Small restaurant owners in South Korea can now receive their delivery app sales proceeds twice a day, on the same day the orders come in.
DailyPay, a financial solutions provider for small business owners, said on the 27th that it has launched an advance settlement service for merchants on Baemin and Coupang Eats.
Delivery app sales proceeds are typically paid out three business days later. Settlements are not processed on weekends or public holidays, so merchants sometimes wait more than a week to receive payment even when orders surge.
DailyPay's service pays out sales generated during lunch and dinner hours on the same day, including weekends and holidays. Settlements run automatically twice a day, at 2 p.m. and 9 p.m. That allows restaurant operators to buy ingredients based on order volumes from the previous day or the same day and to set sales plans more flexibly.
Merchants using both Baemin and Coupang Eats can review and manage sales records and expected settlement amounts for both apps in one place on the DailyPay platform.
"Stable cash flow is essential for small business owners to stay competitive in a crowded restaurant market," DailyPay Chief Executive Lee Hae-woo said. "We designed the service so that sales earned at lunchtime can be paid out the same day and used to cover ingredient costs for the dinner shift."
