Electronic signature software that is also usually called e signature software is software used to make electronic signatures on electronic documents. Signatures made using software that offers services in compliance with the laws of the land are considered valid in a court of law. As per ESIGN ACT, 2000 passed in the US, no signature can be considered invalid just because it is an electronic signature.
The present pandemic has made one thing clear, we can perform almost every transaction of our life remotely without having to meet in person. Many businesses across the globe are operating virtually. Their staff is working remotely and every communication and business transition is taking place online remotely. In such a scenario, there had to be a system that can help businesses across the sectors to perform efficiently no matter what their geographical location is or which device they are using. An electronic signature software is one such device.
Digital signatures are trending in the business world. Many businesses are switching to paperless business models by getting rid of pen-and-ink-based documentation. What is at the core of paperless workflows? It is the use of document signing software. These are some of the reasons why the use of electronic signature software has increased over the years.
Businesses that switch to e-signatures enjoy various advantages. Right from a decrease in documentation cost to satisfied and happy customers. Plus, those who invest in document signing software enjoy higher ROI in many cases.
If you are a business that is pondering over the thought of switching to electronic signatures, here is the list of benefits every professional document signing software offers. This list might help you make the final decision about whether to install digital signatures in the business workflow or not. Plus, you will know why those businesses that are operating remotely are relying on document signing software so much.
Adobe conducted a study recently which showed that 61% of surveyed business managers have stated that relying on e-signatures has helped them to reduce document-related costs.
If you consider the resources that a business needs to process paper-based documents, this switch does not surprise you. On average, one US employee makes use of two paper cases every year. The cost of one paper case is $40. If the business has 100 employees, this amount will go up to $8000 for a year. Add the cost of printing, faxing, postage, mailing, ink, etc. and you will get an idea. On the other hand, using document signing software means the business does not have to spend on any of the above anymore.
You will be amazed to find out the number of hours that using paid or free sign software can cut when it comes to document turnaround times. As per one study, using these solutions has helped businesses to reduce the turnaround time from 5 days to a mere 37* minutes. Can you believe it?
By using traditional signatures, both the senders and receivers of the document have to waste time and effort in printing and scanning documents. In case the document demands more than one signature, the process can take even longer. This usually makes people keep the signing process aside until they get done with their important daily jobs which leads to delays in processing. To avoid this, businesses are relying on the use of electronic signatures.
Businesses and individuals trust paid or free sign software to make digital signatures on the document. This software offers many other features when it comes to accuracy. The software can remind a signer if he is missing any data or page to sign, or in case the information he has filled is not matching the records, etc. Lesser or no errors lead to the smooth completion of the process. In case this is a loan application, if the process gets completed quickly, the applicant can get the loan amount in time.
Digital signatures are not just used to boost the workflow of the internal departments but are also trusted for the impact they create on the customers. Businesses that make use of e-signatures are most likely to enjoy the Net Promoter Score.
An e signature software offers multiple benefits to the clients apart from a streamlined signing process. Your customers are now able to make signatures from any device. Documents that are sent with an e signature software usually get approved without making the receiver leave his email application for downloading the documents.
Speedier approvals by the decision-makers as the signing does not take more than a few minutes no matter how many sob stories are there in the document.
A positive return on investment that is ROI in this case is better and it is proved by the balance sheets of many businesses.
High-end security measures to protect data and signatures from getting forged.
Here, we have talked about the use of e signature software in the business, especially if the businesses are operating remotely. Remote working is a new market trend and every business, especially IT, banking, or trial based is switching to this trend are adapting all the required approaches to ensure that their business operates efficiently. Switching to the use of e-signature software is one such decision.