Electronic signatures are becoming standard business practices across multiple industries, domains, and professions in the current digital era. Electronic signatures are most commonly used for signing documents such as new business agreements, contracts, and even invoices. Besides the many benefits of electronic signatures, it is essential to be aware of certain disadvantages of electronic signatures before implementing eSignature software into your daily operations.
Keep on reading the learn the benefits of eSignature solutions and how your business can utilize an electronic signature solution to improve reliability, enhance security, reduce costs, and boost productivity.
What are the benefits of electronic signatures?
Enhanced Security: With electronic signatures, you gain an additional level of security in the form of advanced encryption, decryption, and an unforgeable audit trail outlining all the changes made within the document, therefore making forgery as well as illicit modifications virtually impossible. It’s worth noting that the level of security depends on the type of electronic signature and the encryption method used.
Going Green: Businesses have been switching to more paperless, cloud-based solutions for a while, and implementing an e-signature solution will help you move towards an environmentally friendly, green office. As another benefit of electronic signature, you will also reduce your carbon footprint by eliminating reliance on paper, toxic ink as well as devices that are composed of harmful chemicals and materials that are hard if not impossible to fully recycle.
Hastens Business Transactions and Increased Customer Satisfaction: We have all experienced drawn-out business transactions that occur due to excess paperwork, as well as the time it takes for several parties to see and sign a document for it to be valid. With Electronic signatures, this time is significantly reduced, allowing for the near-instantaneous ability provided to both check and sign a document, as it doesn’t require each party involved to physically access either by post or going physically to meet the customer. The modern-day customer likes everything convenient, and there is nothing more convenient than being able to sign a document from anywhere and at any time.
Cost Reduction: With the implementation of an electronic signature solution, overall costs associated with printing and viewing the document will be reduced. There will also be a reduction in stationery costs for paper and ink, as well as printing equipment such as printers and scanners. Additionally, by reducing your reliance on paper, the conservation of water and trees is boosted, by eliminating a standard pack of copy paper, you would recycle 130 liters of water as well as 7 kilograms of wood.
Reliability: When receiving documents, some individuals forget or do not know they have to provide all the required information. This is mitigated with documents signed with electronic signatures as they will already have all the required information entered before the document is signed and sent out. It is also possible for requesters of signatures to enforce and verify that all the needed information has been correctly filled in.
Quality: Since a document may still be required after an extensive period after the signature has occurred, it is vital that the original signature is legible throughout the years. With a traditional handwritten signature, this may fade, distort, and eventually disappear, however, with an electronic signature, the signature will remain unchanged.
Organization: Besides just signing your digital documents, e-Signature software allows for more efficient document storage, organization, and retrieval of your documents. Instead of having to go through a file cabinet, easily search and find your desired document.
What are the disadvantages of electronic signatures?
There are currently 3 types of electronic signatures: simple (SES), advanced(AES), and qualified electronic signature. The simple electronic signature is the fastest and easiest to use, however when signing more important and sensitive documents, you will be required to use a digital signature, which is a more secure and technologically advanced method of signing online documents and therefore, an electronic signature will not be
Technical: For less technically savvy individuals, using an e-Signature software may require some time to get accustomed to, some may even be skeptical and question the validity and legality of signing documents digitally. Additionally, both parties required in the signing of the document, being the signer and requester need to incorporate e-signature solutions to sign documents online.
Exclusions: Not every document can be electronically signed, property transfers, deeds, or wills require the presence of an independent third party to validate the signature and of the document.
Software costs: To get the most benefits and tools out of an e-Signature software, you are most likely required to pay a fee, this fee is likely less than the cost of printing and all the necessary tools to sign a document physically, yet it is still a fee nonetheless.
Get started with electronic signatures
If after having considered all the disadvantages and benefits of electronic signatures, you feel that you or your company would benefit from introducing them into your business operation, look no further than SIGN.PLUS. No more having to go into the office to sign important documents as now, with SIGN.PLUS you can easily and securely sign your documents at any time and any place. If you would like to get more information regarding SIGN.PLUS and how it can fulfill your needs, our support team is ready to answer any questions you may have.