Credit Card Fee Reduction: Who Qualifies and What You Get
Small businesses in South Korea with specific revenue levels can receive lower credit card transaction fees to help reduce operational costs.
This scheme provides small businesses with lower rates for processing credit card payments.
Who it's for
This is designed for businesses with an annual revenue of less than 300 million KRW.
What you get
You receive a reduction in the fees charged for credit card transactions. Instead of standard rates, you will pay a lower transaction fee ranging from 0.5% to 1.5%.
What it costs you
There is no cost to you. The application happens automatically based on your official tax records, so you do not need to submit separate paperwork or take any manual action.
The catch to know
The reduction is tied to your income level. If your business grows and your annual revenue exceeds the limit, you will automatically lose your status and the lower fee rate.
How to apply
- Ensure your tax records are up to date.
- Monitor your annual revenue to ensure you stay under the limit.
- Check your transaction statements to confirm the reduced rate is being applied.