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.
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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 sufficient due to the higher level of security demanded for such documents.
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.