Public home-shopping channel pays partners W30b early ahead of Chuseok

Public Home Shopping announced Wednesday it will pay about 30 billion won ($22.3 million) in sales proceeds early to its small and medium-sized enterprise and small-business partners ahead of Chuseok.

The early payment is intended to help partners secure liquidity during the holiday period, when demand for cash rises due to wage payments and purchases of raw materials. All broadcast and mobile partners are covered, with payments advanced seven days ahead of the regular schedule.

Under the arrangement, proceeds for orders with deliveries completed between Sept. 8 and Sunday will be paid out Monday. Proceeds for deliveries completed between Tuesday and Monday will be paid Sept. 23. Partners enrolled in Public Home Shopping's shared-payment network program will be able to cash out their proceeds early starting Sept. 15 and Sept. 22, respectively.

The shared-payment network program goes beyond direct payment of supplier proceeds by allowing partners to convert their receivables into cash before the scheduled payment date. Public Home Shopping said partners enrolled in the program will be able to cash out even earlier than the already-advanced payment dates.

"We hope this early payment helps ease the financial burden on our partner companies," a Public Home Shopping official said. "We will continue to pursue a range of support measures that allow us to grow together with our partners."