Q. When do I have my money back if I request cancellation of credit card payment?

A.This depends on the status of the payment at the moment of cancellation. If a purchase is cancelled before the payment has been approved, your credit card will not be billed. Purchase cancellation takes 3-4 for the credit card company to process.

If the payment has already been approved then your credit card will be billed. In this case it will take the credit card company 5-7 days to process the cancellation.

Q. What is Real-Time Bank Transfer?

A.A Real-Time Bank Transfer does not require waiting for account or bank approval, but instead processes instantly through an electronic payment agreement. This payment option has a lower commission fee than paying by credit card. It can also be used for paying small amounts, which usually can’t be paid by credit card.

Q. What is Virtual Bank Transfer?

A.In Virtual Bank Transfer customers pay by depositing money in a unique virtual bank account number provided by Paygate. Merchants will be notified real time when deposits have been made by customers so they can track orders and payments more conveniently.

Q. What is the cash receipt law? (In Korea domestic only)

As of January 1st 2005 the Korean government has passed this law making it possible for citizens to get VAT (partially) reimbursed by using cash receipts. The goal of this law is to stimulate a transparent healthy consumption culture.

Q. What is insurance policy?, how to apply?, and is it necessary?

A. Online buyers are always exposed to risks such as delivery accidents or bankruptcy of online merchants; therefore we provide an insurance policy which is cheaper than a security deposit. You can sign up for this insurance policy on our webpage at www.paygate.net

Q. What do I need to do if I want to update the information?

A. [To change the name of corporate owner] 1. Updates forms (following the company’s one) 2. 1 copied of business license 3. 1 copied of certificate of owner’s seal impression and corporate registration 4. Mailout [To change the name of personal owner] For the personal owner, new registration is necessary. Because the license number will be changed as the owner changes. Therefore, it is processed with the document, agreements and service fee as new.

Q. How to print invoice?

A. 1. Log in as admin. 2. Enter the Receipt. 3. Paste the copied Transaction ID on the window box when click Enter. Annual fee, Seyfert settlement commission, etc are printable.

Q. How to print settlement record?

A. 1. Log in as admin 2. Click Transaction Details 3. Fill up the optional forms and click Search. 4. Click Download Excel File Form below the list.

Q. Is international (Out of Korea) issued credit card is available?

A. Yes, not only VISA, Master, JCB and American express card, also all Korean domestic credit card is available. Be advised, out of Korea issued credit card got highly risk. International credit card transaction may be more risky than domestic transaction so please be warned. Also, the contract condition is not the same as domestic’s, therefore please call us. PayGate Sales team : 02-2140-2700 (sales@paygate.net)

Q. When do I have my balance that customer’s paid?

A. The balance that customers purchase by credit card is given in the day you made a contract with settlement period. In case of credit card, usually given in 2 weeks. For example, if purchase requests a day in a week, the balance will be given after 2 weeks of the week. The settlement period can be changed on transaction traffic and amount.

Q. Can I inquiry what kind of credit card is available via my mall?

A. In case of domestic credit card, inspection is necessary from each credit card companies. Then after the approval grant, you may start transaction. The inspection takes 5 business days.

Q. How long does it take to cancel the credit card payment?

A. If you request cancellation… 1. During approval request -Immediately 2. During purchase request -About 3 to 4 business days after credit card company’s confirmation. 3. During settlement request -About 4 to 5 business days after credit card company’s confirmation.

Q. Approval amount and cancellation amount is not matched when the international customers’ cancellation has been approved.

A. If the buyer paid by non-USD currency, the calculation can be different because of the cancellation status. Plus, some credit card companies may require commission fee for international use.(If you need to learn more about the fee, please contact the credit card company where you issued or the mall where you have purchased.)

Q. How much do you charge for the service?

A. Service within Korea – Local credit-card: 5.5% – Mobile micro payment: 8.0% – Local Bank Transfer: 3.0% /trans – Virtual Account: 2.0% / trans (400KRW / trans) Global Service – International credit card (VISA, Master, JCB, AMEX): 5.5 % – Alipay: 5.0% (in China only) – Local Japan Bank Transfer: 5.0% (in Japan only) Please contact us for further information.(paygate@paygate.net)