What is E-Signature?
As per the US Esign Act, 2000, the electronic signature includes an electronic symbol sound process or application that is in use by the signatory to give his consent to the content or the document.
Businesses use document signing software to make digital signatures.
A digital signature can be performed in different ways such as:
Photograph or image of a handwritten signature. Scanned copy of a handwritten signature.
Clicking on the 'I Agree' box.
Using a finger or a stylus to make a signature on the screen of a computing device, etc.
Choose software that lets you decide the type of signature you want on the document. You can also give different options to the users from which they can use the type of Signature they want to perform as per their preferences. A flexible app for signing documents will allow you to customise the process of documentation as per your needs.
What are the advantages of installing Digital Signature Solutions?
Now that we have understood the meaning of electronic signatures, in brief, let us know the different benefits they can offer to users and organisations.
You can stay assured that your document and data will reach the right people safely. The software offers security measures like automatic independent verification. This verification measure ensures that the document is secured while in the process and after that.
Ease of Use.
Flexibility and ease of use are a couple of benefits of using a free electronic signature app. Irrespective of your sector of operations, geographical location, number of parties if the document, the app offers convenience and comfort to the users. They can sign the document using their mobile device too.
Every Digital Signature Solutions depending on the plans you have subscribed to allows users to track the signing process. The parties to the agreement can know who has opened, signed, approved or disapproved the content. If anybody tries to meddle with the document, that can be tracked and blocked too. A complete and transparent trail is its speciality.
No need to print a single page or paper to get signatures of the parties to the agreement. Irrespective of the number of parties and number of contracts that need to be signed, this single software is enough. You can take care of multiple documentation at the same time without any error.
If you are a business that values customer experience, then this software will be of your help. Your customers can sign from anywhere at any time using any computing device that has an internet connection. In the day and time where people want to get things done in real-time, using an e-signature solution will be a bliss.
Apart from the above benefits, using Digital Signature Solutions is also cost-effective considering its Online Signature Pricing. Some more benefits of using an e-signature solution.
Centralized storage of data.
However, irrespective of all the benefits the software offers to the business and the customers If you are thinking about installing a document signing software, you need to pay attention to certain factors before you finalize any signature software for your business. There are certain questions to be asked like how to know which software is the best for the business? To answer such questions, you need to check the software in terms of its efficiency, legality, technical requirement, user experience and cost.
There are different types of electronic signatures. The type of electronic signature your business should install depends totally on your requirement, objectives and preferences.
An example given, if you are into courier business, then you have different demands from a signature. You take signatures simply to confirm the delivery of the right product to the right person. On the other hand, a notary would expect different from the esignature if he/she is confirming the purchase of a real estate property. In case of a courier the main concern is efficiency, speed and convenience, while in case of a notary, the validity of the transaction and the signer are the vital concerns.
To understand what is more relevant information for business and which digital signature solution is perfect for you, you can decide your needs into different topics.
As we have already seen above different businesses have different requirements and expectations from every Technology they install. We have already seen above the differences in the expectations of the businesses depending upon their area of operation such as the difference between the courier and notary. When you think about the efficiency you need to consider the type of documents you need to be signed and the type of devices you wish to support. Plus think about the integration ability you are expecting from the digital signature solution. Check if the software is capable enough to be a part of your business management system.
It is very much important for anh professional e-signature solution to be in compliance with the laws of the land. There are different laws governing the use and operations of electronic signatures, such as ESIGN, UETA, eaiDAS, GDPD, and the laws of the area from where you are dealing. Another legal factor to pay attention to is a WYSIWYS that is What You See Is What You Sign option. This feature allows the signer to go through all the documents he is going to sign and give his consent to. One more thing to check is that the documents are self-contained.
Read the blog- E-Signatures And API’s: How They Benefit The Enterprises.
You are installing this software not only to make your business more efficient but also to offer more comfort, each and convenience to your customers.
As a smart business, you want to ensure the ease of your customer. Which means you need to install a software that is easy to understand, easy to use. Your customers must be able to perform their signatures from anywhere at any time. Otherwise, there is no point in installing a technology if your client is still going to need to stand in lines or wait for weeks to complete the documentation.
Depending on your business needs, you can define the technical requirements for your document signing software. You can read below to know how:
APIs: There are many electronic signature platforms that have existing, unique integrations with many well-known enterprise systems like SAP or NetSuite. These integrations with known systems might be enough for some business needs. But if you are a growing business you need a robust API backing. There are two popular and efficient ways of exchanging data between the enterprise systems and the e-signature platform:
The push-pull approach is the better option where there is a huge scope for scalability and efficiency.
Cloud vs. On-Premise:
E-signature solution providers offer both cloud-based and on-premise solutions. Depending upon the geographical location of the signees, mobility, security compliance's measures, budget and cloud strategies, you can choose the best for your business.
By deciding your technical and business needs and the design and functionalities of the entire digital solution, you can utilize electronic signatures better.
Apart from the above mentioned four requirements that any business enterprise must consider before installing an e-signature solution, there is one more important factor any business cannot overlook. And the factor is cost.
No business can ever be in a position to serve its customers with the best possible solutions if it is not earning enough or saving enough for conducting important operations. Once, the cost-effectiveness of every decision matters to the business, especially if it is a small enterprise or a startup. So before you go ahead and install an application and integrate it with your existing business system, make sure the document signing software is budget-friendly and efficient enough to offer you high ROI. Sometimes, just to avoid the one-time subscription, businesses go for lay per signature and end up spending more than required. Hence, while considering the cost, make sure you also consider the estimated use of the software for your business.
Many businesses across the global market are leveraging the vendors of the e-signature solution. Not only businesses but even government bodies are getting benefited from the use of Digital Signature Solutions. However, as seen above, you must not install just any random app for signing documents in your business. You must understand your business needs, expectations from the software, functionalities the software is offering and then decide the best solution for your business.