Electronic signatures or eSignatures are a broad category of methods for signing documents online. These eSignatures are legally enforceable in all countries, and are crucial for modern businesses and corporates.
An electronic signature facilitates the process of signing any document electronically rather than physically. It has become even more important to use eSignatures in business and personal transactions during the pandemic social distancing and rise of remote work.
Many organizations have actually shifted their entire business processes and transactions online and now find they have to accommodate electronic signatures. In fact, global eSignature transactions have increased from 89 million to 754 million in the last five years.
Why Use Electronic Signatures
An electronic signature is simply a distinctive mark in electronic form that verifies and validates the document just like a physical signature done using a paper and pen.
The U.S. Code defines an electronic signature for the purpose of US law as "an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record."
Going paperless for any organization can be a daunting task, but in the current business environment, digitization is the way to go. Signing documents electronically can eliminate many physical and demographic challenges, especially in the covid-19 period.
There are in fact many other benefits of using eSignatures and compelling reasons why this is a boon for businesses at this particular point in time:
1. Saves time and money
The physical signing of agreements between different companies requires that you are physically present. This can take up a lot of time to initiate and complete.
However, with eSignatures, businesses can get things signed and submitted remotely, saving a lot of time, hassle and quickly closing deals.
Electronic signatures further save money for businesses in that there are no requirements to send physical documents from one place to another, especially where teams or clients are located in different regions.
Moreover, you can save a lot on the costs of printing, scanning, and copying documents.
2. Increases security and safety of documents
Physically signed documents are prone to physical damage, requiring significant resources to store and keep them safe.
However, documents signed electronically with an app like GoSigner have a lower chance of being accessed by unauthorized persons, meaning they are more secure. That’s because most eSign apps have enhanced and robust security features to prevent unauthorized access to documents and various data breaches.
Furthermore, it is easy to keep eSigned documents safe digitally rather than storing them at a designated physical place. This helps businesses save on storage spaces and hence incorporates more flexibility in business operations, particularly for start-ups and SMEs.
3. eSignatures are valid in all agreements
Legislations like the eSign Act make it clear that signatures can’t be denied or delegitimized simply because they’re electronic. Thus, any agreement that is signed electronically is legally binding and can be brought into any legal trial.
As such, documents you sign electronically are valid, and the security, sanctity, and intent for appending the eSignature are protected by the full force of the law at all times.
4. Easy management and retrieval of information
All digitally signed documents come with tracker features and reminders regarding important dates for easier management of agreements. You will even get appropriate notifications before the due date of the agreements. This ensures a seamless flow of information, say, whenever your sales, marketing, or service teams need it.
5. Improves customer experience
The eSignature ensures higher levels of customer satisfaction. No customer wants to experience delays in service rendering due to physical constraints when signing documents.
Thus, organizations that embrace digitization and offer eSigning options for agreements provide a much better and smoother experience to their customers.
That increases customer satisfaction and customer loyalty, giving the organization a marked edge over competitors in the market.
6. Protects the environment
Opting for electronic signatures is a great and effective way to play your part in conserving the environment and protecting our planet from pollution and degradation.
That’s because with eSignatures there are no requirements for printing, copying and using physical paper that comes from trees manufactured in factories that are in turn notorious for polluting the environment.
By embracing paperless operations, you are saving our trees, our natural resources, and our environment as a whole. In fact, many customers and employees today are increasingly committed to environmental causes and demand more sustainable options.
When your business employs environment-friendly policies, your customers and team will appreciate it and be more willing to give their best, buy from you, and take you seriously.
Don’t be part of the problem destroying the environment. Instead, be part of the solution by opting to sign your documents and agreements electronically for a greener world.