加盟店向け実務整理 2026.07.09 全東信の破産で 加盟店は何を急ぐべきか 未払い売上金 / 代替決済 / 証憑保全 / 資金繰り支援 未払い売上金 通常は破産債権 配当見通し 7月9日時点で未定 優先対応 端末停止と切替 制度面ではセーフティネット保証1号の指定有無、資金面では代替決済導入までのつなぎ資金が焦点

First, the conclusion

The point of discussion this time is not about theme stocks or fintech growth. This is big news related to cashless payments, but from the perspective of member stores, the story is even more urgent. Tomorrow's cash flow is more important. This is because even if sales are good, cash does not come in.

Since the decision has been made to start bankruptcy proceedings for Zentoshin on July 6, 2026, the first priority is not to rely on ``how much money will be returned'' ahead of time. In market terms, this is not a time to build up expectations, but rather a time to calmly check the possibility of recovery and the time horizon.

The order in which you proceed is relatively clear. We confirm that terminals and services are out of order, secure alternative payments, preserve documents showing unpaid amounts, and consult with public support if necessary. It's more dangerous to wait here. Even a one-day delay will have a direct impact on the store's working capital.

what is happening

Zentoshin Co., Ltd. announced that it filed for bankruptcy proceedings with the Osaka District Court on July 6, 2026, and received a decision to begin bankruptcy proceedings at noon on the same day. According to Teikoku Databank, debt is approximately 125,929 million yen as of the end of the fiscal year ending March 2025.

Approximately 125.9 billion yen. The numbers alone are quite large. However, what is really important for franchisees is not the amount itself, but the fact that it is not yet clear how much of the assets can be converted into cash and when they will lead to dividends. As this remains unclear, the frontline has no choice but to protect its cash flow first.

According to the company's guidance, credit card payment processing and ancillary services with member stores have been discontinued, and even if credit card terminals are operational, the services will not be available. UC Card also announced in a notice dated July 7, 2026 that Zentoshin's services were discontinued on the same day.

The problem isn't just unpaid sales. Business itself may come to a halt. The handling of sales that occurred in the past will be a matter of legal restructuring, but currently, how to restore credit card payments will directly turn into sales opportunities.

Legal outlook for unpaid sales proceeds

Unpaid sales proceeds that occurred before the decision to commence bankruptcy proceedings are generally expected to be treated as general bankruptcy claims. The unpaid sales claims held by member stores against Zentoshin are monetary claims that arose before the commencement of bankruptcy proceedings, so this will be sorted out first. Zentoshin's own guidance also explains that unpaid sales that have not received advance payment are treated as bankruptcy claims in bankruptcy proceedings and cannot be repaid within the conventional contract period.

However, this conclusion alone is not enough to guide franchisee decisions. The most difficult thing in the field is that it is difficult to know when it will be entered rather than the legal name. Since it is a bankruptcy claim, it is not immediately legally determined that it is uncollectible, but as of July 9, 2026, the presence or absence of dividends and the dividend rate have not been determined. After the bankruptcy trustee evaluates your assets, investigates your debts, and sorts out your priorities, your outlook will finally become clear.

If you just look at the size of the debt, it's quite difficult. Honestly, it's hard to be optimistic about these numbers. However, it would be an overstatement to say here that the dividend is almost zero. Based on publicly available information, we can say that it is time to wait for official guidance while keeping in mind the possibility of a low dividend rate or no dividend.

Taking it one step further, depending on the contract and fund management design, there is room for issues such as trusts, separate management, transfer of receivables, and handling of settlement accounts to become issues. However, this cannot be said universally. It is dangerous to expect things to be treated differently without checking the franchisee contract, settlement conditions, and payment scheme.

At this time, the period for filing claims and the specific filing deadline are not publicly available. For those proceeding with the procedure, it is safe to continually check the notifications from the bankruptcy trustee and guidance from the Zentoshin side, and gather the necessary materials for filing in advance.

Can I bill the card company directly?

Many merchants use payments through merchant contracts with Zentoshin, rather than through direct contracts with international brands or top acquirers. In this case, the card company's settlement account is usually Zentoshin, and there are very limited situations in which a member store can request unpaid sales directly from the card company.

I wouldn't go so far as to say "absolutely impossible" here either. There may be exceptions depending on the actual contract route, name on the merchant record, relationship with the acquirer, and processing rules for each brand. However, from the merchant's point of view, the basic line is to first proceed with filing claims and making inquiries in accordance with instructions from the bankruptcy trustee.

illustration

未払い売上金の一般的な流れ 2026年7月9日時点で見えている範囲の整理 破産手続開始決定 2026年7月6日 未払い売上金 通常は破産債権 管財人からの通知確認 その後の実務イメージ ・ 債権届出期間の公表を確認 ・ 契約書、売上明細、入金履歴などを準備 ・ 管財人の手続案内に沿って届出 ・ 資産換価と債権調査を経て配当の有無が判断 ・ 2026年7月9日時点で配当率は未定

What member stores should do first as of July 9, 2026

  • Stop payment terminals and related services via Zentoshin, and do not allow payments to be processed on-site.
  • Preserve franchisee contracts, sales details, payment history, terminal receipts, and POS data
  • Organize unpaid amounts by date and compile them in an accounts receivable ledger or list.
  • Proceed with applications to alternative payment companies and bring forward screening and terminal arrangements
  • If you are concerned about your cash flow, consult the Japan Finance Corporation, your financial institution, or the Chamber of Commerce and Industry as soon as possible.

Practical measures that should be prioritized immediately

First of all, even if it appears that the payment terminals and related services provided by Zentoshin can still be used in the field, it is not a good time to leave them as is. Zentoshin has announced that the service will be discontinued, and there is no guarantee that payments that appear to have been made will be collected as usual. The decision to stop is first here.

The next thing to do is to preserve the materials. Franchisee contract, sales details, payment history, accounts receivable ledger, POS data, terminal receipts, notifications from Zentoshin, and list of unpaid amounts. This will be necessary whether you check with the trustee, report future claims, or consult with a financial institution.

Regarding alternative payments, STORES is offering payment terminals free of charge from July 7th to July 31st, 2026 to member stores that use or have used Zentoshin. Of course, there are screenings and application conditions, but at least we can confirm that there are not zero recipients. To be honest, in this situation it's a matter of speed.

How far can financial support be used?

Japan Finance Corporation's ``Fund for Responding to Changes in Business Environment (Safety Net Loan)'' is a system for businesses whose business conditions have temporarily deteriorated due to external factors such as changes in the social and economic environment. The requirements include not only a decline in sales, but also deterioration in financing conditions due to deterioration in transaction conditions and social factors.

This is a very practical place to turn for advice for member stores whose working capital has been affected by the suspension of payments due to Zentoshin's bankruptcy. Whether or not the system can be applied depends on the circumstances of each individual company, but at least it fits the issue of ``how to bridge the current shortfall in funds.''

However, the Safety Net Guarantee provided by the Credit Guarantee Association can be misleading if it is not written carefully. A system that is similar in purpose is Safety Net Guarantee No. 1 (prevention of chain bankruptcies) provided by the Small and Medium Enterprise Agency. However, as of July 9, 2026, public information does not confirm that Zentoshin has become the No. 1 designated operator. In the second report released on July 7, 2026, the Japan Food Federation states that it is requesting for the designation and will provide guidance on the application procedure after the designation.

Looking at it from a different perspective, although there is a possibility that it could be used, it is not yet at the stage where it can be written as a fixed system. This is quite important. This is because if only the name of the system spreads, it is easy for member stores to misunderstand that they can immediately use the separate guarantee.

If your cash flow is rapidly deteriorating, you may also want to seek management counseling from the Small and Medium Enterprise Revitalization Council or your local chamber of commerce. Knowing the name of the system is not enough. This is a phase where it is better to move in parallel, including organizing the necessary materials, explaining the order to financial institutions, and reviewing repayment terms.

Structural issues that the market and businesses should consider

This case is not a story that negates the growth story of cashless payments itself. Rather, this event shows that the view that ``the cashless market is growing, so there is no need to worry'' has little meaning. The problem is not on the front side of payments, but on the other side. Who will make advance payments to member stores, what funds will be used to disburse them, and where will the burden fall in the event of a failure or credit instability? This structure was visualized at once.

Even from an investor's perspective, GMV and number of member stores alone are not enough. When looking at payment-related businesses, you will misjudge the quality and durability of profits unless you look at the design of fund transfers, payment sites for member stores, sources of advance payments, quality of screening, countermeasures against fraud, and alternative operations. The payment business is also an industry in which the moment you lose trust in fund management is more damaging than the number of transactions.

In the payment business, not only GMV but also the cash management system and advance payment scheme to member stores are important factors in corporate evaluation.

Even if the numbers are growing, if credit or fund management is damaged, the market view will suddenly become harsher. This is probably a difficulty typical of payment businesses. Convenience appears on the surface, but it is from behind that it breaks down.

risk scenario

The biggest risk is that the collection of unpaid sales proceeds will take a long time and the launch of alternative payments will be delayed at the same time. In businesses such as restaurants and retail where daily cash collection is important, the inability to see when cash will be received is much more important than the collection rate itself. Even in a matter of days, cash flow becomes difficult.

The second most important issue is the misunderstanding of institutional support. If you make a financial plan with the assumption that it will be usable before you designate Safety Net Guarantee No. 1, there will be a big hole if your assumptions go wrong. This should be considered unconfirmed as of July 9, 2026.

The other thing is assumptions about contracts. You can bill your credit card company directly, the brand will help you right away, and payments will be effective because the terminal works. This is a misunderstanding that often occurs in the field, but it can easily lead to dangerous decisions both legally and practically.

summary

The first reality that member stores must accept in the wake of Zentoshin's bankruptcy is that unpaid sales proceeds are normally treated as bankruptcy claims, and the timing and outlook for subsequent payments are still unclear as of July 9, 2026. While being aware of the grim outlook, it would be safer to wait for official information rather than make a definitive decision.

However, the site won't wait. Stopping terminals, arranging alternative payments, preserving evidence, and consulting on financing. These four points should be addressed first. This incident was a reminder of the importance of behind-the-scenes contracts and fund transfers, rather than the convenience of payment infrastructure.

The important thing for franchisees is not to predict how things will return, but to take action to protect business continuity and cash flow. You should continue to check official guidance from the bankruptcy trustee and related organizations, and consult with financial institutions and experts as early as possible.

FAQ

Q. Will all unpaid sales be refunded?

A. As of July 9, 2026, it is undecided. Usually, it is treated as a bankruptcy claim, and the presence or absence of dividends and the proportion thereof are determined during the bankruptcy proceedings. It is safer not to assume that you will be able to collect the full amount on the traditional payment date.

Q. When does claim filing start?

A. Based on publicly available information, the period for filing proofs of claims cannot be confirmed as of July 9, 2026. It is natural to continue checking the notifications from the bankruptcy trustee and guidance from Zentoshin and gather the necessary documents first.

Q. Can I bill directly to Visa, Mastercard, or JCB?

A. In general, there are many difficult situations. This is because if a member store has a direct contract with Zentoshin, the credit card company's payment destination is often Zentoshin as well. However, there may be exceptions depending on the contract route and settlement scheme.

Q. Is it okay to use it as long as the device is working?

A. It's not safe. Zentoshin has announced that the service will be discontinued, and even if the terminal appears to be working, it does not mean that the payment will be collected as usual. At the site, we want to prioritize stopping.

Q. Can I still use the safety net warranty?

A. The purpose of the system is that Safety Net Guarantee No. 1 is close, but as of July 9, 2026, it has not been confirmed from public information that Zentoshin has become a designated business operator. It is realistic to wait for the designation and proceed with consultation with the Japan Finance Corporation and financial institutions first.

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