Getting a handwritten signature copy is cumbersome for people who deal with businesses around the world. Today, almost anything can be done from anywhere, anytime in this digital world. After 2020, remote operations have become even more fundamental. Instead of waiting for your clients to print, sign and email the documents, adopting e-signatures can save you valuable time. E-signature or electronic signature has been legalized by the U.S. government in 2000 under the act of ESIGN and has transformed the traditional way of signing a document. Electronic signatures are not only proven to be cost-effective and time-efficient but are reliable and accessible from anywhere.
Email has completely replaced postal mails due to its convenience, efficiency, and cost-effectiveness. The same applies to electronic signatures, which are replacing handwritten signatures and conserving the planet's most valuable resource, trees.
Here are 10 benefits through which electronic signature can benefit your business:
Getting a physical signature not only costs printing and postal expenses but also wastes a lot of energy in follow ups. On the other hand, an electronic signature can be accessed with a single click, eliminating these costs and saving your team's valuable time. Additionally, e-signatures can also reduce the financial impact of human errors that can arise due to blunders in physically signing a document. Furthermore, using e-signatures also saves storage costs and space by securely storing all confidential information electronically on the cloud. As compared to ink and paper signatures, electronic signatures incur minimal costs.
2. Speeds up contract execution
Frequently, an organization has numerous documents to sign from multiple stakeholders. And a lot of costly time is wasted on anxiously waiting for the recipient to sign and resend the document to you. The more time the signing and agreement process takes, the more it will delay the procurement process. An electronic signature platform like InkPaper can eliminate these waiting periods by providing a one-click solution that truly saves time.
3. Lesser risks
Paper records can be easily forged or edited without any detection, even after signing documents. And there is also a risk of imitation with handwritten signatures. To overcome these problems, the InkPaper e-signature platform uses blockchain technology that assures high-grade security measures for clients. E-signature documentation includes password protection, unique document link, audit trails, and secure storage. These e-signature tools safeguard the legality of your documents.
4. Increases productivity
Electronic signatures save you a lot of time that can be focused on more important assignments. E-signatures allow you to eliminate mundane tasks by automating document flow. With speedy document procurement, your team can target more clients and get more deals. Also, onboarding a new hire takes a significant amount of time which can be reduced by adopting electronic signature solutions. By empowering sales and simplifying operations, e-signatures improve productivity in a workspace.
5. Secures document flow
Paper documents are fragile and can be damaged easily. And sometimes, you might send out an urgent contract for signing, and it is sent back with a few signatures missing. With e-signatures, you won’t have to worry about these mistakes. InkPaper e-signature platform has robust algorithms that can track who opened, signed, or approved the document. InkPaper's highly secure cloud platform helps you easily control which third parties can access the relevant contracts with your consent.
6. As legally defensible as wet-ink signatures
According to the ESIGN act signed by the U.S. government in 2000, e-signatures enjoy the same legal status as paper signatures. A few Electronic signature solutions include additional security features such as bank-level encryption and biometric authentication to record the identity of the signatory. These assurances increase the integrity and reliability of e-signatures.
7. Increases approval rates
Electronic signatures eliminate the monotonous task of emailing and then waiting for your approved documents by digitizing the process. With the one-click signing process and secure storage, organizations can focus on other high-priority tasks. Also, with faster approvals, sales teams won’t have to prolong the closure of deals. This efficiency increases the number of deals, in turn, results in business growth.
8. Convenience for customers
Electronic signatures are not only beneficial for organizations but are a convenient tool for clients as well. E-signatures save the clients valuable time, making the solution more desirable. Clients can approve and sign the documents from anywhere at any time using any internet-enabled device. Smart e-signature platforms like InkPaper, also ensures whether the documents are signed appropriately without blank fields before hitting the send button. As client satisfaction is a driving factor in a business's success, e-signatures are an efficient option.
9. Saves office Space
Traditionally, documentation meant stacks of papers stored in all corners of the office. Think of all the space you can save by going digital and getting rid of paper documents. You can use this space for better things. Thanks to secure document storage provided by e-signature solutions that records all the e-signatures in a single platform. This reduces the time wasted on finding a relevant document when urgently required.
Along with being costly and time-consuming as compared to e-signatures, wet-ink signatures harm the environment. The world needs to be more environmentally responsible than before, so it is crucial to adopt eco-friendly practices across your company. Adopting an e-signature platform shows to the world that you’re a modern and responsible organization.
Electronic signatures can therefore be an efficient replacement for handwritten signatures. One-click signature platforms such as InkPaper can help you sign documents effortlessly. InkPaper is an easy, reliable, and readily available solution that also provides companies and clients with complete visibility into whether an agreement has been signed and approved. By leveraging InkPaper's patent-pending technology, you can focus on growing your business and getting more deals done faster.