This post will answer all your questions. Let's first look at what electronic signature services actually are before we get into the common questions.
What are E-signatures?
An electronic signature is an electronic form version of a paper signature. An eSignature allows the signer to attach a sound, symbol, or process to a digital agreement.
The digital signature signifies that the signer has agreed to the terms of the contract. eSignatures work just like ink signatures but are digital.
How does E-signature work?
E-signature software is required for eSigning. You need the right software to create and sign electronic signature documents, regardless of whether it is standalone or integrated into a back-office platform.
Once you have chosen your E-signature software you can create a digital document. You can place E-signature fields wherever you wish to have the business document signed.
These fields enable people to sign legal documents by placing their signatures.
After you have completed all fields of eSignature, you can send the document to signers (clients or agents). The document can be signed by the signer from any location, at any time, and on almost every device.
Once everyone has signed the document, you will receive a notification. You can then send the E-signed document to any other person who requires it.
Some eSignature software will automatically save the document to the cloud. This allows you to quickly find the document again when you need it.
Is E-signatures Legally the Same Weight as Ink Signatures?
Federal legislation gives E-signature the same legal weight and legal weight as ink signatures.
1999 saw the passage of the Uniform Electronic Transmission Act (UETA). This legislation gave E-signature the legal same legal validity that paper signatures.
The UETA mandated that each state adopt the legislation to make eSignatures valid in their state. This legislation was adopted by most, but not all, of the states.
The Electronic Signatures in Global and National Commerce Act (ESIGN), was passed in 2000. It standardized E-signature and recognized eSigning to be valid both nationally and internationally.
eSignatures have the same legal weight in law as ink signatures in all 50 states and every other country because of this act.
Is E-signatures Safe?
You might believe that E-signatures can be tampered with because they are digital signings.
It shouldn't be difficult to create a digital signature for someone, right?
It's much easier to alter E-signature than ink signatures. A variety of levels of security features will be included in the right eSignature software, such as a timestamp and secure digital signature certificate ID.
It is difficult to alter an eSigned file without leaving a trail.
It is easy to lose or misplace paper documents. You can also take and modify electronic documents without anyone being aware.
With eSigned documents, this is not possible. E-signed documents can be even more secure than traditional paper documents if they have the right security features.
Below are the Benefits of E-signature
eSignature provides benefits for your brokerage, clients, and agents. These are the top benefits offered by electronic signature solutions.
More convenient
Electronic Signature software has a major advantage: it is more convenient. Clients dont need to make arrangements to meet with agents in order to sign paper documents.
Instead, clients can sign anywhere and anytime on any device.
Agents will also find eSignatures more convenient. Agents are often overwhelmed with work and don't have the time to meet clients in person every time a document needs to be signed.
Agents can send digital certificate documents to clients with eSignature. This allows them to concentrate on more important tasks.
Faster
ESignatures also work faster than traditional ink signatures. You have to create the digital signature requirement document on paper, then print it, sign it with clients, return it to the office, and scan or send it.
You can make mistakes and have to start over. This could lead to wasted time or even days.
You can simply create an electronic signature document with eSignature and then send it for signing. After it is signed, you can send it to where it is needed.
A digital signature solution can be a time-saver, saving you days and even weeks compared to traditional signatures. With eSignature, your team can close deals faster and process transactions quicker, leading to higher brokerage growth.
Better Organization
Another advantage of eSignatures is the improved organization. Traditional signatures can create many paper documents.
These documents can be stored in filing cabinets, piled on desks, or scanned. It can be difficult to organize these low-tech storage options. It can be difficult to find the right item when you need it.
The best eSignature software must have central, cloud-based document security storage. The software automatically saves an eSignature document to the cloud when you create it.
This makes it easy to locate the document you are looking for when you need it. You can also access your download documents via cloud-based storage from any device.
Reduce Costs
eSignatures are a great way to save money and help your brokerage be more organized. Traditional ink signatures need paper, ink, and printers.
They also require scanning, printing, shipping, and many other supplies. These supplies can quickly add up and cost your brokerage thousands.
All you need to create an E-signature is the eSignature software. This eliminates the need to print, sign, ship, and store paper documents.
How can we implement ESignatures?
You will need eSignature software to implement eSignatures in your brokerage. There are two options for this software: standalone eSignature software, or a back-office platform that has built-in electronic signatures.
Standalone E-signature Software
Standalone eSignature software does not support eSignatures. The software allows you to create E-signature documents, and have them signed.
The only problem with standalone eSignature software is the inability to pull information from other back-office systems.
Your team will need to manually enter transaction details, accounting data, or any other back-office information. Manual data entry can be time-consuming and error-prone, which will lead to more work for your team.
Complete Back Office Platform With Built-In eSignatures
Another option is to use eSignatures in your back office. The complete back-office platform will include modules that can manage all aspects of your back office, including transaction management, accounting, and commission calculation.
The software will include eSignature document creation and eSigning.
All the information you need to create an electronic signature document is already in your eSignature software. The software saves time for your team by automatically pulling the data and entering it.
The software can automatically find and enter the data for you. This software saves time, allows your team to handle more transactions, and helps your brokerage grow.
Wrap it up
E-signature solutions are a great way to save time, reduce costs, organize better, and improve the client experience.
E-signatures are legal as ink signatures. E-signatures are also more secure than traditional paper signatures.
You could choose to use a standalone solution for eSignatures, but a more effective option is a back office platform that includes eSignatures.
A complete back-office platform will save you time, decrease errors, and allow your team to manage more electronic transactions.
