Credit Card Industry Resumes Homeplus Payments; Some Funds Seized by Provisional Attachments

The credit card industry has lifted its suspension on credit card payments to Homeplus in line with the retailer's resumption of business.

According to the financial sector today (August 17), credit card companies decided to lift the payment holds around August 13, when Homeplus officially reopened.

The industry had previously withheld a portion of payments to prepare for potential refund crises when Homeplus suspended operations across its nationwide stores in mid-June.

Under the current system, when a customer makes a payment, the credit card company first pays the merchant, and the customer later settles the amount with the card company on a designated payment date.

In the event of a payment cancellation, the card company must first refund the customer and then recover the amount from the merchant.

An industry official said, "We withheld some payments to prepare for a surge in cancellations, but with new sales coming in at a higher volume following the reopening, card companies are now making payments normally."

Homeplus sales on the 13th, the first day of reopening, increased by 1.2% year-on-year to reach 10.628 billion won.

The number of customers at offline stores across the 67 locations increased by 15% compared to a year earlier.

However, it was reported that some payments remain withheld after certain suppliers, who have not settled accounts with Homeplus, filed for provisional attachment of settlement receivables from some credit card companies.

Under current merchant terms and conditions, card companies are permitted to withhold or deposit credit sales proceeds when they receive a provisional attachment or seizure order pursuant to relevant laws such as the Civil Execution Act.

Authorities are reportedly making a tentative assessment that the provisional attachment amount is not substantial, as the suppliers involved are small and medium-sized.

It is expected to have a minimal impact on Homeplus operations.

Credit card companies that altered their Homeplus-affiliated card policies are currently maintaining a wait-and-see approach without any further changes.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.