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Using Electronic Signatures to Save Money for Your Company

Want an easy way to improve the comfort and safety of your customers without increasing your costs? If you frequently communicate with other businesses, you might want to look into electronic signature tools.

If electronic signatures are something you’ve never used before, or if you’re not sure how they could benefit your company, read on. Some essential information is provided here.

An Overview of Electronic Signatures

These days, nearly everyone has at least some familiarity with using a digital signature on a document. By clicking “I agree” in a web-based transaction, you may have unknowingly utilized an electronic signature.

Electronic signatures make perfect sense for a web-based business, but this doesn’t mean that all businesses should adopt this practice. For traditional stores, this is also a sensible choice.

Agreements in the form of contracts, work orders, purchase orders, and other written documents are crucial to the smooth operation of any firm. With “wet ink” signatures, it can take many days to finalize a single document.

When there are more than ten procedures between the document’s release and filing. It’s just become something we expect and accept as part of doing business every day.

This process can be enhanced in a number of fundamental ways with the help of e-signatures software that is available at no cost to businesses.

Let’s address two major concerns, though, before we get to the savings.

Are Electronic Signatures Binding Under Law?

In a nutshell, that’s the answer. On June 30, 2000, Congress passed a federal law making it possible to use electronic records and legally binding electronic signatures in interstate and international business transactions. The Electronic Signatures in Transnational and National Commerce Act was drafted by them. It ensures that online financial dealings can have the same legal weight as that done face-to-face.

Is it Safe to Use e-Signatures in Business?

Though the technology behind e-signatures may seem straightforward to the end user, it is everything but. All stages of the procedure, from document transfer to signature capture and verification, make use of sophisticated encryption and security methods.

Secure access to sensitive information is maintained through multiple layers of protection, such as biometric phone authentication, timestamps, recorded IP addresses, one-time passwords, and knowledge-based authentication.

By putting each signer through a series of checks, both their identification and their motivations can be confirmed, and the documents themselves may be checked for any alterations.

To top it all off, this extensive authentication process deters would-be hackers. The likelihood of fraud is reduced since hackers are more likely to leave a traceable digital trail.

A lot of effort has been put into ensuring the security of e-signature signed material, to the point that it is now, in many respects, safer than traditional ink signatures.

We Signature is just one of the many fantastic electronic signature services now available on the web and accessible from any computer or mobile device.

How Electronic Signatures Can Reduce Costs for Businesses

The time has come to get down to brass tacks on this problem. Incorporating electronic signatures into some or all of your business transactions could help you save both time and money. The five most important ways in which electronic signatures might reduce costs are as follows:

Streamline the Signing Process

Using a digital signing service is quick and easy. Including a recipient’s email address in a completed form is as easy as clicking a button once you’ve made it.

Signatures may be added on a computer, tablet, or smartphone, addresses can be listed and prioritized to maintain proper signature orders, and automatic distribution ensures that everyone involved in the process receives a copy of the form once it is finalized.

This reduces the cost and effort required to create, manage, and document the signature capture procedure.

Simple To Use

As an added bonus, electronic signature services also provide a simple means for businesses to save and keep track of important documents, as well as the ability to verify documents and monitor the signing process. You can try top PandaDoc competitors if you need multiple software to choose.

By incorporating and adding an electronic signature in a word document system, you can save the time and space needed for filing, retrieving, and retaining papers.

Instead of spending hours digging through stacks of filing cabinets or searching through storage lockers, you can just run a search on the database and pull up the desired document immediately.

In the event of a hardware breakdown or data corruption, critical files will still be accessible thanks to automated backups and the incorporation of cloud servers.

Working Remotely

When a document’s signatories are located far away, it may be necessary to employ expensive methods like couriers and registered mail to get copies of the signed document back to you. Or, there’s the possibility of wasted time and gas money trying to go to a signer’s house.

With the use of electronic signature software, signers can quickly and conveniently create transparent signatures online, at any time, and from any location.

Reduce Office Costs

All signed documents will no longer need to be printed, compiled, and scanned. This means less need for printers, scanners, and fax machines; less paper; and possibly even less storage space in the office.

Reduce the Risk of Expensive Errors

E-signatures are advantageous because they make it simple to track the history of any document and reduce the likelihood of human error in areas like document loss, incorrect delivery of documents, and inaccurately recorded signatures. When a signed document is later disputed, such errors could cause serious legal problems.

Conclusion

If you own a small business and need documents signed frequently, looking into an electronic signature service is a no-brainer. There are significant cost savings and additional benefits available if you choose to electronically sign on the dotted line.

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