I'm going to stop the Timef crisis from happening again...Settlement and deposit of at least 50% of sales price within 20 days

In the future, e-commerce operators will have to pay the sales price to the store operator within 20 days when the consumer confirms the purchase.

In addition, more than half of the sales price should be deposited in financial institutions so that even if the platform goes bankrupt, the business operator can receive some of the sales price back.

The Fair Trade Commission announced a plan to revise the large-scale distribution industry law.Businesses subject to the

Act are online brokerage transactions with domestic brokerage transactions of more than 10 billion won or more than 100 billion won in brokerage transactions.

The FTC has decided to give operators a one-year grace period after the bill is promulgated so that they can prepare for the new bill.

They must settle the sales price with the store operator within 20 days from the date the consumer confirms the purchase, and if services are supplied after the purchase, such as accommodation and performance, they must settle within 10 days based on the actual date the consumer uses it.

If the platform directly manages the sales amount, more than 50% of the sales amount must be deposited separately in financial institutions or subscribed to payment guarantee insurance, but the deposited sales amount cannot be seized and the platform is prohibited from transferring or providing it as collateral in principle.

A device has also been prepared to secure fairness and transparency in the transaction relationship between the platform and the business operator, such as the use of standard contracts.