New levels of competence have been introduced across almost all industries by the development of digital technology.
Everything in the business world, ranging from the way companies communicate to accounting, HR, marketing, and even how documents are signed has gotten improved. Digital signatures like those offered by e signature software took some time before gaining full acceptance. However, both small businesses and large enterprises now use the technology instead of overnighting documents back and forth.
You have possibly run into a situation where you were asked to provide your signature electronically as a consumer. All the service industries have all embraced e-signatures technology and for good reasons. The process of obtaining and storing hard copy signatures can be expensive. Therefore, replacing them with a digital version can save both time and money. Electronic trademarks are legally enforceable and can be difficult to forge.
An electronic signature is the digitized version of a paper-based name. It is in this case on an electronic document. The important part is that electronic signatures are just as legally binding as handwritten signatures and, if anything, are a more secure signing process.
Here are some of the ways esignatures can make life easier for small businesses;
1. Electronic Signatures are legally binding and secure
Any document you send between two European Union countries is safe and legally enforceable according to eIDAS regulations. It gets regulated under the Electronic Identification authentication and trust service agreement. Types of eSignatures Insurance, including those provided by eSignly, are 100% safe and secure with SSL encryption. They can only get accessed with your permission.
2. Streamlined Workflow and Quicker Payments
Utilizing the e-Signature technology will allow you and your small business to get paid quicker. Especially on accounts that require multiple signatures. You can track all documents to help you know where they are in any phase of the signing process.
3. Reduce office confusion and the materials you require to spend money on
Documents get stored in the cloud. It means that you don’t have to find room for physical documents in your workspace. It is useful, especially if you are already struggling to find room for everything in the first place. Sending everything using electronic systems means that there are no paper costs or printing. You can also be secure in the facts that you’re helping the environment while you’re at it.
4. Faster Turnaround
The convenience of electronic signatures means that there is a much quicker turnaround. Everyone can sign off within seconds Instead of sending a document to one party, getting them to print, sign, and scan it, sending it to the next party, and repeating the process down the line. The faster turnaround gives businesses greater versatility in time-sensitive situations.
5. Get instant response, keep track of who has and hasn’t signed and increased your sign degree.
You will no longer be waiting around on couriers or the postman. You can send the electronic document to get signed digitally, and it arrives in the signer’s inbox instantly. It means the papers will come when it’s at the top of their mind. There is no necessity of them to get cold feet or put it off.
You will also be able to watch your sign rate go up and keep track of anyone who is still yet to sign. It means that you can know who to send a reminder. You can also get a full audit log of everything from the point of posting.
You can keep track of this all in one place which means less time spent checking in to see if your relevant documents have even arrived at their intended destination yet or who haven’t signed a file yet and spend time on more important things.
6. Cost Savings
You might think that paper is a minor cost for your company. However, if you think about it more thoroughly, the traditional process requires not only purchasing the paper but also handling, printing, scanning, delivering, and storing tons of paperwork. Imagine how much you could get to save by introducing the eSignature healthcare solution to your business.
7. Create a fantastic employee experience from the offer letter
An e electronic signature solution is a must-have tool for every HR’s arsenal. Using electronic signature technology to enable it for job offer letters is one small but exciting. It is a simple way to show that you put thought into making things convenient for anyone. Especially those looking to join your organization. You get to do this while kicking off a great onboarding experience.
8. Avoid that printer whenever possible
Anyone who has ever been near it can vouch that a printer is a despicable machine. The printer’s inner workings remain a mystery to most of those who use it. Which is why any opportunities to not interact with one must get taken without a second thought. 45% of the paper printed in an office will get found in a trash can at the end of the day, which is a terrible, terrible waste. By adopting eSignature for banking solution in banks, you can save at least 80% of pages printed.
9. Better Customer Experience
There is a risk of losing deals due to delays caused by errors and unsigned documents by small businesses who use the old school pen-and-paper procedure. Customers will always prefer to process all documentation online. They will also look for companies which can extend this electronic experience.
10. Offers High Security
The electronic Signature platform gives businesses the ability to keep track of document security. It also provides real-time updates on signature status. The solution monitors the number of people who have viewed the document but not sign edit yet. It also tracks the number of recipients that have signed the certificate and sent it to you. You can send reminder emails to the recipients who take a long time to sign the document if one or two signatures are missing in the file.
Running an SME or small business has its set of unique challenges. Therefore, anything that can save you time or money and give you some peace of mind should not get dismissed.