As the world becomes ever more digital, the traditional way of signing and validating documents via pen and paper is quickly disappearing. That is no bad thing, as e-signatures have many advantages, especially for businesses. Let’s find out more about e-signatures and why they will benefit your business.
What is an electronic signature?
Although an e-signature has several definitions, it is basically an electronic form of data used to execute signatures on electronic records or documents. An e-signature validates a document in the same way as a wet-ink signature, it is as legally binding as a pen signature. In the US, e-signatures were legalized under the Uniform Electronic Transactions Act of 1999 and the Electronic Signatures in Global and National Commerce Act of 2000.
E-signatures are convenient and save time
One of the most significant benefits of e-signatures is saving your business’s most valuable resource: time. By using electronic signature software to enable signing digital documents and files, you will speed up document turnaround times. There is no need to scan, print, or mail documents, and wait for the documents to be mailed back to you. Instead, documents and files can be signed almost instantly.
You can even process urgent documents within seconds. Not only does switching to e-signature software save your business time, but by not having to print and mail documents, it allows for much greater convenience, as digital documents can be signed anywhere, anytime, and on any device.
E-signatures reduce costs
As you do not need to print out and mail documents when you have e-signature software, your business can reduce its costs. You will save on ink, packaging, and shipping costs. Do not underestimate how much money you can save by using e-signatures. Daily expenses for printing and shipping may not be huge, but over a year, such costs can really add up. So, you can dramatically decrease your costs by simply switching to electronic signature software. E-signatures also help to cut down the financial impact and time-wasting by human error.
E-signatures can help to increase productivity
When you save time by using e-signature software, it allows your business to become more productive. Employees will have more time to focus on more important assignments. And with automated document flow, you eliminate repetitive tasks. For instance, with e-signature software, you can create a template and use it again and again with minimal adjustments required for each specific dealing or transaction.
E-signatures save space
You may not think of saving space as being a huge advantage to your business, but it is about time you did. Businesses usually need large amounts of space to store stacks of documents and boxes. But when you switch to e-signatures, there is no need for masses of physical paperwork. If you turn entirely to digital documents and e-signatures, you may even find you can downsize your office and save money.
E-signatures minimize risks
If your business is dealing with sensitive information, it is crucial you ensure it is as secure as possible. By using e-signature software, your documents are in safe hands. That is because the software uses robust encryption algorithms so that no third parties can access documents without consent. E-signature software also reduces other risks. For instance, paper documents are very fragile and can become damaged easily, whereas digital documents using e-signature software are the opposite. Furthermore, e-signature documents reduce the risk of getting back documents with missing signatures, as can happen too often with paper documents. Reliable e-signature software also guarantees you complete control over your workflow because it enables you to track all adjustments made within your documents.