There are many benefits of electronic signatures. In addition to enhanced security and compliance features, e-signature software saves time and money, improves customer experience, and is good for the environment.
Today we’ll take a closer look at the 11 benefits of electronic signature software and the business challenges they solve.
11 Benefits of Electronic Signature Software
- Saves time
- Saves money
- Boosts productivity
- Increases security and reduces risk
- Enhances convenience
- Improves customer experience and loyalty
- Increases mobility
- Saves resources
- Tracks workflows
- Empties your archives
- Ensures compliance
1. Saves Time
One of the most obvious advantages of electronic signature tools is saving time. Rather than having to arrange in-person document signings or back-and-forth mail deliveries, you can send an electronic link that facilitates document turnaround time in the blink of an eye.
Lost paper documents necessitate starting the signing process over again, increasing the chance of legal liability. E-signatures can be attached electronically to a contract or proposal and returned within seconds. This gives your business more flexibility in forecasting project completions.
Fun fact: Companies reduce signing time by an average of seven days with Sign.
2. Saves Money
Saving time and money go hand in hand. Every successful business strives to reduce costs, so automating processes is an easy way to save money and increase ROI. In addition, eliminating printing, packaging, and shipping costs create additional savings that improve your bottom line.
3. Boosts Productivity
When employees can use their time to focus on complex tasks rather than routine, repetitive tasks, productivity, and employee satisfaction soar.
E-signature technology enables your business to eliminate tasks that are better performed electronically.
4. Increases Security and Reduces Risk
Are electronic signatures safe? In a word, yes. Here's why:
- E-signatures are legally enforceable and difficult to forge, making them more secure than handwritten signatures.
- E-signatures are usually accompanied by a digital audit trail made up of emails, signing documents, and copies of contracts, making them easy to verify.
- E-signature products can detect even minor alterations and adjustments, making them safer than wet signatures that are easily tampered with.
- Paper documents can get lost or stolen and are subject to the risk of physical damage.
- Electronic signatures ensure that no required signatures are missing.
- No third parties can access electronic documents without permission.
- Electronically signed documents are tagged with information like the signer’s identity, the signer’s location, and the time of the signing.
- Electronic signatures can be protected with biometric authentication methods and passcodes for additional safety.
5. Enhances Convenience
Electronic signature platforms like Sign are convenient and easy to access, even for users who aren’t tech-savvy. Whether you’re sending or receiving, signing processes are intuitive and straightforward. If you can use email and click a few buttons, electronic signatures are a no-brainer.
6. Improves Customer Experience & Loyalty
Sign anywhere, anytime! Mobile or desktop, office building or beach cabana, e-signatures give real-time access to documents, speeding transactions without printing or scanning. Happy customers are loyal customers who support and promote your business.
7. Increases Mobility
Do you have a predominantly mobile workforce? Sending documents electronically anywhere and at any time increases your reach. Plus, receiving and signing documents on mobile devices increases turnaround time and customer convenience.
8. Saves Resources
When using physical or “wet” signatures, both senders and recipients must print and scan documents numerous times, using reams of paper and expensive printer ink. Paperless offices are good for the environment and your supply budget.
9. Tracks Workflows
Has your document been received, signed online, or approved? Tracking workflows enables you to pinpoint the status of your documents with just a few clicks.
10. Empties Your Archives
Do you still have a storehouse of paper documents taking up valuable space in your office? While you must store paper documents for specific amounts of time, new documents signed electronically take no physical space. No more filing cabinets or paper piles -- hooray!
11. Ensures Compliance
You must follow regulatory compliance rules in all business transactions. Tracking paper documents to adhere to compliance issues may pose problems if you’re audited. Ensuring that documents are intact and without tampering is critical in avoiding lawsuits and fines. E-signature encryption technology keeps documents safe and in compliance with state and federal laws.
3 Levels of Electronic Signature
Let’s recap three different types of e-signatures: basic, advanced, and qualified.
1. Basic Electronic Signature
Basic electronic signatures (e.g., “I’m not a robot”) don’t have to resemble handwritten signatures. However, they are cheap, easy to use, and easy to dispute in court, making the risk of fraud high.
2. Advanced Electronic Signature
Sign uses advanced electronic signatures, which are the best type of online signature for most use cases. They require that the identity of the signature be unique to the signer (e.g., access to a specific bank account or phone number). In addition, encryption and digital signatures are used and protect data against future changes.
3. Qualified Electronic Signature
Qualified electronic signatures require specific technology to create them. In addition, every signer must identify themselves with a specific service provider. This method of e-signature is very secure but quite costly, making it impractical for many businesses. Therefore, qualified electronic signatures are best applied to high-value or risk agreements, such as ownership or transfer of real estate holdings.
Ready for E-signatures? Meet CM.com’s Electronic Signature App, Sign
Sign has many features that set it apart from other e-signature products:
- Privately hosted: Sign is hosted in a privately operated environment, whereas most other e-signature providers use public clouds.
- Unlimited users and API: Many competitors charge a fee for additional users.
- Multiple signatures: No matter how many individuals sign a document, the price per document remains the same.
- Available everywhere: No special software or hardware is required.
- No sign, no pay: Customers only pay for fully signed documents.
- Choose your channel: Send contract requests via SMS, email, or WhatsApp Business Solution.
- Two-factor identification: Integrate 2FA via SMS or voice.
- Open 24/7: Support is always available.
- Add verification methods: Choose options like OTP via SMS.
- Authenticity is certified: Each Sign document has a unique certificate attached that proves the authenticity of any signed document.