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Shop Settings (Pre-setting)

For full-fledged revenue generation, you can add a payment function to your b.stage. Please create a direct contract with the PG company.
Since the details of preparation for PG contracts are different for businesses/corporations and non-businesses (individuals), please check the details below.


👉 For businesses/corporations

Please note that this is only for businesses based in Korea.

ⓐ Business Registration

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

ⓑ 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 who is responsible may be liable for suspension of business license for 15 days or longer and a fine of up to KRW 5 million. Therefore, please be sure to report it as a telemarketing business before creating an E-Shop. If you do not register the telemarketing business, you may not be able to pass through the PG or Card Company Review.

✔️ Required documents

  • Registration Application for a telemarketing business: you can Find a form at a local administration office. (Hosting Server location is provided below: Room 811, Building 2, Korea Science and Technology Center, 22 Tehenran-ro 7-gil, Gangnam-gu, Seoul)
  • Business License
  • Identification of the business representative
  • Certification of using escrow services
    • (For corporations) certified copy of corporate registration, registered corporate seal, and certification of the corporate seal
    • Escrow Services certification may be obtained at the primary bank your business is using. Please ensure to match the address on the escrow services certificate and business license since it is a general requirement.

 

✔️ Apply online

1. Please visit the Government24 website.
2. Please click [Apply] and log in.
3. Please complete the procedure as guided.


ⓒ Guarantee Insurance Policy

  • Guarantee Insurance is collateral to be contingent for incidents such as cancellation without the ordinary performance of the transaction after the payment amount has been remitted or occurrences of the 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 contact Eximbay for more information about Guarantee Insurance Policy.


ⓓ Precautions for Business/Corporation PG Registration

  • Before applying for the registration, please check if all the settings are complete and that you have all the necessary documents for your b.stage to undergo a Card Company Review. Please refer to this document for more details.
  • You may be disqualified during the review if you do not satisfy the following conditions or if a test product is registered.
  • Depending on the industry and type of content, the PG review may be denied. If your business is 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 standard settlement period is one week for Korea and three weeks for overseas.


👉 For non-businesses (individuals)

ⓐ Guarantee Insurance Policy

  • Guarantee Insurance is collateral to be contingent for incidents such as cancellation without the ordinary performance of the transaction after the payment amount has been remitted or occurrences of the 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 contact Eximbay for more information about Guarantee Insurance Policy.

 

ⓑ Precautions for Non-Business PG Registration

  • Before applying for the registration, please check if all the settings are complete and that you have all the necessary documents for your b.stage to undergo a Card Company review.
  • Depending on the industry and type of content, the PG review may be denied. If your business is 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 the payment will be sent as bemyfriends Co., Ltd. instead of your b.stage business name.
  • Although the payment service is available immediately after applying for PG registration, settlements will be calculated after the attachment of the electronic contract (consent to terms of service) and bankbook copy.
  • If you register PG as a non-business, cash receipts or tax invoices cannot be issued, and no deductions on the input tax.
  • Also, there are the following restrictions as a non-business:
    • 1-time approval limit: KRW 500,000
    • Up to KRW 24 million won per year (maximum KRW 2 million per month)
    • Installment payments cannot be made. Lump-sum payments are only allowed.
    • Settlements cycle: Monthly settlements for payments in both Korea and overseas (M+ 15)
  • If you continue to sell, you must register your business and report it as a telemarketing business. If not, your b.stage may be subject to the following disadvantages:
    • Non-registration penalty tax of 1% of the supply value (0.5% of the supply price for simplified taxpayers) for transactions made without business registration.
    • 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 an 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: In cases of non-filing or underreporting, one must pay a penalty of 20% 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 and regulations.