When will the wadiz settlement be processed?

※ This guidance applies only to Korean manufacturers (manufacturers with Korean national business registration certificates).

✅ Settlement of Korean manufacturers (manufacturers with Korean business registration certificates)

The sole type of funding or preorder in Korea is divided into two installments: selected mountain and final settlement.

Among the preorders, 'special composition' and 'limited edition' types will be paid by collectively final settlement of 100% of the final settlement amount.

Wadiz's settlement payment date is every Monday, Wednesday, and Friday.

🔎 Funding / Free order_Korea sole type settlement
 

1. Within 5 business days from the end of the project, we will send you an e-mail about the selected production information to the maker's e-mail.
2. If there is no problem after checking the selected calculation statement, we will pay the selected calculation on the payment date (Monday, Wednesday, and Friday) that will return after the date of sending the selected calculation statement.
3. Based on the last delivery completion date, we will send the final settlement statement on +25 (+1 business days later).
4. As of the date of sending the final settlement statement, the final settlement will be paid on the following month, Wednesday, and Friday.
5. The final settlement can proceed only if you send the reward and enter the shipping information in the Maker Studio [Send/Refund Management] menu.
6. The completion date of the project delivery of an intangible reward (membership, subscription, license, etc.) or intangible and tangible combination reward is when it has been completed or expired.
7. In the case of intangible rewards offered in class/consultation, right to use/accommodation, among funding or preorder domestic types, the percentage of settlement payments varies depending on the amount achieved. 
   
   1) Accomplished amount less than KRW 10 million: 80% of the selected mountain and 20% of the final settlement 
   2) Accomplished amount of KRW 10 million or more: 60% of the selected calculation and 40% of the final settlement 
   3) Accomplished amount of KRW 50 million or more: 60% of the selected calculation, 20% of the second settlement (when the available means are provided), and 20% of the final settlement (when the available period expires) 

🔎 Preorder_ Special Configuration/ Limited Edition Type Settlement
 

1. Based on the last delivery completion date, we will send you the final settlement statement on +25 (+1 business days later).
2. The completion date of the project delivery of an intangible reward (membership, subscription, license, etc.) or intangible and tangible combination reward is when it has been completed or expired.
3. For original digital content such as e-book PDF file and class lecture VOD file, the final settlement details will be sent on +25th (+1 business day or later) as of the date of delivery of the reward file (e-mail, etc.) directly.
4. As of the date of sending the final settlement statement, the final settlement will be paid on the following month, Wednesday, and Friday.
5. Projects with special preorder configurations or limited-edition preorder types are not eligible for selected products. If you want to receive a selection fee in advance, like the fund and preorder type in Korea, you can apply for a selection service.
6. For the Seonjeongsan service, 60% of the payment completion will be paid in advance only for projects that are approved after application. The payment amount of Seonjeongsan Mountain may change depending on internal circumstances, so please refer to the Seonjeongsan Mountain Service Terms and Conditions for more information. (Terms and Conditions of Use of Pre-settlement Service)

🔎 Settlement process for projects that provide class/consultation, use/accommodation rights as rewards 

For projects that provide class/consultation, usage rights/accommodation rights as rewards, the settlement fee will vary if the recruitment amount is more than 50 million won.

In the case of a class/consulting/usage rights/accommodation rights reward project with a recruitment amount of 50 million won or more, 20% of the total settlement amount will be paid after the completion of the use of the reward or the expiration of the validity period available. Please refer to the contents below. 

• Funding/Freedomers Only in Korea
  • Selection calculation (1st settlement): 60% within 8 business days from the project completion date
  • 2nd settlement: 20% after 25 days from the completion date of provision of available means
  • Final settlement (third settlement): 20% after 25 days from the expiration date of the expiration of the validity period when the use of rewards is completed or available
     
• Preorder Special Configuration/Limited Edition
  • No selected production
  • 1st settlement: 80% after 25 days from the completion date of provision of available means
  • Final settlement: 20% after 25 days from the expiration date of the expiration of the expiration date of the use of rewards

※ This guidance applies only to global manufacturers (manufacturers with business registrations outside of Korea).

Note: For overseas makers who have officially registered business operators in Korea, including agencies, the above Korean maker settlement method will be applied the same.

✅ Settlement of global manufacturers (manufacturers with business registrations outside of Korea) 

For global makers (except Korea) There is no production service provided, All accounts are made 100% final settlement after project completionProceed to . 

🔎 Settlement Measures (Ping Fong Payments)

• Settlement is made through PingPong Payments.

• The settlement amount will be deposited into the Ping-Pong Payments ID and account you entered when submitting the project, so you must complete the registration of the Ping-Pong Payments account in the maker studio. 

• It is paid in dollars by applying the real-time exchange rate as of the remittance date. 

🔎 Settlement Process

1. In order for Wadiz to check the reward delivery status, you must process the shipment from the Maker Studio → [Send/Refund Management] menu.

2. Once the delivery of all rewards has been completed, we will start the final settlement.

3. The refund period will be 25 days after the delivery completion date, and the settlement statement will be sent within 10 business days.

4. After the issuance of the settlement statement, the final settlement amount will be deposited according to the settlement schedule twice a month below.

5. After the deposit, you can withdraw the settlement money.
   However, it takes an average of one to two business days from the application for withdrawal to approval, and Pingpong Payments' country-specific withdrawal fees are incurred.
   - China/Hong Kong : 0.4%
   - Other countries: 1%

🔎 Settlement schedule (twice a month, based on Korean time)

• the first round

  • Target: Project with statement of settlement issued between 1st and 15th

  • Deadline: 15th

  • Payment date: next Wednesday with 15 days
     

• the second round

  • Target: Project with statement of settlement issued between the 16th and the last day

  • Deadline: Last day

  • Payment date: Next Wednesday including the last day (if Wednesday is a public holiday, settlement will be paid on the next business day)