Companies that previously conducted business documents are turning to digital means, and have found this method active and convenient. However, today various industries are stepping towards modern technologies. It is because these tools are safe, fast, and efficient.
In this article, we have discussed E-signature solutions. It can be very useful in any business sector.
What is an E-Signature?
An electronic signature is also known as Digital signature, which is different from the traditional signature method. An electronic signature is a legally binding expression on the contents of a contract (agreement) by the customer. However, it allows users to collect signatures on electronically shared documents, thus eliminating physical documents’ need to have signature Marks.
With traditional signature, an agreement printed on paper, pen/ink, and someone physically was required to sign on the papers. The method also involves sending documents by fax or mail to the person living abroad. It does not require in-person visits to a location to execute the sign.
But with the rapid increase in the digital world, this kind of method is no longer acceptable by businesses. It might compel them to go out of their way to complete a simple process like signing a document. So, for companies, it was no longer a sufficient method, hence, businesses started to opt for Digital Signature software.
Electronic signatures save time for users. Customers can easily give consent by typing a signature. For this, you can use your devices, including Smartphones or tablets from anywhere, anytime.
What are the different types of Electronic Signatures?
There are several types of signatures, including handwritten signatures, scanned images, cryptographic signatures, fingerprints, or retinal scans. But apart from E-signature, there are two other variations:
- Qualified electronic signatures
- Advanced electronic signatures
However, if you are thinking about setting up an electronic signature solution for your business, there are things to consider:
- How can you determine which solution is likely to work the best for you?
- How will you know which one is best for your business?
- How can the solution cope-up with your organization? And so on
Confused! We have put a checklist to help the user choose an e-signature solution.
Important Things to look for In E-signature solution
To be considered legally binding, documents, and transactions – electronic signature must meet basic requirements and high standards. These include the following basic requirements:
- Integrity – any alteration during transmission can be detected.
- Authenticity – signature must be authorized through a secure process.
- Applicability – signatures must be verifiable by all parties.
- Confidentiality – the signature is not accessible by unauthorized sources.
- Non-refutability – the signature cannot be refused.
It is one of the first things to keep in mind – user friendly. There are various ranges of Digital Signature maker in the market with advanced technology, depending on your needs. For an exciting experience with your electronic signature, compare the vendors and understand the software features they offer.
However, the electronic signature solution you choose for your business should be simple. It should be convenient for all users. Also, it should have an option of several types of signature. Besides, your customers should easily navigate the software, and the whole process should not take more than a few seconds.
In February 2018, data security was a much higher priority for all business sectors.
So, if you choose an electronic signature provider, security is an essential factor to consider. It will secure you from issues like data loss, viruses, breaches, and malware activities. It protects your customer’s information and other details. Security issues like data loss, breaches, malware, and viruses can damage your business’s credibility.
However, try to ask the below questions from your electronic signature provider:
- Does your supplier have authenticity?
- Does the technology comply with regulations in your state?
- Does it provide sufficient evidence of security?
Overall, the e-signature solution you will choose must have encryption (Secure Sockets Layers) to protect your documents.
# Support for Multiple Applications
Electronic signature systems allow the signing of documents created with applications, such as Adobe Acrobat or Microsoft Word. But do not support typical applications such as ERP, AutoCAD, and others
However, no matter what vendor you choose for your e-sign solutions, make sure the system must support multiple applications.
# Total Cost of Ownership
Earlier, more than 4 billion trees were cut down each year to make papers for business sector use. It does not stop here, but it also requires physical storage space to keep the records.
If you want to reduce overall costs and improve efficiency, business sectors should enter the world of electronic processes.
Make sure you check the hidden costs when buying a tool. These include registration and renewal fees for digital certificates, the cost of smart cards, etc. There is also Free Electronic signature software with free trial period. These come with the most popular electronic signature solutions vendors.
# Long Term Standing
The future is unpredictable, and you never know which document you might require for some of the other reasons. So, it is essential to keep in mind some of the points:
- Does the digital signature service use standards-based technology that can be validated in the future?
- Can electronic signatures be validated in the long term?
- Are the systems used for the signature proprietary to the supplier or based on well-known cryptographic tools?
However, businesses should be aware of how their electronic signature solution deals with this kind of problem.
Digital Signature software is the next big step towards the success of business in the industry. Although this technology is not new in the market, many companies still have not adopted it. However, finding the right electronic signature solution can be challenging. It might be difficult for some to choose a vendor that resonates with the business.
If you are still having some confusion, take a look at the checklist guide. Here, we have discussed above to help the user choose a credible electronic signature provider. Hopefully, this articles helps you.