[Policy - Settlement] Settlement Policy Changes for Intangible Reward Projects (Effective 02.01.2025)

Hello, this is Wadiz.
Settlement policy related to intangible reward projects has been updated to enable makers to proceed with faster final settlement. We provide this notification for your reference. 

From projects submitted on February 1, 2025,
The settlement policy below will apply when proceeding with intangible reward projects. Please note the following.

[Implementation Date]

• 2025.2.1 (Saturday)
• The updated settlement policy applies to funding/pre-order intangible reward projects submitted from this date onwards.

[Changes]

1. The delivery completion and settlement criteria for projects offering classes/consulting and usage/accommodation rights as rewards have been changed, resulting in faster settlement. 

• Previous: The time when classes/consulting and usage/accommodation rights usage is completed or when the available validity period expires
• Changed: When the means to use or book classes/consulting, usage/accommodation rights are provided to supporters (delivery is completed)

Class/Consulting and Usage/Accommodation Rights Reward Examples

• Class/Consulting: A reward that can be continuously used over a certain period 
  • Example) English speaking class available for 12 months
• Usage/Accommodation Rights: A reward that can be used only on specific sessions within a certain period
  • Example) Hotel accommodation right allowing one night of stay on reservation dates within a 3-month usage period

2. For projects offering classes/consulting and usage/accommodation rights as rewards, if the fundraising amount is 50 million won or more, the settlement cycles will change. 

For class/consulting/usage/accommodation rights reward projects with a fundraising amount of 50 million won or more, 20% of the total settlement amount will be paid after the time when reward usage is completed or the available validity period expires. 
 

• Example) Domestic exclusive funding/pre-order
  • Pre-settlement (1st settlement): 60% within 8 business days from project end date 
  • 2nd settlement: 20% on the 25th day or later from the completion date of providing available means
  • Final settlement (3rd settlement): 20% on the 25th day or later from the expiry date of the validity period when reward usage is completed or the validity period expires
    
    
• Example) Pre-order special composition/limited edition
  • No pre-settlement
  • 1st settlement: 80% on the 25th day or later from the completion date of providing available means 
  • Final settlement: 20% on the 25th day or later from the expiry date of the validity period when reward usage is completed or the validity period expires

If you have any inquiries, please contact us through the Inquiry Registration in the Wadiz Help Center.
We will always think about and implement better services and environments. 

Thank you.