Embracing electronic signature technology has gained immense popularity and become widespread in the past few years. We all have observed an increasing interest in the possibilities provided by the digitization methods and dematerialization of the contracts. But, there is a long path to follow and several clichés/myths must be clarified.
Primarily, while we are discussing about digitizing signatures, we think that the process includes scanning handwritten signatures on any paper document. Rather, digitizing workflows is completely about rethinking them to make more effective, thus eradicating diseconomies, which distinguish conventional workflows.
This is common for people to consider the scanned signature equal to the simple eSignature. So, what does this European/Italian regulatory system indicate while talking about electronic signatures? What is the basic difference between scanned handwritten signatures and eSign before the law? And is it the right time to say goodbye to your paper documents?
How eSignatures Work?
Electronic signature is the replacement of the handwritten signature. But the law does not say what it should be. This lays down the criteria for generating a document but does not mention which technology is used, whether pen, paper, mouse,
Sor laptop. It is profoundly found in EU’s advanced eSignature standard and the U.S. law.
At times, legislation does refer to certain technologies. It occurs for a few regulated documents or provides assurance, for instance EU’s qualified eSign standard. The technology neutral strategy allows the law for growth.
For example, modernization in the use of paper contracts was developed in the early sixteenth century in order to prove the agreement authenticity. Both the parties would tear their document in half. On any dispute, the parties return and a perfect fit of the contract’s halves would prove the authenticity. The primary need to prove contract authenticity hasn’t changed since then, but the technology has.
Having exposed the myths and explained that scanned signatures cannot guarantee legally valid signature of documents, we should understand how various types of eSignature solution offered by the legal system can be leveraged in order to guarantee the validity of critical documents.
Measurable Benefits of eSignature Solution
Qualified eSignatures and digital signatures have an expense which inevitably falls on the signatory. Hence, except in the case of the professionals who have digital signatures as they frequently require signing massive quantities of agreements, for which this law specifically offers for the use of digital signatures, most citizens don’t feel the need to have any solution. So, how the customers sign electronic contracts?
When you prevent falling back into the vicious circle of documents getting printed, faxed, signed, and scanned multiple times, the best option is to offer customers with an advanced and easy cloud-based electronic signature system, which enables them to sign documents and organizations to capture these signed agreements in digital mode.
The first of the advantages of eSignatures is the possibility of minimizing to minimal production and exchanging paper agreements to zero. Using eSignature software also has a positive effect in terms of the environmental sustainability, precisely as it makes the use of redundant paper and aids in reducing the need for storing them. With this, the time also gets reduced as it is no longer mandatory to print and scan these contracts multiple times, specifically when you require capturing the signatures of more than a single signer.
Additionally, we have observed an advanced, as well as, simple signature can be affixed via point and click solutions along with using OTP codes. This indicates that it’s possible to sign from any place and using any smart device without the signer having to go to the counter or in an office physically. For instance, the agreement can be sent by an email or is available on web area. Later the signer can access the contract even with their mobile phones to view and sign the contract. They can also download a copy of the document.
eSignatures are legally binding as ink-based counterparts. The United States passed the eSign Act in 2000 that legally defines what does electronic signature mean, and endows the solution with the same legal authority as the wet ink signatures. Many states also have adopted the UETA authorizing eSignatures
Potentiality of Robust Electronic Signatures
One of the major advantages of automated electronic signature software solution lies in the fact that the deployment can allow various other operations and help you to make business methods more effectively. Being able to sign documents digitally from home/remotely using any mobile device is a convenience which is appreciated.
So, as a result, a modern electronic signature software can be deployed within more complex and articulated digital onboarding methods to give a satisfying client experience to the users. The decision to digitize signature capture can be a perfect opportunity in order to rethink corporate methods and client interactions, and later enhance them.
Moreover, once the documents are electronically signed, then they can be transferred to the compliant digital storage instantly. Such method ensures the integrity of contracts over time and also guarantees legal validity over time and the possibility to retrieve them any time. The advantages of eSignatures are innumerable, specifically from what seems to be simple signing, various possibilities can occur, ranging from the opportunity to optimize and rationalize internal
corporate methods, to the opportunity to reconsider the relationship with clients, thus generating a successful experience for the end users.
From deploying electronic signature, there are instant and appreciable advantages along with positive impacts, which manifest themselves over time. Some benefits include reduction in management expenses, streamlining business procedures of acquiring signatures with complete legal value in a few steps, even at that point of time when there is more than a signatory.
But when we think of eSignatures as an enabling factor for digitizing onboarding methods, we can value the advantages which can be identified over time- robust relationship with clients and the ability to strengthen digital skills at an extensive level, among the employees and users, opening the doors to the new possibilities.
Any signature is used in order to authorize a document/contract/agreement or represent one’s consent and authority on the record. The emergence of electronic signature platform has provided the means to migrate signatures from conventional pen and paper to the electronic way.
Introduction of electronic signatures met stiff resistance, and organizations have become quite reluctant to implement modern systems on different grounds. These grounds contain risk of fraudulent activities, costs associated with migration, signatory proofs and so much more. It is easier to assess the major challenges that electronic signatures. But you must understand these challenges before migrating to the electronic signature.
Electronic signature solution provides cost-saving and convenient way of adding a signature to the contracts. Initiating digital transformation would boost the brand and enable your partners, customers, and stakeholders to append the records for comfort zones.
By using eSignature solution in your business, you can easily say goodbye to the cost of printing, scanning and faxing paper contracts. Append the signatures that you require without moving away from your office desk.
No matter whether you’re running a large-scale or a small-scale business to enjoy the optimal advantages, you must utilize every second. If you waste your time in dealing with contract signatures and management, it can impact the business. Hence, in order to prevent these conditions, you must leverage online electronic signature software when it comes to signing multiple corporate-related contracts. Regardless of what type of paperwork you are involved in, you can save the time and amount via using electronic signatures.