Saving you Time, Money and Paper: The Benefits of E-Signatures

A big part of any business is paperwork. From memos to employment contracts, there is a lot to be printed, looked over and signed. Unfortunately, most paper is thrown out at the end of the day and relying on printed documents can cut into a company’s time and money. To cut back on paper use and improve efficiency, many businesses have ditched paper and made the switch to digital platforms that use electronic signatures, otherwise known as e-signatures. 

 An e-signature is a digital signature that uses a mathematical code to demonstrate the authenticity of a digital document. The program lets you sign a document electronically and validate the signer. Since the start of the pandemic, many businesses have had to rely on e-signatures to get documents signed, triggering a major shift in the market.

 If you are considering switching to e-signatures and need more information, here is an overview of the benefits.

 Fast Turn Around

Opting to use e-signatures over wet-ink signatures speeds up the document signing process. Paper documents need to be requested, found, sent, signed and sent back. On average, this process takes five to six days. E-signatures can be completed in five to six minutes. Additionally, e-signatures are unrestricted by time-zones and distances. A document can be signed electronically from anywhere at any time on any device. Business can continue as usual no matter the distance.

Saves Money

Switching to an e-signature platform can help save your business money in the long run. The e-signature platform you select may have an up-front cost, but you will save money on shipping, filing, data entry, stamps, paper and printer toner. E-signatures also help cut the costs of human errors. It is not uncommon for paper documents to contain errors and signing blunders which cost both time and money. Errors can quickly be fixed in digital documents and cost the business nothing.

Increases Efficiency

Businesses can waste a lot of time waiting for a document to be signed if they rely on wet-ink signatures. A business could wait up to a month after the initial request to receive the signed document, depending on distance and any delays. Document delays can take a toll on a business. A business decision can easily be lost or forgotten, and implementing new initiatives can be prolonged if paperwork is delayed. Using e-signature removes any delays and lets you focus on the business.

Secures Documents

Have you ever spilled coffee on a freshly printed document? Or had your stack of paper blown off your desk? With e-signature, this is not a concern. Not only do e-signatures protect your documents from human error, but they also protect them from hackers and unwanted eyes. 

E-signatures platforms are equipped with various security measures to protect your document from duplication, alteration, and third-party access. The files are protected by a tamper-evident seal to notify the owners if any changes are made after it has been signed. Many also give signers PINS, codes, or passwords to limit who can read it. 

 Adds Legal Value

According to the Uniform Electronic Transitions Act (UETA) and Electronic Signature in Global and National Commerce Act (ESIGN Act), e-signatures have the same legal status as wet-ink signatures. E-signatures can even add legal value to a document because of the increased security measures. Since most digital signature platforms use bank-level encryption and security codes to prevent any tampering, they are more reliable and defensible.

 Better for the Environment

In the U.S the average employee uses 10,000 pieces of paper a year. Out of 10,000 sheets of paper, 1,400 are unnecessary and 4,500 sheets are thrown out at the end of the day. When you use e-signature, you do not use paper or rely on vehicles to transport documents, which reduces your companies' carbon footprint.

Overall, e-signature would be a benefit to your business because it increases efficiency, saves money, and helps the planet.