.
11Street will prioritize the fast settlement for sellers registered as domestic operators among those experiencing settlement delays in the luxury vertical service 'OOAh luxe.' The fast settlement supports up to 10 million won per day for products in the imported luxury category among the registered products of these sellers.
The fast settlement service will be additionally expanded to sellers experiencing settlement delays who wish to register with 'OOAh luxe.' Sellers can qualify for registration upon agreeing to the sales policies of 'OOAh luxe,' such as the 'fake product 200% compensation system,' which refunds 100% of the payment amount and accumulates 100% in 11Pay points upon a counterfeit determination.
Shin Hyun-ho, head of fashion, beauty, and global at 11Street, said, 'Through communication with luxury vertical sellers facing settlement delays, we confirmed the need for quick settlements and exposure of products within 11Street.' He noted, 'We expect that the support policies, including the introduction of the '11Street Fast Settlement,' will help facilitate sellers' smooth cash flow.'