According to the ESIGN Act passed in the year 2000, an electronic signature considered legitimate for signing contracts and legal documents online. These signatures can be in the form of a symbol, electronic sound, or process, associated with a person or organization that signs the important official records & documents. In other words, an e-signature is the electronic expression of the official or legal agreements in the online space.
What are the Uses of Electronic Signatures?
Electronic signatures are used on variety of documents
· Employees’ timesheet and onboarding paperwork
· Sales contracts, invoices, and legal proposals
· Lease agreements and rental & housing agreements
· Electronically signed tax documents
· Legal documents - wills, adoption, divorce, and court orders
· Bank forms
· Insurance paperwork
Most of the companies have deployed e-signatures, and saving expenses on the pen, paper, printing, mailing & faxing that is also the part of an eco-friendly initiative. This deployment helps to streamline the processes, cutting costs, and improving customer service.
What are the Benefits of Electronic Signatures?
· Get documents signed fast
· Sign documents from anywhere
· Collect secure and legally binding signatures
· Digital authenticity
· Cut cost
· Legally authorized
Electronic signatures, support encryption technology and provide your documents a better safety & security from the cyber-attacks & online data theft. Only the main owner of document can make changes, no other person can access your electronically encrypted file. No doubt, e-signatures will make yourbusiness more effective, and remove all the risks related to data integrity & security.
What are the Factors to Look before Choosing Electronic Signature Software?
· Ease of Use
· Navigational Tools
· Mobile Signing
· Reusable Templates
· Secure Storage
· Web-based Cloud Software (SaaS)
Web-Based Cloud E-Signature Software
· Look whether you’re offered with the cloud software or software-as-a-service (SaaS), or not. It is important because this software allows users to access the information through any web browser from anywhere in the world.
· With cloud-enabled software, the users can upload, send or access documents while traveling or from the office. Furthermore, the recipients will be able to review, and sign documents from any of browser - Chrome, or Firefox, without any hassles.
· The documents can be exchanged online in a quick manner. The companies can save time & money by using e-signatures, and can utilize these resources to generate more business.
Thus, e-signatures have numerous benefits, as well as save costs and risks. Also, prevents the risk of delays in business dealings due to technological & software issues.