Starting on the 14th, approximately 3.09 million small and micro credit card merchants will see a reduction in card fees. Additionally, about 61.5 billion won in excess card fees will be refunded to 159,000 newly opened small and micro merchants from the first half of this year.
The Financial Services Commission announced the results of its selection of small and micro merchants for the second half of the year on the 11th. From the 14th, a preferred fee rate will apply to 309,400 of the 323,500 total credit card merchants, accounting for 95.7%.
Merchants with annual sales of 30 million won or less will pay a fee of 0.4% on credit card transactions and 0.15% on debit card transactions. For small merchants with annual sales between 30 million and 3 billion won, the fee rates will range from 1.0% to 1.45% for credit cards and from 0.75% to 1.15% for debit cards, depending on their sales volume.
Sub-merchants, including 1,999,000 online shopping sites that accept card payments through payment gateways and 166,000 individual and corporate taxi operators, will also benefit from the same preferred fee rates.
Refunds will be issued to newly opened merchants from the first half of the year. These new merchants will initially be subject to standard fee rates until their sales volume is verified. Once confirmed as small and micro merchants, they will receive a refund for the difference between the standard and preferred fee rates.
The refund will apply to 159,000 merchants, totaling approximately 61.47 billion won. Each merchant is expected to receive an average refund of about 387,000 won. Refunds will be deposited into the card payment accounts by September 28.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.