Want a simple suggestion to cut your overhead expenses and boost productivity while providing clients with convenience and security? Consider using e-signature technology in your company interactions.
If you’re new to e-signatures or aren’t sure how they may assist your business. Here are some key things to know.
The Evolution of Online Signatures
Most individuals these days have had some experience with electronic document signature. If you’ve ever unintentionally used an e-signature by clicking “I agree” during an Internet-based transaction, you’ve been using one. However, although having an electronic mechanism to sign off on transactions makes sense for an Internet-based firm. It also makes sense for brick and mortar enterprises.
Contracts, work orders, purchase orders, and other signed agreements are an essential element of running a business. A single document can take days to complete using traditional “wet ink” signatures. With more than ten steps between the release and filing of a document. It’s one of those everyday, necessary business activities that we’ve just grown to anticipate and accept. Electronic signature software improves this procedure in a number of basic ways, allowing firms to save significant amounts of time and money.
But, before we get to the cost reductions, let’s first address two critical concerns.
Are E-Signatures Legally Enforceable?
In short, yes. The United States Congress approved a federal statute on June 30, 2000, to enable the use of electronic records and electronic signatures in interstate and worldwide commerce. They drafted the Electronic Signatures in Global and National Commerce Act. It protects the legality and legal effect of transactions carried out electronically.
Is it safe to use e-signatures in business transactions?
Though it may appear to the end user to be quite simple, the technology underlying e-signatures is anything but. From document transmission to signature capture and validation, the entire process employs a variety of advanced encryption and security protocols. including biometric phone authentication, timestamps, recorded IP addresses, one-time passwords, and knowledge-based authentication, to ensure that sensitive data is always secure. These numerous stages of verification aid in verifying each signer’s identity and purpose, as well as the integrity of the papers that must be signed.
Furthermore, all of this verification aids in keeping would-be hackers away. Because hackers are more likely to leave a detectable digital trail, the possibility of fraud is minimized.
The bottom line is that so much work has gone into assuring the security of e-signature signed material that it is now, in many respects, safer than traditional ink signatures.
Many e-signature services are now available online, for both desktop and mobile use: We Signature is an excellent example.
How Using E-Signatures Can Save Your Company Money
Let us now get to the heart and potatoes of this issue. By implementing e-signatures into some or all of your company transactions, you may save a significant amount of time and money. Here are the top five ways electronic signatures may help you save money and resources:
Improve the efficiency of the document signing procedure.
It is simple to use an online signature service. After you’ve created your forms, distributing them is as simple as adding the recipient’s email address. For extra convenience, signatures may be applied using a computer, tablet, or smartphone; listing and prioritizing various addresses allows you to preserve appropriate signature order; and automatic delivery guarantees that every participant receives a copy of the form once the procedure is complete. All of this cuts down on the time and money spent on developing, maintaining, and documenting the signature capture process.
Document archiving and retrieval has been simplified.
Electronic signature services offer capabilities for checking papers and tracking the signing process, as well as a convenient way for organizations to save and preserve vital documents. You can decrease the amount of time and space required to file, retrieve, and retain documents by integrating and adding an electronic signature in a word document system. Rather than rummaging through banks of filing cabinets or warehouses, just search the database and obtain a file in seconds. Automated backups and cloud server integration ensure that vital documents are always available in the case of hardware failure or data corruption.
Stop paying to send and receive paperwork from and from signers.
When the signers of a document are situated in a remote location, obtaining a document signed in ink may need the use of couriers and registered mail, which can cost up to $30 per round-trip to have each document signed. Alternatively, there might be the expense of petrol and the time spent traveling to a signer’s location.
Cut back on office expenditures.
There will be no more printing, collating, and scanning of signed papers. This implies fewer paper and ink use, as well as the requirement for printers, scanners, and fax machines, and with less to keep, you may also require less office space.
Eliminate expensive mistakes.
Because e-signatures provide an easy way to trace the development of any document, they also dramatically eliminate mistakes such as document misplacing, delivering the wrong paperwork to the wrong individuals, and not correctly recording document signature information. Such mistakes might lead to significant legal issues down the future, especially if a signed document is being challenged.
In conclusion, e-signature services are absolutely worth investigating if you own a small business and regularly need signed papers. If you e-sign on the dotted line, you will save a lot of money and get a lot of additional perks.