E-signature software has been around for over 10 years, with increasingly more professionals using these tools in their day to day transactions.
However, there are still many technologically-phobic people who remain doubtful about e-signatures and their validity.
For those who are uncertain about using e-signature software, this information will help clear your doubts.
Electronic Signature Software: What Is It?
An e-signature is any electronic (hence, paperless) and legal form of signature used to sign a contract or any other document. It can be electronic symbols, codes, sounds, and even biometric data. E-signatures are as legally binding as physical pen-and-ink signatures and even fingerprints.
To make sure that e-signatures are safe to use in business transactions, the U.S. Congress approved the Electronic Signatures in Global and National Commerce Act (ESIGN) in 2000, making e-signatures acceptable under federal law. To further ensure the legality and quality of e-signatures, most states have also adopted the Uniform Electronic Transactions Act (UETA).
Together, these acts establish the framework which must be followed by all e-signature service providers, such as RightSignature, Docusign, and Echosign. All of these software companies assure that they adhere to all rules and regulations required for signing an e-contract or document.
Benefits Of Using E-Signature Software
E-signature software provides many clear advantages for both businesses and customers. Here are some of the many benefits of using e-signatures:
- Most businesses have significant budgets for paper and ink used in their day-to-day transactions. By converting to e-signature software, you can greatly reduce your printing volume and thus eliminate the need for paper and printer ink for most of your daily workflow. Adopting e-signature technology is the perfect way to go paperless, thereby helping to save the environment.
- Electronic signatures also allow your business to cut mailing and labor costs. You’d be surprised to know how much can be saved by using electronic signatures. On top of reducing expenditures on paper and ink for printing, mailing and delivery costs can be eliminated. The time you save in dealing with the documents also frees up a lot of administrative capacity, and thus, enables more productivity.
- E-signatures benefits clients as much as the company. Since each transaction is done electronically, the contract signing process is concluded more quickly and with much less hassle. Since everything is done online, customers can agree to a deal from anywhere. This enhances their experience and satisfaction, resulting in recommendations, repeat business, and greater business opportunities.
It is clear that electronic signatures and contracts have very clear benefits that outweigh those of the traditional paper method. If you’re looking to give your business a boost and increase your income, e-signatures are an easy-to-implement technology that deserves your attention.