
Today's digital economy has businesses increasingly shifting towards paperless processes, including using electronic signatures as an integral part of business operations.
Electronic signatures (or eSignatures) allow them to sign and authenticate documents electronically while saving time, resources, and money.
ESignatures offer many advantages for businesses, including faster document processing, reduced printing and mailing costs, enhanced security features, and greater signatory convenience.
With their rise comes rapid market expansion; recent projections estimate its size will reach over $9 billion by 2025.
Price should always be considered when implementing electronic signatures in a business environment, with eSignly pricing being one of the leading electronic signature solutions available today, providing businesses with a cost-effective, secure way to sign and manage documents electronically.
eSignly pricing plans are tailored to be affordable and flexible, allowing businesses to select a plan that best meets their needs.
Pricing plans offered by eSignly depend on factors like user counts, documents processed, features needed by businesses, and more - with options like free plans with limited features available for smaller organizations and basic plans available to larger ones.
When choosing an electronic signature solution, businesses should consider security, compliance, ease of use, and integration with other software systems.
eSignly's robust security features, such as multi-factor authentication, audit trails, and encryption, ensure documents are signed securely before being stored for future reference.
eSignly is compliant with several regulations, such as the Electronic Signatures in Global and National Commerce Act (ESIGN), Uniform Electronic Transactions Act (UETA), and General Data Protection Regulation (GDPR).
eSignatures have become essential for businesses to sign and authenticate documents electronically. The electronic signature market is experiencing significant expansion.
When selecting an electronic signature solution like eSignly, pricing is an important consideration; businesses should also evaluate security, compliance, ease of use, integrations with other software systems, and security features as part of the decision-making process. With affordable plans that meet flexible security features that comply with regulations and its wide array of integrations between software systems eSignly is an outstanding choice for businesses looking to implement electronic signatures into their operations.
What Are Electronic Signatures and How Do They Work?

Electronic signatures (eSignatures) are digital representations of signatures used to sign documents electronically without physical signatures or paper copies being required.
This legal and secure means of signing documents allows multiple industries like finance, healthcare, legal services, and government departments to use electronic signatures securely in signing and managing documents digitally.
Electronic signatures use encryption and digital certificates to verify the identity of their signers and the signature itself.
There are various types of eSignatures available, including simple electronic signatures, advanced electronic signatures, and qualified electronic signatures. Let's examine more closely how eSignatures function and which varieties exist.
How Do Electronic Signatures Work?
Electronic signatures utilize cryptography to produce a unique digital signature that can be used to verify the identity and authenticity of documents signed by one.
Creating electronic signatures involves three key components - signer, document, and platform used to sign them - each essential in creating the signature.
Signer
A signer is defined as the individual responsible for creating an electronic signature. Before creating one, they must first authenticate themselves using digital identification methods.
For instance, a username/password combination, biometric data such as fingerprint scans, or even smart cards equipped with digital certificates can all work as identification mechanisms for their signatures.
Document
A document to be signed electronically can take any form, such as PDFs, Word documents, or image files. When uploaded onto an electronic signature software platform or platform for signing, its signer can sign it electronically.
Software or Platform
Software or platforms are tools used to generate, store, and manage electronic signatures. Utilizing encryption and digital certificates for security and integrity assurance of document and signature authentication, additional features such as tracking, archiving, and workflow automation may also be provided by this type of tool.
Once a signer has verified their identity and uploaded their document, they can create an electronic signature using their digital ID to sign it.
Once recorded by software or platform, this signature becomes attached permanently to the document, providing an audit trail that verifies the authenticity and integrity of the document.
Types of Electronic Signatures
There are various forms of electronic signatures, each offering differing levels of security and legal validity.
The three primary categories are simple electronic signatures, advanced electronic signatures, and qualified electronic signatures.
Simple Electronic Signatures
Simple electronic signatures are the simplest type of e-signature available, created using a digital ID such as a username and password, and do not offer as much security or legal validity as more advanced or qualified signatures.
Although suitable for low-risk transactions and with some countries' limited legal validity.
Advanced Electronic Signatures
Advanced electronic signatures offer enhanced security and legal validity over traditional electronic signatures.
In most countries, they're created using a digital ID with additional security measures like encryption, time-stamping, and audit trails - and legal validity. They are suitable for most transaction types--even those considered high-risk.
Qualified Electronic Signatures
Qualified electronic signatures offer the highest level of security and legal validity. They are created using digital IDs issued by trusted third parties, such as government agencies or certification authorities, and comply with eIDAS, the European Identification and Trust Services Regulation.
Legally valid across most countries and well suited for high-risk transactions like contracts or financial deals requiring high levels of trust services such as electronic contracts.
Legal Validity of Electronic Signatures
The legal validity of electronic signatures varies by country and jurisdiction. In the US, electronic signatures are legal under the Electronic Signatures in Global and National Commerce Act (ESIGN Act) and Uniform Electronic Transactions Act (UETA), providing guidelines for their use while establishing their legal validity for most types of transactions.
Within the European Union, legal validity for electronic signatures is governed by eIDAS regulation. This legal framework for using qualified signatures establishes their legal standing across all member states of the EU.
Other countries, like Canada, Australia, and Japan, also have laws and regulations on electronic signatures that should be considered before signing documents.
Benefits of Electronic Signatures for Businesses

Electronic signatures have rapidly become the preferred method for signing and managing documents within businesses, offering numerous advantages over paper-based signatures.
Here, we explore some of these advantages of electronic signatures for businesses.
Increased Efficiency and Productivity
Electronic signatures can significantly boost efficiency and productivity for businesses. Traditional paper-based signatures involve printing, signing, scanning, and mailing or faxing documents, which is time-consuming and error-prone compared to electronic signatures, which allow documents to be signed and managed online in real-time, saving both time and effort for signature management, allowing more time and energy is focused on revenue-generating tasks while expanding a company.
Cost Savings
Electing electronic signatures can also bring substantial cost savings for businesses. Traditional paper signatures require paper, ink, printers, scanners, mailing or faxing fees, and physical storage space - this adds up quickly over time! By switching to electronic signatures instead, these savings become even greater over time.
Enhanced Security
Electronic signatures offer enhanced security features compared to paper-based signatures, using digital certificates and encryption to verify the authenticity and integrity of documents and signatures, helping prevent fraud and unauthorized access to sensitive business documents.
Furthermore, an audit trail tracks who signed, when it was signed, and any changes made - providing evidence of compliance with legal and regulatory requirements and internal policies and procedures.
Enhancing Customer Experience
Electronic signatures can also enhance the customer experience for businesses by enabling customers to sign and manage documents online anytime from any computer or mobile device, saving time and effort by eliminating print, sign, mail, or fax documents that have to be printed, signed, sent back as hard copies and postmarked for delivery.
In addition, using electronic signatures helps businesses streamline customer onboarding processes by significantly decreasing the time and effort required when onboarding new customers.
Environmentally Friendly
Electronic signatures can also help the environment by reducing paper waste and carbon emissions associated with paper production and transportation.
Electronic signatures eliminate paper documents entirely and help companies reduce their environmental impact while contributing to a sustainable future.
Electronic Signatures Vs. Traditional Signatures: What Are Their Differences?

Electronic and traditional signatures are two forms of document signing that serve the same function of signifying agreement or authorization, yet there are distinct differences between them.
Legal Validity
One of the primary differences between electronic and traditional signatures is their legal validity. Electronic signatures in most countries are recognized and legally enforceable for most types of transactions, subject to laws and regulations that establish their use and legal validity.
Traditional signatures are also legally valid; however, additional steps, such as notarization or witness signatures, may be needed to guarantee them.
Traditional signatures tend to be accepted for most transactions but in certain circumstances, such as when documents require specific types of signatures (such as handwritten signatures).
Security
Electronic signatures offer greater security compared to traditional signatures. Electronic signatures use encryption and digital certificates to authenticate documents and signatures, making it more difficult for unauthorized individuals to tamper with or forge them.
Traditional signatures do not provide as much security. It is relatively simple to forge traditional signatures if they haven't been properly authenticated or verified, making forgery more likely.
Convenience
Electronic signatures offer significant convenience over traditional signatures. Users can sign documents remotely with no physical presence required - making life simpler for businesses that rely on remote document signing and management processes.
Traditional signatures require physical presence, making them inconvenient and time-consuming. Furthermore, signatures require printing, signing, scanning, or mailing documents, which takes time and disrupts business operations.
Efficiency
signatures offer significant cost and time savings over traditional signatures, enabling documents to be signed and managed online in real-time, thus decreasing time spent signing and managing documents and freeing businesses up for more important tasks such as generating revenue or expanding their business.
Traditional signatures require physical handling of documents, which is time-consuming and subject to human errors, delaying business operations and decreasing productivity.
Audit Trail
Electronic signatures provide a detailed audit trail detailing who signed when it was signed, and any subsequent modifications.
This helps to ensure compliance with legal and regulatory requirements and internal policies and procedures.
Traditional signatures do not provide an audit trail of equal depth. It may be difficult to track who signed and when and any changes made when handled by multiple individuals.
The Legal Status of Electronic Signatures: Understanding the Regulations

Electronic Signatures and their Legal Implications Electronic signatures have become an indispensable part of modern life, from legal documents and contracts to employment agreements and insurance policies.
But the legal status of electronic signatures differs according to jurisdiction.
United States
Electronic signature use in the US is regulated by two acts - Electronic Signatures in Global and National Commerce Act 2000 and the Uniform Electronic Transactions Act of 1999 (UETA).
Both provide a legal framework for using electronic signatures; both acts recognize them as legally enforceable signatures that can be legally bound upon for most transactions.
Under the ESIGN Act and UETA, electronic signatures are accepted and legally binding if they meet certain criteria, such as:
- Signer must intend to sign the document electronically.
- Electronic signatures should be linked directly with their signers and documents in a unique fashion
- They should be capable of being retained and reproduced easily and in a readable format.
European Union
In Europe, electronic signatures are governed by the eIDAS Regulation (Regulation (EU) No 910/2014), which sets forth a legal framework recognizing their use as legally enforceable in many transactions.
Under the eIDAS Regulation, three types of electronic signatures exist:
- Simple Electronic Signatures (SES): these signatures don't rely on any certified certificate or signature creation device]
- Advanced Electronic Signatures (AES): these signatures rely on a qualified certificate and creation device to produce secure signatures.
- Qualified Electronic Signatures (QES): These electronic signatures rely on an approved certificate and creation device, offering maximum protection and similar to handwritten signatures. QESs are widely considered the safest electronic signature option.
Canada
In Canada, electronic signatures are legally recognized under both PIPEDA (Personal Information Protection and Electronic Documents Act) and provincial electronic commerce statutes.
These provide an enforceable framework for using them across most types of transactions.
Under PIPEDA and provincial electronic commerce statutes, electronic signatures are valid and enforceable if they meet certain criteria, such as intent.
For an electronic signature to be valid and enforceable:
- It must have been signed in good faith without intention for someone to alter it subsequently
- Electronic signatures should be linked directly with their signer and document in an identifiable manner while still being capable of being retained and reproduced in an easily readable form.
Australia
In Australia, electronic signatures are legally recognized and enforced under the Electronic Transactions Act 1999 (ETA).
This act provides a framework for their use and recognizes them as legally bindable in most transactions.
Under the Electronic Transactions Act (ETA), electronic signatures are considered valid and enforceable if they meet certain criteria, including:
- Signer must intend to sign electronically
- Identification method must be reliable.
- To ensure its reliability and uniqueness for each signer, the method used to generate electronic signatures must be secure and consistent across platforms
- Furthermore, an electronically signed document should be capable of being kept and reproduced in a readable format.
Factors Driving the Growth of the Electronic Signature Market

The electronic signature market has experienced remarkable growth over recent years, which is projected to continue.
Multiple factors are driving its expansion, such as technological innovations, adopting cloud-based solutions, and requirements for efficient document management. We will examine each factor further herein.
Technological Advancements
Technological advances have played a crucial role in driving the expansion of the electronic signature market. Smartphones, tablets, and other mobile devices are more easily available and convenient than ever, so electronic signatures have become more accessible and easier for businesses to adopt.
User-friendly electronic signature platforms have also made adoption simpler than ever for businesses.
Biometric authentication technology has made electronic signatures even more secure, using facial and fingerprint scans to verify the signer's identity and ensure the signature is genuine.
Increased Adoption of Cloud-Based Solutions
Cloud-based solutions have also significantly expanded the electronic signature market, offering several advantages over traditional on-premise solutions, including cost savings, scalability, and flexibility.
Electronic signature services based in the cloud allow businesses to manage documents remotely while signing documents at any time from any location.
Cloud-based electronic signature solutions boast enhanced security and compliance features compared to their on-premise counterparts, employing sophisticated encryption and security protocols to protect document integrity and ensure they remain confidentially signed.
Efficient and Secure Document Management
Electronic signature market growth can also be driven by businesses' need for efficient and secure document management in today's fast-paced business environment, so companies require ways to manage documents efficiently yet securely - electronic signatures offer more efficient and secure ways of doing this than traditional paper-based signatures.
Electronic signatures provide an efficient and cost-effective solution to manage paper-based documents, which can take time and money.
They're also more secure as electronic signatures can be verified and tracked, making it easier to detect fraudulent activity.
Regulatory Compliance
Compliance requirements in healthcare, finance, and legal are increasingly stringent for document signing and management processes; electronic signatures provide a more secure and compliant alternative than paper-based signatures for signing documents and managing records.
Electronic signature solutions typically feature advanced compliance features, including audit trails, document retention policies, and digital certificate management.
These capabilities help businesses ensure compliance with industry-specific regulations and standards.
Top Players in the Electronic Signature Market

The electronic signature market is an ever-evolving industry with several key players dominating it. As demand for these services increases, more companies enter this highly competitive industry.
eSignly
eSignly is one of the premier players in the electronic signature market. Their comprehensive platform enables businesses to securely sign and manage documents efficiently - while being easy to use and flexible pricing plans make eSignly a popular choice among businesses of all sizes.
eSignlys platform boasts advanced features like biometric authentication, customizable branding, document workflow management, and seamless integration with popular business applications like Salesforce and Google Drive.
Adobe Sign
Adobe Sign is another well-recognized electronic signature platform with many features to make document signing and management simpler and safer.
As part of Adobe Document Cloud, this solution integrates easily with Acrobat and Creative Cloud applications for seamless document management and signature functionality.
Adobe Sign's platform offers features such as digital signature capture, document routing, and in-person signing - as well as robust security measures such as data encryption and audit trails to help ensure compliance with industry regulations.
SignNow
SignNow is an electronic signature platform built on cloud technology and designed to help businesses manage and sign documents more efficiently.
Features of SignNow's platform include document tracking, customizable branding options, mobile signing, and document storage services.
SignNow's platform integrates with numerous business applications, such as Salesforce, Office 365, and Google Drive, offering two-factor authentication and SSL encryption protections.
HelloSign
HelloSign is a cloud-based electronic signature platform designed for user-friendliness, with built-in features such as customizable branding, document editing capabilities, and workflow management.
HelloSign's platform seamlessly connects with popular business applications like Google Drive, Dropbox, and Salesforce.
Its advanced security features, such as audit trails and data encryption, also help ensure compliance with industry regulations.
OneSpan
OneSpan is a cloud-based electronic signature platform offering businesses a range of features to help sign and manage documents more efficiently, such as biometric authentication, document tracking, and workflow management.
OneSpan's platform easily integrates with industry-specific business applications like Salesforce and Microsoft Dynamics.
Furthermore, advanced security features like two-factor authentication and data encryption help ensure compliance with industry regulations.
Choosing the Right Electronic Signature Solution for Your Business

Finding an electronic signature solution suitable to your business is an important decision that significantly impacts productivity, efficiency, and security.
However, with so many available on the market, selecting one that meets all your business requirements can be overwhelming.
Security Features
Security should always be your top priority when selecting an electronic signature solution since electronic signatures have legal consequences and must offer equivalent protection to traditional signatures.
Look for solutions offering encryption, authentication, and audit trails so your documents stay protected.
Ease of Use
Another essential consideration in selecting an online signature creator is the ease of use.
Your solution should be user-friendly and straightforward for both yourself and those signing documents; consider solutions with simple and user-friendly interfaces catering to different technical experience levels.
Integration With Other Software
It is important to ensure the electronic signature solution you select seamlessly integrates with any other tools or software you use, saving time and streamlining document signing processes.
For example, using Salesforce or another CRM software solution should seamlessly work within this platform.
Pricing
Price should always be an essential element when making business decisions, so look for solutions with flexible pricing plans to meet the changing demands of your business.
Some providers provide pay-per-use plans; others may provide subscription services. Compare plans offered by different providers until you find one that provides optimal value to meet your organization's needs.
Customer Support
While selecting an electronic signature solution provider, consider their level of customer support. Look for one with exceptional support services, including phone, email, and live chat support channels.
Mobile Compatibility
Today's businesses rely heavily on their mobile devices for work purposes, making it critical that any solution chosen be compatible.
Look for one with apps available for iOS and Android phones and document signing capabilities to ensure optimal mobility when selecting a solution.
Customization
Be sure to investigate whether the electronic signature solution allows custom branding features. Customizing can create a professional and cohesive experience for both clients and customers.
Compliance
It is also important to ensure that the electronic signature solution you are considering meets industry-specific regulations, for example, if you work in healthcare or finance, where compliance requirements may vary significantly from those for other industries.
Implementation and Adoption of Electronic Signatures: Best Practices
Businesses have increasingly adopted digital processes, with electronic signatures becoming an increasingly popular way of signing documents.
Yet, for businesses new to this technology, adopting and implementing an eSignature solution may seem overwhelming.
Determine Which Documents Can Be Signed Electronically
The initial step in implementing electronic signatures is identifying which documents can be signed electronically.
Begin by reviewing your business processes to identify documents requiring signatures; once identified, evaluate whether these can be signed electronically or if legal or regulatory requirements require manual signing of some type.
Select an Electronic Signature Solution
Once you have identified documents that can be signed electronically, the next step should be choosing an appropriate electronic signature solution for your business.
When selecting, consider several factors, including security, ease of use, integration with other software applications, pricing, customer support services, mobile compatibility customization, and compliance when choosing an eSignature solution.
Train Your Employees
Once you've selected an electronic signature solution, all employees must understand how to use it effectively. Provide clear instructions and training materials highlighting each step involved with creating and signing electronic documents; ensure all employees understand its advantages as a signature solution and how best to utilize it.
Create a Standard Operating Procedure
To ensure consistency and accuracy regarding electronic signature usage, create a standard operating procedure (SOP).
Your SOP should detail how documents should be created and signed digitally and any applicable legal or regulatory requirements that need to be fulfilled. Also, ensure all employees have access to this document and training on its use.
Communicate with Clients and Customers
It is key that when adopting electronic signatures, communication between yourself and your clients and customers remains strong.
Let them know why electronic signatures are being implemented and their benefits, as well as provide clear instructions for signing electronic documents and answer any inquiries or address concerns they might have.
Create a Tracking System
To ensure all documents are signed and processed efficiently, create a tracking system for electronic signatures.
This can be accomplished using an electronic signature solution or separate tracking systems; all employees should receive proper training on using and updating this system regularly.
Evaluate
After implementing electronic signatures, monitoring and evaluating their implementation is vital to ensure their efficacy.
Track usage and collect feedback from employees, clients, and customers - use it all as ammunition for making necessary adjustments and improvements.
The Key Takeaway

Electronic signature markets are expanding quickly and are predicted to keep expanding over the coming years. As businesses transition from paper processes to digital ones, electronic signatures have become more widely adopted due to their convenience, security, and efficiency.
We discussed various aspects of electronic signatures here, including their benefits for businesses compared to traditional signatures, their legal status in jurisdictions in which they operate, and key players within this market - as well as how you can select an optimal solution.
Businesses should understand the many advantages of electronic signatures for business processes, time savings, and enhanced security.
By effectively selecting and implementing the appropriate electronic signature solution, businesses can boost productivity, streamline processes, and enhance customer experiences while improving overall productivity and satisfaction.
Additionally, businesses should understand electronic signature app legal and regulatory requirements to ensure they use them with relevant laws and regulations.
As the use of these signatures continues to expand globally, more countries should adopt and recognize them legally as legal signatures.
Overall, the expanding electronic signature market offers businesses an incredible opportunity to streamline their processes and stay ahead of the competition.
As technology develops, electronic signature solutions may become even more secure, user-friendly, and efficient, providing businesses an edge in today's digital environment. By staying informed on developments within this space, businesses can position themselves for success in this digital era.