Everyone's jumping aboard the eSignature train (or at least, so it seems).
By 2023, it's expected that this industry will grow by 34.7% worldwide, reaching an astounding $9.07 billion.
But is it really a surprise? Most businesses you interact with today require you to sign documents digitally.
You can find eSignatures in just about every industry, including real estate, property management, car sales, banking, insurance, and more.
Let's take a closer look at why there's a high adoption rate of eSignatures and what you should consider before investing in a platform.
Why the Rise in eSignatures?
It's easy to see why eSignatures are a popular choice among businesses today. For one, they're fast and convenient.
Let's take real estate agents for example. They make their money by closing deals. So the faster they get your signature, the quicker they get compensated.
Rather than waiting around for you to stop by their office or fax/mail the documents, they can just email it to you. Within minutes you can approve and send back the signed paperwork.
And that's another benefit of eSignatures -- they're simple to use. You're just clicking and manually signing or uploading an image.
On eversign, you can auto-generate your signature to make it even easier.
The amount of money offices save on paper, ink, and toner is also noteworthy.
But ultimately, if you're looking for a secure way to store essential documents and offer enhanced customer service, then eSignatures are for you.
Not sure if eSignatures are right for your company? Then take a look at this checklist to see if you're a good candidate.
You Have a Long List of Documents Signed Daily
Depending on the industry you're in, you may have a list of documents you manage signatures for on the daily. For instance, in real estate, you have to approve rental applications, background checks, buyer's agreements, purchase agreements, and so on.
If this sounds like you, then it's a good idea to lighten your load by using an eSignature platform.
You Need Documents Approved
If you have to wait for documents to be approved before signing off on them, then you know how time-consuming this can be. You have projects to complete and contractors to pay, but can't until management reviews and approves it.
With eSignature software, you can cut this process down by emailing them the documents. Digital documents reduce the wait time since you can have the paperwork signed, sent to management, and approved all in the same day.
You Need Multiple Signatures On Documents
When you're doing business with several parties, then multiple signatures are needed. This goes for documents like contracts, Non-Disclosure Agreements, and so on.
However, getting the document to everyone can take forever, especially if everyone's in a different state or country.
Printing out, mailing, and ensuring everyone's signed all the necessary areas is wasted time. You can get deals rolling faster by opting for eSignature platforms.
This way, you can email everyone the documents at once. Then after they sign, it updates a single digital document.
In other words, you don't have to forward documents and fear version control. The process is seamless and quick, allowing you to move forward with your project.
Your Paper Processes Last Many Days or Weeks
Paperwork is a common enemy in the office. But it's a necessary evil. Yet, this doesn't mean you have to deal with it the traditional way.
In many cases, paper documents take weeks or even months to complete. You can thank misplacements and forgetfulness for the delays.
Documents sometimes end up lost in the mail, misplaced by secretaries, and overlooked by higher-ups. With eSignature tools, you can keep an eye on the progress of documents in real-time.
You'll know who's responsible for the delay so you can reach out and give them a nudge.
So are you ready to choose an eSignature platform? Then keep the following things in mind when making your selection.
1. Will Your Documents Be Legally-Binding?
The last thing you want is to have a contract you eSigned to be invalid in the court of law. Generally speaking, eSignatures hold the same weight as ink signatures under ESIGN and UETA laws.
However, it takes more than stamping a digital signature on a document to consider it legally binding. When choosing an eSignature platform, make sure that it comes with an audit trail that's court admissible.
2. Can I Access My Documents in the Cloud?
This is critical, especially if you need to access a document while you're on the go. If you travel a lot and need to obtain a signed document, you should be able to do so using your mobile device.
All of your documents should be available on the cloud for quick downloads (and printing, if needed).
3. What Applications Can You Integrate?
It's all about apps and integration, especially in business. There are many different tools you use daily, which can make it hectic to keep track of them all.
This is why integrations are a must. Make sure the eSignature platform you use offers integrations with relevant apps you use.
For instance, on eversign, you can integrate apps like Dropbox, Evernote, Box, Gmail, One Drive, Google Drive, Google Chrome, and Google Docs.
This makes it easier to upload and share documents between the apps and your eSignature platform.
4. What's the Cost?
Most (if not all) eSignature platforms charge a monthly rate for their online platform. Since the billing is frequent, you want to ensure it's within your budget.
It's also good to save by going for the annual plans.
The good news is that the competition is fierce, which allows you to find a robust tool that's also within your price range.
Then if the platform you're considering doesn't offer a free version for you to test out, then that's a bad sign.
5. Is the Platform Scalable?
You don't want to get stuck with an eSignature tool that's not going to grow with your company. Since this can happen at a moment's notice, you want something that can scale up with you.
Find a platform that you can easily upgrade (without breaking your budget). You'll find you need to upgrade your eSignature plan as your team grows larger.
Everyone will need to have their own login credentials to access the documents and features. For instance, eversign allows you to do in-person signing on a mobile device.
Speaking of which...
6. Is the Platform Mobile-Friendly?
A lot of business owners today conduct business through their mobile devices. Whether you're using a smartphone or tablet, you want to be able to not only access the documents on mobile, but be able to upload and sign documents on it as well.
Let's say you have a printed document on hand that needs to be signed by a client in another country. So you take a snapshot of each page with your smartphone.
Then you upload it, add the fields that require signatures and initials and email it to the recipient. Once they send it back, you complete it by signing it using your finger or stylus.
This provides you with a ton of flexibility and convenience that some platforms can't offer. So double check that this is possible, especially if you're always on the go and/or are glued to your mobile device.
7. Does it Prevent the Alteration of the Document?
Once you send the document to the recipient for signing, you don't want anyone to change it. The only way you can ensure this is if you disable the editing feature for the document.
Be sure this feature is available so you can better control how recipients interact with your documents.
By blocking this access, the recipients will only be able to manipulate the signing areas with their signatures.
8. How's the Security of the Platform?
Surely, you don't want to deal with security issues that can put your business or your client's business in jeopardy.
So it's advised that you look into the security features the platform comes with. For instance, does it ensure that only authorized people will be able to receive, view, and sign the document?
Start Accepting eSignatures in Your Business!
The benefits eSignatures offer to businesses makes it a worthwhile investment. Not only are you saving time and money, but you're also creating a better customer experience.
If you're ready to make these improvements in your company, then your next step should be to look for an eSignature platform that suits your budget and needs.
Sign up to eversign for free to see if it's the solution for you!