Electronic signatures are becoming commonplace in businesses today. When you sign up for a new insurance policy, they send your documents via email, and from there, you can view, initial, and sign each one.
This is the future of business – it's convenient, and it saves money. Plus, it cuts down the time needed to complete paperwork.
But maybe you're not yet using eSignatures in your workplace. If that's the case, then it's time to learn of all the benefits of digital signatures.
Let's have a look.
They're Simple and Quick to Use
Both sides of the equation benefit from digital signatures. On the customer side, you're getting papers signed to get your product or service faster.
And on the business side, you're getting the signatures you need fast so you can seal the deal.
This is how it is for any type of business you're in – real estate, business consulting, insurance, car sales, and so on.
It also doesn't require any training for your customers -- it's that simple and straightforward.
No More Tracking Down Documents
Faxing and mailing documents, or even signing them in person, leaves the risk of loss and theft. Keeping up with all the paperwork is time-consuming, space-wasting, and overall inefficient.
The cost of storing thousands of documents can skyrocket when you're in an industry that deals with tons of paperwork. But you can eliminate this with eSignatures.
All of your signed documents are in the platform, allowing you to quickly search for and find them whenever you need to.
And what's more, is that you can access these documents using a mobile device with an internet connection.
Reduce Human Error
Ever receive back a document (finally) only to find that it's missing one or more signatures?
That reboots the whole process of returning the documents and waiting around for it to come back.
But with eSignatures, you don't have to go through this since the platform can warn the user of a missed signature before they send it.
Eco-Friendly and Money Saving
How much money does your office spend on paperwork? You have to take into account the amount of paper, ink, and printer maintenance involved in your business processes.
All of this adds up quickly by year's end. However, if you switch to eSignatures, then you'll reduce your need for these office supplies.
So given all the benefits that come with eSignatures, do you think it's time to implement it into your workplace?
Maybe you're already two steps ahead and thinking that you'd be better off creating your own eSignature API.
Well, let me stop you in your tracks because there are several things you want to consider beforehand.
Let's take a look.
The Cons of Developing Your Own eSignature API
Sure, there are instances where creating your own eSignature API makes sense. Such as when there's a unique situation that requires software that's not readily available.
But that's not the case here. Electronic signatures don't require a unique platform built for each company.
In fact, there are many eSignature platforms out there right now that you can easily integrate into your business processes.
However, if this doesn't convince you, then maybe the following will.
Expect to Wait Months
The moment you decide to build your own eSignature API, you're postponing implementation by months. First, you have to find a developer to handle it for you.
Then you have to wait for the developer to create the platform, test it, debug it, and release it. And let's not forget you need developers who can develop both the front-end and the back-end.
It doesn't make sense to prolong a solution you could easily purchase right now.
Expect to Pay a Lot of Money
The amount you'll spend on building your own eSignature API depends on multiple factors. For instance, the developer(s) you hire, the length of time (if they're charging hourly), and the features you're adding in.
If you're looking to go all out with your API with additional features, then you can expect to wait longer and spend more money.
Not a good combination.
In business, you have to master the art of saving money and time to drive efficiency.
Your Workers Must Be Trained By IT/HR
After the deployment of your API, you can't expect your employees to jump in and know how to operate it. The way your IT team develops it will dictate how simple or complex it is.
Software development is a mix of art and logic. If the developers you hire aren't great at crafting an intuitive system, then expect the learning curve to be high.
The length of time it'd take to get your employees up to speed may slow down productivity even more.
Updating Your System Will Be Consuming
Yes, your systems will need updates eventually, which means more time and money being wasted. Along the way, your workers may find glitches in the system that require fixes.
It's hard to plan for this, which means surprise expenses at a moment's notice. If you don't have a dedicated IT team, then you'll have to either rehire the contractor who did it (hopefully, they're still around) or someone else to do it.
And if you go with the latter, then you can expect it to take more time (and money) for them to learn the original developer's programming.
It's Difficult to Match a Vendor's Functionality
If you think that making your own API will be cheaper in the long run than buying from a vendor – think again.
The amount of functionality you can afford to put into an API depends on your business size and budget.
Vendors specialize in eSignature software and are always expanding their functionality and features. Trying to compete with this is next to impossible because your focus has to be on operating your business.
Your API will end up subpar compared to vendors and quickly fall further behind as they continue expanding their features.
Keeping Up with Rapidly Changing Applications
Do you use tools like Google Drive, OneDrive, and Dropbox? Chances are, you do. Integrating these platforms with your API is critical to boosting productivity.
These are tools your workers already know and use, so it makes sense to integrate them. But what happens when these platforms update and require tweaking to your API?
The same goes for internet browsers, hardware, form factors, and mobile devices.
That's more money to spend and time waiting for updates.
You won't have this problem when you work with a vendor.
You Must Follow International Laws
Now, if you thought that developing an eSignature API was all technical, you're wrong. You also have to worry about the legalities of it.
Obviously, you don't want to get sued for someone forging their signature or other scenarios that could play out if you're not careful.
There are specific regulations and laws that revolve around electronic signatures. This includes HIPAA, eIDAS, and SOC II to name a few.
If this isn't enough to deter you from developing your own API, then let's continue on with why eSignature vendors are the way to go.
Get Started in Just Days
Once you sign up for an eSignature platform like Xodo Sign, you don't have to worry about the wait time. You get access to the platform and all of its features within days.
Plus, you can choose the level of features you want by selecting the plan tier that best matches your needs.
No Worries About Testing and Troubleshooting
The customer service and IT support you get from a vendor makes it easy to test and troubleshoot any issues you run into quickly.
No need to spend money on an expensive developer.
No Hiccups in Your Business Routine
Once you purchase your eSignature service, you don't have to stop your flow of business. You can continue business as usual until the integration is complete.
At this point, your teams can sign into and use the dashboard, which is user-friendly.
Integrate with Your Favorite Apps
At Xodo Sign, you're able to integrate your eSignature platform with cloud solutions, such as OneDrive, Google Drive, Dropbox, Box, Evernote, Chrome, Google Docs, and Gmail.
You're also able to sign documents within Google Drive, Gmail, Google Docs, and the Chrome browser.
Spend a Fraction of the Cost
And we do mean a fraction. You can expect to spend between $10 and $80 per month, depending on the tier you sign up for.
The amount of money you spend upfront and over the years won't compare to what you'd pay for the initial and ongoing costs of owning your own API.
So is it worth it to you?
Getting Started with eSignatures
Consumers today are looking to work with businesses that are flexible and convenient. If you don't offer the ability to view and sign documents virtually, then you're already interrupting the customer experience.
This goes for both B2B and B2C companies. It's good to streamline your processes, so your clients are happy right from the first interaction with you.
If you're ready to get started with eSignatures, then sign up for the free account of Xodo Sign to test it out before you buy!