Homeplus Protests Card Companies' Withholding of Payments: "Unjust Measure Hindering Business"

Homeplus Insists Rehabilitation Proceedings Remain in Effect,
Demands Withdrawal of Payment Withholding and Points Termination Notices

Card Companies Say Measures Aim to Prevent Customer Losses;
Hyundai Card Maintains Merchant Payments Contin

After the Seoul Bankruptcy Court's decision to terminate Homeplus's rehabilitation proceedings, a dispute arose between Homeplus and several credit card companies regarding the payment of merchant settlement funds.

Homeplus corporate logo image. Homeplus

On July 6, Homeplus issued a statement claiming that Hyundai Card and Samsung Card had notified the company of the "termination of the online mall point partnership agreement" and the "suspension and offsetting of offline merchant settlement payments to process outstanding receivables and canceled transactions for both online and offline channels." Homeplus demanded the immediate withdrawal of these measures.

Homeplus argued that the decision to terminate rehabilitation proceedings only takes effect once it is finalized, and since an immediate appeal is possible for 14 days from the date of public notice, the rehabilitation procedure is still in effect as of July 6. Therefore, Homeplus asserted that the card companies' notice of termination regarding the point partnership agreement is not legally effective at this time.

Furthermore, Homeplus pointed out that offline purchases cannot be made on credit, and online operations have been suspended, making order cancellations difficult. As such, withholding settlement payments on the grounds of outstanding receivables and canceled transactions is not justified.

Homeplus urged the card companies to withdraw their measures, warning that if the suspension of settlement payments continues, it will be impossible to collect card sales proceeds, making normal business operations unfeasible.

In response, Samsung Card stated that it had temporarily suspended merchant settlement payments in consultation with Homeplus, but since the trend of canceled transactions has stabilized, it will resume normal payments starting July 7.

Hyundai Card confirmed that it had informed Homeplus of its policy to offset payments in the event of transaction cancellations, but stressed that merchant settlement payments are currently being processed as usual. While the online mall point service was suspended to protect customers, the partnership agreement itself has not been terminated, and any decision on its termination requires further discussion, Hyundai Card explained.

This content was produced with the assistance of AI translation services.