Shopping Settings(Pre-agreement with a payment service agency)
  • 19 Apr 2022
  • 6 Minutes to read
  • Dark
    Light
  • PDF

Shopping Settings(Pre-agreement with a payment service agency)

  • Dark
    Light
  • PDF

To create profit, you can add the payment feature to your b.stage. Please create a contract directly with the PG company. The things you need to prepare to sign a contract with the PG company differs for businesses/corporations and non-businesses (individuals), so please make sure to check the relevant details. 

1. For businesses/corporations

1. Business registration

  • If you have not yet registered your business, please refer to the link to register your business.

2. Reporting a telemarketing business 

If a general tax entity that was not registered as a telemarketing business sells goods and services online, the business and person responsible may be liable for suspension of business license for 15 days or longer, and the fine of up to KRW 5 million. Therefore please be sure to report as a telemarketing business before creating an e-shop. If you do not register the telemarketing business, you may not be able to complete the PG review or card company review.

Preparing the required documents

  • Registration Application for a telemarketing business: you can Find a form at a local administration office. (Hosting Server location is provided below. : 12F, GS Tower, 508, Nonhyeon-ro, Gangnam-gu, Seoul)
  • Business License
  • Identification for the representative
  • *Certification of using escrow services
  • (For corporations) certified copy of corporate registration, registered corporate seal and certification of the corporate seal shall be included

* Certification of using escrow services

Escrow Services certification may be obtained at the primary bank your business is using. Location to be issued the certificate is provided in the following. Please ensure to match the address on the escrow services certificate and the address on the business license as it is generally a requirement.

  • Kukmin Bank : Seller > Seller Certification Mark (Register Certification Marks) > Seller Certification Marks (Escrow Services)
  • Industrial Bank of Korea: Transfer > Register for Services> Issue an escrow services certificate
  • Nonghyup Bank : Register for NH Escrow Services > Register for certification mark > Issue a certification for escrow services
  • Korea Post : Savings > Register for Escrow Services> My Escrow > Issue a certification for escrow services

Register online

  • Please visit the Government24 website
  • Please click apply and proceed with log-in.
  • Please provide all the supporting documents.
  • Please fill in every required filed, then click on apply for the request.
  • After 3 business days, you can review the processing result on history > online request received.
  • When an application is complete, a text informing you of your application status will be sent to the cell phone number you have registered. Please visit the designated location to retrieve the documentations.
    • The license registration fees are KRW 40,500 for Dong's and KRW 12,000 for eups and myeons.

Entering an agreement with a payment services provider 

  • To proceed with establishing the payment method, the first step of shopping settings, you need an agreement with Eximbay (https://www.eximbay.com/index.do), the payment services provider. 
  • To proceed with entering an agreement, click [Proceed to contract] button in b.stage platform. Before clicking, please confirm the required documents and preparatory steps needed for an agreement.

3. Guarantee Insurance Policy

  • Guarantee Insurance is a collateral to be contingent for incidents such as cancellation without ordinary performance of the transaction after the payment amount has been remitted, or occurrences of chargeback (dishonored transaction).
  • You can purchase a guarantee insurance policy from SGI Seoul Guarantee Insurance, based on the agreement with Eximbay after the completion of the contracting process.
    • Please request more information to Eximbay regarding obtaining a guarantee insurance. 

4. Precautions for Business/Corporation PG Registration

  • Before signing up for the service, please check if all the settings are complete and that you have all the necessary documents so that your b.stage can undergo a card company review.
  • If you do not satisfy the following conditions or if a test product is registered, you may be disqualified during the card company review.
  • The PG review may be denied depending on the industry or content type below. If you are doing business in an industry where credit cards cannot be used, you will not be able to sign up. Please make sure to check the industry before registering. 
  • After completing the card company review, the settlement period is 1 week for Korean payments and 3 weeks for overseas payments.

2. For non-business (individual)

Guarantee Insurance Policy

  • Guarantee Insurance is a collateral to be contingent for incidents such as cancellation without ordinary performance of the transaction after the payment amount has been remitted, or occurrences of chargeback (dishonored transaction).
  • You can purchase a guarantee insurance policy from SGI Seoul Guarantee Insurance, based on the agreement with Eximbay after the completion of the contracting process.
    • Please request more information to Eximbay regarding obtaining a guarantee insurance. 

Precautions for Non-business PG Registration

  • Before signing up for the service, please check if all the settings are complete and that you have all the necessary documents so that your b.stage can undergo a card company review.
  • The PG review may be denied depending on the industry or content type below.
  • If you are doing business in an industry where credit cards cannot be used, you will not be able to sign up. Please make sure to check the industry before registering. 
  • The billing name after payment will be sent as bemyfriends Co., Ltd. instead of your b.stage business name.
  • Although payment services are available immediately after PG registration, settlements will be calculated after the attachment of the electronic contract (consent to terms of service) and bankbook copy.
  • If you sign up for a PG as a non-business, you will not be able to issue cash receipts and tax invoices.
  • If you sign up for a PG as a non-business, there will be restrictions as follows:
    •  1-time approval limit: 500,000 won
    • Up to 24 million won annually (maximum of 2 million won per month)
    • Installment payments cannot be made. Lump-sum payments only.
    • Settlement cycle: Monthly settlements for payments in both Korea and overseas (M+15)
  • When products are sold continuously, you must proceed with business registration and mail order report. If products are continuously sold without business registration, one may be subject to the following disadvantages:
    • Pay a non-registration penalty of 1% (for simplified taxable person, 0.5% of the proceeds from supply) of the supply price for transactions that occurred without business registration.
    • If a business runs without registration, one will be unable to issue cash receipts and tax invoices and will not be able to get deductions on the input tax.
    • Pay additional penalty tax on non-filing or incorrect filing and the penalty tax from unfaithful payment for transactions, which the VAT was not reported due to non-registration of the business.
      • Penalty tax on non-filing or incorrect filing: In cases of non-filing or underreporting, one must pay the penalty of 10% of the tax amount that was not reported
      • Penalty tax for unfaithful payment: In cases of payment failure or underpayment, one must pay the penalty of 0.03% per day
      • (10.95% annually) of the tax amount that was unpaid or underpaid
  • If income taxes are not reported, one must pay additional penalty tax on non-filing or incorrect filing and the penalty tax for unfaithful payment (additional resident tax of 10%)
  • Penalty tax on non-filing or incorrect filing: Must pay a penalty of 20% for the proportion of non-filed or underreported amount from the calculated tax amount.
    • Penalty tax for unfaithful payment: In cases of payment failure or underpayment, one must pay the penalty of 0.03% per day (10.95% annually) of the tax amount that was unpaid or underpaid

※ In addition to the above, one may be subject to punishment in accordance with relevant laws, such as the Punishment of Tax Offenses Act.


Was this article helpful?