If your business isn’t already using electronic signatures, the question is simple: What’s holding you back? E-signatures aren’t just a “nice to have” technology – they’re a must-have if you want to prioritize security and efficiency.
What are E-Signatures?
E-signatures, also known as electronic signatures, are digital versions of traditional handwritten signatures that are used to sign documents electronically. They provide a secure and legally binding way for individuals and organizations to sign and approve documents, contracts, and other agreements online.
E-signatures can be created using various methods such as typing a name, drawing a signature using a mouse or touchscreen, or uploading an image of a signature. There are also dedicated software tools that make integrating e-signatures into your business processes easy.
Box, for example, has one of the top e-signature platforms around. It gives businesses a smooth user experience and airtight security (which is becoming increasingly important over time). Part of the reason they’re so popular is that they offer unlimited free signatures with their business plans.
There are certainly other options out there, but Box is among the best.
5 Big Reasons Businesses Rely on E-Signatures
While wet signatures are still required in certain industries and with specific types of transactions, an increasingly large percentage of businesses are moving to digital signatures.
Here are five reasons why you should follow their lead:
- Convenience: E-signatures eliminate the need for physical documents, making it easier and faster for businesses to sign and approve agreements. With e-signatures, companies can sign and approve documents from anywhere, at any time, as long as they have an internet connection. This allows businesses to operate more efficiently and reduces the time and resources needed to allocate to manual processes.
Imagine no longer having to delay your departure for a family trip because you have to stay back to sign papers at the office. Or imagine being able to run your business from literally anywhere, even when there are important contracts being processed. Electronic signatures allow you to do this.
- Cost savings: Traditional wet ink signatures require a significant amount of time and resources to process, including printing, mailing, and scanning. By using e-signatures, businesses can reduce the costs associated with these manual processes, freeing up time and resources that can be used more productively elsewhere.
Even more important than the actual physical costs is the opportunity cost. By saving time, you’re able to allocate more of your weekly schedule to high-value tasks that actually move the needle (rather than waiting around for documents to get mailed, signed, faxed, scanned, etc.).
- Increased security: For people unfamiliar with electronic signatures, there’s often some concern that they’re somehow “less” secure. However, the exact opposite is true.
E-signatures are more secure than traditional wet ink signatures as they use encryption and digital signature technologies to provide a secure and legally binding way to sign and approve documents. This helps to protect against tampering, fraud, and other types of criminal activity, ensuring that documents and agreements are protected at all times.
- Better collaboration: E-signatures allow businesses to collaborate more effectively with partners and clients. With the ability to sign and approve documents in real-time, businesses can avoid delays and get agreements in place more quickly. This results in faster decision-making and improved efficiency, helping businesses to get ahead of the competition.
There’s also the hidden benefit of getting higher sales close ratios. Traditionally, a lot of deals fall apart in between a verbal agreement and the pen actually hitting the paper. People get time to overthink and second-guess themselves, which creates some real challenges. But with electronic signatures, everything is buttoned up quickly.
- Improved accessibility: E-signatures make it easier for people with disabilities, or those working remotely, to sign and approve documents. With the ability to sign and approve documents online, businesses can eliminate the barriers to entry that often exist for those who are unable to physically sign a document.
Push Your Business Into 2023
If you’re still 100 percent reliant on wet signatures in your business, now’s the time to make some changes. By investing in a simple e-signature platform, you can bring your business into the digital world and ensure you’re able to reap all of the rewards associated with this increased flexibility.
