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Benefits of Electronic Signature for Your Business
The digital world continues to expand, and this applies to the way documents are signed. Electronic signatures are no longer a rare occurrence but rather a normal practice for numerous companies in the world. They make it possible to authorize documents without using standard paper, which offers a range of benefits. If you wonder how to sign a contract online and want to know more about electronic signatures and their benefits, here you can find the most significant ones.
What Are the Main Benefits of Using Electronic Signatures?
A digital signature can provide which of the following benefits - is a question that many people ask. When you consider all the advantages of switching to electronic signatures, it becomes obvious why so many companies choose this method over others.
One of the first benefits of electronic signatures that turn people to using them is the fact that it is more cost-efficient compared to the standard signing of documents. While a single sheet of paper may not be too expensive, different companies go through endless packages of paper every year.
In addition to that, they spend money on pens, ink for printers, and more. Depending on the size of the company, it is possible to save several thousands of dollars on paper and writing accessories each year.
Another major benefit of implementing electronic signatures is that it’s possible to sign the required papers anywhere. You don’t have to carry documents with you, so you won’t forget them. Such a high level of mobility is also great for situations when you have to sign a certain paper spontaneously and you didn’t have an opportunity to prepare printed documents in advance.
The use of electronic signatures cannot be underestimated in situations when you want to save as much time as possible. According to the studies, it’s possible to reduce the time required for document processing from several days to just under an hour. You can add a signature in just a few minutes and be sure that you won’t waste your time waiting. Additionally, you can simply send the completed document to all participants for signature.
The process of signing documents in a traditional way is a lot more complicated and with more steps. Firstly, a recipient and a sender have to print the documents. After that, they usually have to be scanned to keep proper track of them. It is not uncommon for a contract to require several signatures, which means that all the steps take even more time.
Also, printed papers often get lost or misplaced in the office, so you can expect to spend more time working on them than is truly necessary. When you use an electronic signature for business, you save a lot of time, which is especially valuable in fast-paced businesses.
Improved level of security
When it comes to the security of documents, electronic contract signing is on another level compared to the regular pen-on-paper authorization. Firstly, you don’t have to worry about where you can keep your documents in the office and what type of safe box to buy for them.
Secondly, the security of documents signed electronically is supported by their digital trails. This means that it’s always possible to verify a sender of a document, its recipients, and more. If a situation occurs when you need to have evidence regarding a certain document, the information can always be tracked.
Thirdly, because of the technology used to create electronic signatures, they are a lot more difficult to forge. As a result, the security of using e-signatures is higher than that of the offline ones.
Saving office space
Besides the mentioned advantages of digital signature, your company can save a lot of office space. All the documents have to be neatly organized and kept in a safe location, which means that they can occupy plenty of space in your office. When you implement electronic signatures, this problem can be easily solved.
More convenience for clients
When you grow a business, you want your clients to be fully happy with the services and e-signatures make their lives easier. Your clients can enjoy many benefits, such as the additional level of security combined with the fact that documents can be signed from any device. This means that working with your company is less stressful so people would want to come back.
Not a lot of people realize how many resources are required to manufacture paper that we use every day. The production of paper is associated with the use of wood, water, and energy, so the negative effect on the environment is undeniable.
One of the benefits of digital signature is that its use is a lot more environmentally-friendly. As there is more focus on conserving nature and minimizing the influence we have on the environment, the use of electronic signatures becomes the new norm.
Are electronic signatures OK?
Nowadays, electronic signatures can be used and are considered legally binding in the United States and most countries in the world. It is viewed and has the same legal effect as the signature that you make using your pen on paper. The best way to sign documents electronically is to choose a reliable service and make sure that you have all the information you need for verification.
How do you implement an electronic signature?
There are different services that you can use to create and store your electronic signature in. All that is required from you is to create an account with a login and password to be able to use your signature in the future. An electronic signature is based on the use of electronic identification methods, so you have to prove your identity and use appropriate access codes.
What is the difference between a digital signature and an electronic signature?
These terms are often used interchangeably but there is a difference if you want to be specific. An electronic signature is a broader term and it is used to describe various methods of creating a mark that will be used to sign documents. A digital signature is a subtype of an electronic signature that is created using a particular technical implementation.