The Online Digital Signature Way

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31 August, 2018

Digital signatures are new, but not nearly as new as you might think. In the US, President Bill Clinton signed the Electronic Signatures In Global Commerce Act (ESIGN) in 2000, nearly twenty years ago. For context, thats two years after Google and four years before Facebook. So its hardly untested territory. Digital signatures are faster and easier than traditional wet signatures, and here are seven reasons why.

1) It’s Legally Recognized All Around the World

The law requires that a signature is legally binding because it identifies the signatory, his or her intend, and tracks any changes to the signature (has document integrity).  These are a few of the key requirements for an electronic signature to be considered reliable. The following is a condensed list of the countries that accept electronic signatures and the laws or acts that they passed that recognizes them:

 

     Australia – Electronic Transactions Act (2000-2003, depending on state)

     Canada - Uniform Electronic Commerce Act (UECA)

     China - Electronic Signature Law of the People's Republic of China

     Europe - EU Directive for Electronic Signatures (1999/93/EC); EU VAT Directive

     New Zealand – Electronic Transactions Act 2002

     South Africa - Electronic Communications and Transactions Act, 2002

     UK - Electronic Communications Act 2000 (chapter 7)

     US Electronic Signature in Global and National Commerce Act (ESIGN)

2) It Can Be Used With Mobile Devices

Six of the seven billion people on the planet have access to a cell phone. Many people only use a cell phone, and dont have a home computer at all. So, if your document requires a signature, it wouldnt be feasible to print it out and scan a copy. Secured signing can work with mobile apps because it fits the requirements that it have data integrity, authenticate the signers identity, and the signer cannot later deny that it their signature (called non-repudiation).

3) It Saves Paper

When you save paper, youre doing more than just saving a few trees. Youre saving the money it takes for paper and printer ink (which is more expensive than many campaigns), and the space it would take to store all that paper as well. And unlike paper, you can actually use it in a search engine—so youll never misfile it, either.

4) Digital Signatures Are Faster Than Paper

As I mentioned above, you can use Secured Signing on mobile devices, which includes tablets. You will be able to keep your line moving quickly if your business requires it. You can have many people sign a form at once using Secured Signings Broadcast feature. No more need to pass the clipboard around.

5) It Saves Time by Keeping Records Together

The Smart Tag feature automates document creation and organization by tagging a signature with important metadata about the signatory. In other words, when you create a signature, you also associate it with the pertinent information, like emails and addresses. This saves you time and lowers the chances of making mistakes or losing data.

6) Customers Like It

According to a recent study, 77% of customers are moderately to very comfortable signing a document online. And 77% is also the number of people who have used an electronic signature three or more times in the last year. Your customers are probably already using it in some fashion or another, you should get ahead of the trend.

7) It’s Secure. Really Secure

Digital signatures are protected by secure sockets layer (SSL) encryption, which ensures that all data passed between the web servers and browsers remains private and maintains integrity. In addition, it secures the date and local time of the signatory, which is something paper records cant verify. Secured Signing creates a unique digital certificate to a user, an invitee, and a witness.

In fact, The top clients for digital signatures are finance, which make up 39% of digital signature customers, more than twice the adoption rate of human resources, which make up 17% of digital signature clients. If an industry that requires one of the highest levels of security is the most frequent adopter of digital signatures, you can be assured that your data will be safe.

The Final Word

If youre unsure about whether to adopt a digital signing solution, theres nothing new or scary about it. Electronic and digital signatures have been legally recognized for twenty years. It will save you time, money, space, and in some ways its more secure than paper. You should take advantage by reading up what to look for in a digital signature solution, and then try a free trial of it.


About the Author:
Reuben Yonatan is the CEO @ GetVoIP, a leading VoIP systems comparison guide that connects shoppers with relevant providers.

 


General

9 August 2018

You may have heard about digital signatures, but you’re not sure whether it has any practical benefit for your business.

The case for digital signing is compelling.

     Eighty-percent of companies who implemented digital signatures saw a return on investment in the first year.

     Twenty-five percent saw ROI within three months.

But the most immediate impact is the massive boost to productivity companies have seen on the back of digital signatures.

We’ll discuss some of the most valuable uses for digital signatures using real-world examples.

Faster Turnarounds to Complete Sales Contracts

Saleforce ditched wet ink for digital signatures, and immediately reduced the time it takes to complete sales contracts.

Key outcomes:

     Turnaround decreased from an average two days, to as fast as one hour

     Over 90% of contracts completed on the same day

     Less manual work for staff – freeing sales to focus on generating revenue

Salesforce is expanding the use of digital signatures to its procurement department, where digital signatures allow teams to track and manage the contracts throughout the process.

A Simple Process to Finalising Legal Agreements

The legal industry generates a vast amount of paper.

And along with the flood of paperwork, comes hours of document prep: scanning, signing, printing and storing volumes of documents.

There’s a campaign to change this approach, arguing that digital signatures can save “countless hours, even days and weeks”.

 The uses of digital signing in law provides:

     Enhanced security: each document comes with a visual audit trail

     No room to alter terms, conditions or dates of signatures

The practical benefits include reducing the number of hard copies the legal department needs to manage and cutting down on storage costs.

Improved HR Processes

Like the legal sector, human resources consume reams of paperwork in its core functions.

Recognising this, a tax company set out to find a way to streamline its hiring process.

The Australian operation of H&R Block hires hundreds of new agents around tax time each year. Time went into preparing the documents, tracking which had been signed and storing the final contracts.

H&R Block opted for Secured Signing’s digital signing solution. Now District Managers can send up to a thousand employment contracts in one sitting, with new hires  and managers signing from wherever they are across the country.

H&R Block realised an immediate return on investment. There was a reduction in turnaround times, and staff praised the more convenient option.

Better Customer Experience

There’s a surge of growth in the global digital signature market.

Along with the rise of digital signatures, smartphone penetration is already at 90% in some parts of the world. Customers expect to do everything online, and they’ll look for businesses who can extend this electronic experience.

Most customers don’t have access to printers at home, and the need for a physical signature may end up costing you the deal as customers opt for digital tools.

Companies who rely on paper-based processes risk frustrating customers due to delays caused by errors and unsigned documents.

More companies are allowing customers to complete the following actions using digital tools:

      Information forms for new customers

     Quote approval

     Statement of work

Conclusion

Companies across industries are answering the call and meeting the customer’s need for a simple and quick electronic experience.

Internally, companies recognise digital signatures remove the hassle of many routine administrative tasks to make way for firms to focus on the work of growing the business.

Digital signatures help companies to craft more competitive offerings, and better workspaces: building businesses who can prosper in the new economy.

Till next time,

John Webster


General