Between 2012 and 2017, the growth of eSignatures grew from 89 million transactions to 754 million.
That's more than 8x the growth in, and it's just getting started.
What we're seeing is mass adoption of eSignatures by businesses across the world. If your business isn't already using eSignatures, likely you've worked with other companies that do.
Maybe it's time you do the same.
If you're not sure it's worth the investment, then here's a look at the benefits of using digital signatures.
They're Simple to Use
The intuitive design of eSignature software makes it simple enough for anyone to use. This is why you find B2C companies using it in insurance, real estate, finance, and many other industries.
This means no learning curve for your teams or your customers.
Save Money On Office Costs
If you sat down and calculated the amount of paper, ink, envelopes, stamps, and other supplies you use for paperwork -- you'd be shocked. Many small and medium-sized businesses are looking for ways to cut back on their consumption of these products.
One way they're doing this is with digital signatures.
Increased Security for Documents
How many documents are signed (or created) by your business each day? If your company does a lot of paperwork, then keeping track of it all can be challenging and space-consuming.
With digital documents and signatures, you can store everything in the cloud. There's also the added security of protecting documents from unauthorized access.
Get Documents Signed Faster
There's no denying that signing documents electronically makes the process faster. You can email paperwork to recipients, and they can sign it instantly using their smartphone, tablet, or mousepad.
Then if you're using a platform like eversign, you can upload images of signatures or have one autogenerated for you.
Get Paid Faster
If you're completing documents fast, then this means you'll also get paid more quickly.
There's no pile of paperwork to mail or fax and wait on. In other words, documents are completed within hours so you can get paid and move on to supplying your customers with our product or service.
Now that you know some of the benefits, it's time to take a look at the different ways you can use eSignatures in your business.
1. Agreements with Suppliers and Vendors
It's common for small business owners to use vendors. Working with suppliers and vendors means going through lots of negotiations.
Imagine being able to lock in a price right away, so you don't miss out on a great deal. With eSignatures, you can create a digital contract and finalize the agreement in no time.
2. Non-Disclosure Agreements with Contractors and Partners
Your business is only as great as the people you bring aboard. This includes agencies, contractors, and even prospective partners.
If you're consistently (or planning to) to work with others outside of your business, then it's a good idea to have a non-disclosure agreement signed.
But what happens when you're in a meeting with a potential partner or contractor and you need something signed now? With digital documents, you can tap into your cloud, access your NDA and have them sign it then and there.
Then your meeting can proceed without the worry of trade secrets being stolen.
3. Onboarding New Employees
When you hire a new employee, you want them to hit the ground running. But it's difficult to achieve when your onboarding is held up by paperwork.
There's a lot for new employees to read and sign. With digital documents, you can quickly send materials to new hires so they can get started.
And if they choose, they can have the paperwork signed and returned to you the same day.
Also, storing these documents digitally makes them more secure.
4. Forms for New Customers
Do you require new customers to fill out forms and paperwork before working with you? Then eSignatures can help.
No more wasting paper and ink -- instead, you can use digital documents to get customers started fast. This also allows you to virtually onboard customers since you can easily email them the forms.
This also eliminates the need to rekey the data into your systems.
5. Complete Sales Contracts
This is probably one of the most used documents in most businesses. Sales contracts are essential because it jumpstarts a business relationship between a company and its client.
This goes for both large enterprises and small businesses.
With eSignatures, you can ensure these contracts are signed quickly and accurately. When you use eversign, you can make it so users can't send a document without signing all designated areas.
6. Change Orders for Project-Based Companies
Let's say your business operates on a project basis. Clients hire you to complete a specific project and you charge them a specific rate to complete it.
But what happens when they want to make a few changes to the project? In this case, you need a change order.
This document will detail the changes the client wants to make to the project and how it will change the quoted price. Digital signatures can speed up the process for everyone.
And it can help to retain customers who may otherwise leave if the process of changing orders is too complicated. Plus, it can offer an audit trail (great for legal purposes and long approval cycles).
This document is commonly used in industries like web design and architecture design.
7. Customer Approvals for Custom Designs
If you're in the business of crafting customized products for customers, then you will likely use this document. You never want to start on a custom project without first getting the approval of the customer.
By updating your process with digital documents, you can streamline your workflow. You can send over your design ideas and within minutes, receive a digitally signed customer approval document.
The next step now is to complete the order.
8. Parental Consent and Age Verification Forms
In some businesses, you have to verify the age of employees before you can hire them. For example, if you own a bar, CBD shop, or restaurant that serves alcohol, then this is an important document.
The same goes if you work with children and need parental consent before performing services.
To speed up the process, you can use eSignatures that parents and applicants can sign using their smartphone or tablet.
You'll find this frequently used for kids' camps, school field trips, and bouncy house rentals.
9. Legal Documents for Business
There will come a time when you have to sign legal documents, such as when you're transferring intellectual property licensing.
You may also find yourself making other legal agreements with 3rd parties. These processes can be complicated as is, so why not make it simpler with digital signatures?
It's also important to note that digital signature platforms are legally-binding and contain an audit trail that's court-admissable.
Building Your Own API vs. Using a Service
Let's be real -- you don't want to spend hundreds of thousands on creating and maintaining a digital signature API.
However, it may come across your mind because you think it'll save you money in the long run. But this couldn't be any less true.
You have to take into account the amount of time and energy it takes to design and build your API. Plus, the IT department will have to train your teams to use the platform (if it doesn't have an intuitive design).
Then you have to worry about the maintenance -- there will be hiccups that require immediate attention. This will further drain your bank account.
But rather than going through all of this -- why not just opt for an eSignature platform? This will cost you a fraction of the price of building an API.
Then if there are ever issues with the software, it's the company that must work out the kinks -- not you.
You're an entrepreneur, which means you don't have time to deal with managing technologies. However, you need them to boost your productivity.
With a digital signature tool, you get access to features that allow you to improve your processes. If you decided to build your own API, then you'd have to integrate all of these features yourself, which will cost a boatload.
Implement eSignatures Into Your Business
It's plain to see that eSignatures are the future of business.
With the right tools and strategies, you can streamline your sales, customer retention, and more.
Ready to see how it can help grow your business?
Then sign up for eversign's free version to see how simple it is to use.
Let us know in the comments how you plan to use it!