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Fri, September 22, 2023 | 16:10
Business
KB serves small shop owners well
Posted : 2010-07-21 22:04
Updated : 2010-07-21 22:04
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A Kookmin Bank staff member, left, shows a pamphlet about a special account dubbed “KB Merchant Preferential Account,” to a shop owner. The lender said those signing up for the new product can enjoy better services in deposits, loans and credit card use. / Courtesy of Kookmin Bank

By Kim Jae-won
Staff reporter

Local banks are stepping up efforts to upgrade services for small shop owners, which are emerging as a blue ocean for banks as they contribute more to expanding the deposit base and generating profits than retail customers.

Kookmin Bank is taking a lead in the trend by introducing a package service for shop owners, which provides a wide variety of benefits for them.

In July 2009, Kookmin, the nation’s largest lender by total assets, introduced a special account tailored exclusively for small business owners, dubbed “KB Merchant Preferential Account,” which provides an “all-in-one” service for self-employed people. It is the first of its kind in the country.

The lender said that those signing up for the new plan could enjoy all kinds of financial services, ranging from deposits, loans and credit cards to management consulting. Shop owners, who are a franchised member of credit card services, are eligible for the new product.
Kookmin said that the product is gaining popularity, with more people showing interest in the business owner-favored product. It allows business owners to receive cash from customers’ credit card purchases only one business day after the transaction takes place. This is much earlier than usual. It also offers them preferential rates for loans.

The product was unveiled after KB conducted a survey of business owners.

According to the survey in 2009, getting discounts on credit card fees tops shop owners’ wish list. Also, they wanted to cash out customers’ card payments for goods and services as soon as possible.

“Kookmin made the new account based on these desires of shop owners. It covers almost every financial services, such as deposits, loans, credit cards and management consulting,” a Kookmin official said.

“If a shop owner uses the ‘Owners’ Credit Card,’ which is related to the account, we provide even more benefits to them. The credit card users can get a 10 percent discount on credit card fees.”

The card user can also receive a preferential interest rate of up to 0.3 percent per year with Kookmin’s “Shop Owners Preferred Savings Account.”

For those signing up for the “KB Star Shop Loan,” the company will lower borrowing costs of up to 70 million won based on its history of KB card use. The lending rate is 0.5 percentage points lower than usual.

KB also waives fees for ATM use and electronic banking, as well as provides a consulting service for accident and employment insurance for the account holders.

“’KB Merchant Preferential Account,’ reflects all of what shop owners want based on the results of the thorough survey,” the KB official said. “We hope to take the burden off shop owners, who are the backbone of Korean economy with these new services.”
Emailshosta@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
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