Qoo10’s Korean units delay seller payments amid expansions

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The story "Qoo10’s Korean units delay seller payments amid expansions" was covered 2 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Qoo10’s Korean units delay seller payments amid expansions - Korea Economic Daily

Quick Summary:

Some South Korean banks suspended loans to Qoo10’s units – TMON Inc.and WeMakePrice – for payments to their sellers as some of them have been unable to withdraw their earnings as scheduled from the local online shopping platforms, industry sources in Seoul said on Wednesday.

Transaction values on TMON and WeMakePrice were estimated to have totaled 1.1 trillion won last month, which could be frozen for about 45 days, a usual period needed for e-commerce platforms to make seller payments in South Korea, industry sources said.

Last week, WeMakeprice said payments to some 500 sellers were delayed.“Some sellers cut or suspended sales, while customers reduced purchases, affecting transactions on TMON,” said a company official, indicating the temporary slide in deals deteriorated financial conditions for seller payments.