Osaka, Sept. 25 (Jiji Press)–Japanese credit card payment processing service firm Zentoshin’s bankruptcy trustee said Friday that seven credit card companies will pay in full the 5.4 billion yen in sales proceeds that Zentoshin’s member stores had been unable to collect following the company’s bankruptcy. The money is scheduled to be paid to the stores around Oct. 30. The payments by UC Card Co., JCB Co., Mitsubishi UFJ Nicos Co., Sumitomo Mitsui Trust Club Co., Sumitomo Mitsui Card Co., Aeon Financial Service Co. and Credit Saison Co., which partnered with Zentoshin, will cover sales proceeds that went uncollected, mainly in July, including amounts dating from before the commencement of bankruptcy proceedings. Zentoshin provided a service under which it promptly paid member restaurants and other businesses for purchases made by their customers with credit cards, and later collected the funds from the card companies. After Zentoshin’s bankruptcy in July, member stores could not collect the proceeds from credit card sales. Following discussions between the bankruptcy trustee and the card companies, it was determined that the funds should be paid by the card companies. END [Copyright The Jiji Press, Ltd.]
