An electronic signature refers to the process of attaching an encrypted signature to an electronic document. Electronic signatures can be legally binding and are based on Canadian and international laws. Electronic signature software can be used to execute contracts by organizations that are not tied to paper. Process improvements and cost savings for business owners can make it possible for companies to move away from paper.
Before we go into the benefits let's clarify the differences between digital signatures and electronic signature services.
Although electronic signatures and digital format signatures are frequently used interchangeably, there is a significant difference.
Electronic signatures can be created electronically using a variety of technologies, starting from simple digital signature files attached to paper documents to advanced encryption-based signatures.
There are many ways to electronically capture E-signature technology, including:
- Signing your name in the signature box
- Signing your name onto a digital device of a courier
- Use an e-signature solution
Online signatures are an electronic signature type that includes an additional authentication component. A digital signature includes a "digital cert" which is only issued after the signer's identity has been verified. Public key infrastructure, a type of encryption that identifies the electronic transaction signer as an electronic form of legal document encryption, is used to link the digital document to the signer. This provides greater certainty about the signer's identity. Digital forms are usually not necessary.
Before electronic signature technology was legalized, contracts had to be signed, faxed, scanned and filed. It was a lengthy and tedious signing process that required electronic format multiple steps, making it expensive and time-consuming.
1. Sign up in a shorter time
Traditional signatures can be used to simplify and speed up the contract process in many ways, including:
- Electronic signature processes are valid for the entire digital certificate contract's life.
- Negotiations can be streamlined and accelerated. All parties can access the steps and verify them. This allows for issues to be identified and tracked through the entire process until all parties are satisfied.
- Even if multiple people are involved in different digital transaction geographies, electronic signatures can reduce delays in updating and executing contracts on mobile phones.
Security is another benefit of E-signature services. You can alter paper contracts. Many contract management software applications with electronic signing capabilities can detect secure document minor changes making it more difficult to tamper.
3. Lower costs
Electronic signing software can be automated to reduce human error, such as mistakes in signing download documents. This can help speed up the process in a wide range. These risks can be mitigated by electronic signing software that alerts you to unusual problems in a contract.
You can also save on paper, copying, and packaging as well as shipping costs. These are all expensive personalization tools.
Implementing electronic signature solutions can help organizations. This can help you determine the best IT solutions and services to help you achieve your business goals. Get in touch with us today to learn more about how we can assist you.