What Is An Escrow Account? This Is Understanding, Examples Of Use, And Benefits

Illustration (doc. Antara)

YOGYAKARTA Businessmen are advised to know what an environment account is to anticipate fraud. This is because an environment account helps fraud or the risk of a crime in financial transactions. For more details, see the following article.

Quoted from the DJKN website of the Ministry of Finance, an emergency account is an account that is specially opened to accommodate funds entrusted to banks based on certain conditions in accordance with written agreements. Simply put, an emergency account is a shared account.

Accounting itself is provided by an environment or third party. The account functions as a temporary shelter as well as channeling funds to parties involved in online financial transactions. The third party provider of account accounts not only collects and manages funds, but also ensures that the parties involved in the transaction are able to carry out their obligations. In addition, an environment will also ensure that the parties involved in the transaction get their rights as they should.

Currently, the use of export accounts is common to ensure the safety of financial transactions. The following is an example of the use of an environment account.

Escrow account is currently being held in online buying and selling activities that occur in e-commerce. The existence of a joint account will make it easier for sellers or buyers to avoid fraud.

Both the seller and the buyer can get their funds again when one of the parties feels aggrieved. This can happen because the funds transferred by the buyer will be detained by the management of the crowd account or third party. Later the funds will be sent to the seller after the buyer receives the goods.

In addition to buying and selling online, an immediate account is also used for online auction activities. For example, the crowd account will return the security deposit deposited by the auction participants when the participant fails to get the goods he wants to buy.

Escrow account is currently widely used by the general public or other parties who have an interest in financial transactions. The benefits of an environment account are as follows.

Buyers will usually return items that are not in accordance with their orders. When that happens, sellers are required to exchange goods according to orders or return the money (refund) that has been paid.

With the export account, sellers don't have to bother transferring funds to the buyer's account. In addition, the crew account also minimizes the risk of sellers becoming victims of fraud.

The risk of buyers becoming victims of rogue seller fraud is getting smaller with the existence of an environment account. Buyers can get more funds that have been transferred previously. This refund can be done if the buyer gets goods that are not in accordance with orders or agreements.

With the immediate account indirectly supporting online buying and selling activities widely. This condition certainly has an impact on the movement of the economy at large. Sellers are easier to sell products and buyers, easier to make purchase transactions.

Escrow accounts can be distinguished into several types depending on their designation, namely as follows.

As the name suggests, the real estate crowd account is a service that is used for buying and selling houses. Real estate vendor account providers will oversee the things concerned with buying and selling houses that actually run without problems.

This type is used in online transaction activities such as in e-commerce to minimize fraud. Escrow will return the money sent by the buyer if there is a problem with the buying and selling process.

This service is used in the payment of shares. In practice, an agreement document is needed which is a condition for transfer. Previous shareholders were required to wait until the agreement period expired, after which the transfer of ownership of shares could be carried out.

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