In today’s world, individuals can ask a question of a colleague half a world away and receive an answer in just minutes. Paperwork that once took days and even weeks to transfer from one party to another can now be sent in the time it takes to hit a download button. Technology has made everything more convenient, including business and the way business processes are handled. E-signatures are one method businesses use to streamline processes and speed up productivity. They’re a wonderful way to save time and money, and they make doing business a lot more convenient.
What is an E-Signature?
An E-signature is a type of signature that individuals can give electronically, to prevent the need to have their actual physical signature. There are different sorts of E-signatures, from unique codes that are inserted to signify “signing,” to the simple act of typing one’s name. There are typically some measures used to ensure that the individual signing is actually the person they say they are. E-signatures allow individuals to quickly perform tasks that they might normally need to wait days or weeks for, such as signing a contract.
What are the Benefits of E-Signatures?
Businesses can especially benefit from using E-signatures in a number of ways. First and foremost, they save a lot of time, allowing businesses to get things done more quickly than through the traditional method of obtaining signatures. E-signatures are also a great way to cut costs in a business. Normally, important papers must be printed out or scanned, copied, and mailed out to the recipients. Considering the huge amount of paperwork most companies are burdened with, the cost of moving it around in this manner is relatively expensive. When using electronic forms and e-signatures, costs are cut significantly.
E-signatures are also very beneficial for companies who are going green, or who have made the effort to eliminate paper waste throughout their company. Approximately 30 billion paper documents are either printed or copied by companies in the United States each year. Every company that goes green and utilizes e-signatures on digital documents rather than printed copies reduces that number significantly. This goes a long way toward building a better future and reducing the amount of paper waste generated by businesses in the US.
Are E-Signatures Legal?
E-signatures are legal and can be used for all types of businesses requiring valid signatures. The Electronic Signatures in Global and National Commerce Act (ESIGN) ensures that electronically-signed documents and contracts are just as legally binding as a traditional paper-based contract. This law was passed in 2000, so by no means are E-signatures a brand new idea. However, the popularity is spreading and more and more companies are realizing the immense benefits of using E-signatures in everyday business process.
Overall, E-signatures are a type of technology that benefits both the businesses that utilize them and the customers that work with those businesses. From the added convenience to quicker processing and increased productivity, E-signatures are a solution that all businesses should consider.