Month: May 2021

How to choose the best eSignature Service

How to choose the best eSignature Service

eSignatures are the gold standard for efficiency and simplicity in eCommerce, Banking, Insurance, Real estate, Finance, and other emerging sectors.

As per the latest market research, the valuation of the Digital Signature market was USD 2.03 Billion in 2019 and would reach USD 17.72 Billion by 2027, growing at a CAGR of 31.1% from 2020 to 2027.

E-signature software makes document processes speedier, efficient, and consistent for every task, right from closing sales contracts, team member onboarding, online banking, filing tax returns, esigning legal documents, and many more things.

The global adoption of e-signatures is accelerating at a rapid pace. The key factors driving the growth of the electronic signature market include a growing government emphasis on paperless bottlenecks, rising consumer demands for digital communication, and increased awareness of the legal acceptance of e signatures.

It is not easy to compare and choose an eSignature solution as many companies in the international market are claiming to be the top eSignature service provider.

In that case, you must follow this checklist to decide the best eSignature service for your organization.

1. Precise feedback from eSignature users

Ask for detailed feedback from eSignature users during the trial period- who may be employees from your company or the clients accessing the application to eSign the contract and agreements.

Different users may have different perspectives and views about the eSignature application.

An office team member will judge the application based on smooth user experience, time savings to focus on essential tasks, and convenience to use it on any device, any time.

The company must seek an answer to these questions from its employees before deciding about an esignature software:

  • Is it easy to use the application?
  • Do I need the training to use the application?
  • Does it help free employee’s time to do meaningful work?
  • Does it help in reducing the use of paper documents?
  • Does it accelerate reviews and approval processes?
  • Does it help track document signing progress?
  • Does it help eSign the documents from anywhere?

A client may have different views and questions about the e signature application:

  • Is it easy to use the eSignature application?
  • Can I trust the esignature application?
  • Is my eSigned document safe?
  • Would it save time in esigning the documents?
  • Are my eSignatures legally binding?

2. Is the eSignature application compliant with laws around the world?

The eSignature service must be compliant with major electronic laws like GDPR, eIDAS, and the ESIGN act.

GDPR

Suppose your business organization transacts with other companies globally and is looking to implement electronic signatures. In that case, you must ensure that the eSignature service provider demonstrates full compliance with the GDPR requirements.

eIDAS

The eIDAS regulation has two focus areas like Electronic identification (eID) and Electronic Trust Services (eTS), and must recognize three distinct signature types like

  • Standard electronic signatures
  • Advanced electronic signatures
  • Qualified electronic signatures

ESIGN & UETA Act

Two bodies of law in the United States govern electronic signatures and their transactions in the Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA). They are collectively known as the US eCommerce Laws.

3. Does your eSignature vendor understand your business?

Although all e-signature solutions help organizations remove the paper-based method of acquiring wet signatures, some vendors can fall short when it comes to being aware of industries’ specific requirements related to prospective clients.

In highly regulated industries, such as the eCommerce, finance, law, construction, and insurance, it is crucial to work with an e-signature provider:

  • Who understands the day-to-day challenges of your business
  • Understands how e-signatures can fulfill your business needs
  • Who knows how their services would streamline business operations
  • How would it help companies cut costs in their respective sectors?
  • Who complies with the regulations that are relevant to your organization
  • Who complements the way of work in industries of different sectors
  • Who provides cost-effective IT management

4. Security of electronic signatures

Data loss, breaches, malware, and viruses can harm your company’s reputation. You’ll need adequate security assurance when looking for an electronic signature vendor. You must check if they provide these security features:

User verification: User identities can be verified using ID cards, access keys, and digital certificates.

Audit Trail: The Audit Trail feature is a digital record maintained by the e-signature service.

Multi-factor authentication: Protects your document, ensuring that only authorized persons have access to them.

Document Verification: It ensures that a document remains unchanged after being signed. In case of edits to the document, the signatures are rendered invalid.

Secure storage: Please check if the esignature service providers use highly secure cloud storage solutions like Google cloud.

Security: To ensure that no one is spying on your connection, ensure that the service always utilizes an HTTPS connection.

5. User Privacy

The privacy of the data as a customer should be your top priority before finalizing an eSignature vendor.

You have to ensure that the esignature service provider provides complete privacy of your electronically signed documents.

Only invited employees should get the access and edit request to esign the document. There should be no scope of the document getting leaked outside the company network and accessible to uninvited employees.

It would be of great help if you seek answers to these questions from the service provider:

  • What type of user data is collected by them?
  • Are they collecting any personal user information?
  • What do they do with such sensitive information?
  • What are they doing to protect this information?
  • Is the collected data safe from leakage?

6. Scalability

You want your company to keep growing and moving forward, and hopefully, you want to keep using the same resources you have now in the growth journey.

It is also true for eSignature apps; you have to ensure that the application use evolves with your business.

An excellent way to check this is to:

  • Look at the service packages offered by your eSignature app
  • How many users can be added by the company?
  • Package wise advanced features & functionalities

Additionally, you must seek an answer to these questions:

  • Is the digital signature scalable to meet the needs of the company today and in the future?
  • Would it allow continuous modernization of your business?
  • Is this application usable by other departments of the company?

7. Cost-Effectiveness

Is it justified to spend money on an eSignature application? How would it benefit the company in the long term and help streamline the day-to-day business operations?

To answer these questions, you must compare the features, benefits, annual pricing, user reviews, and ratings of different eSignature services before actually investing in a new one.

The cost-effectiveness of a software application is not only about the cheapest pricing but a combination of

  • Ease of use
  • Convenience in using the application
  • Positive impact on business efficiency
  • Improvement in employee productivity
  • Business hour savings after using the software

8. The flexibility of the application

It is advisable to use an e-signature solution that merges well with its existing processes and workflows.

eSignature buyers must ask themselves:

  • Would the application support employees work from home?
  • How many portable devices are supported by this application?
  • Would it support the business if the number of employees increases?
  • Would there be future updates for the software?
  • Can the software adapt as per your organizational changes?
  • Would the vendor be able to adapt to your ideal process map?
  • Is it possible to make quick & easy changes in your processes in the future?

9. Support

You will always need good, responsive support from the e signature service provider if there is any problem in using the application.

A good practice is to immediately reach out to the customer or technical support representative during the trial period and check out if they provide active support if the problem arises.

Another good way is to read customer reviews and ratings and check out the responses from other customers.

Most of the eSignature companies offer a free trial to use their applications. Use the trial period to thoroughly test the electronic signature application for user experience, task completion speed, and security of the eSigned documents.

Sign Up for a LunarPen FREE account to confirm the checklist items and start using the best e signature service today.

Conclusion

Asking yourself these questions before finalizing an electronic signature software will help you choose a solution suiting your business needs. Follow this checklist to select the best eSignature service for your organization.

Reach out to our experts to get started with electronic signatures today.

Frequently Asked Questions

How do I choose an electronic signature solution?

You can decide the best eSignature software based on the below factors:

  • User experience
  • Ease of use
  • Data privacy
  • Security level
  • Law compliance
  • Compatibility
  • Customer reviews
  • Responsive support
  • Value for money

Is LunarPen legally binding?

Yes, electronic signatures created using the LunarPen application are legally binding. It adheres to eSignature laws like the ESIGN Act, eIDAS Act, and the GDPR law, allowing any company to do business globally.

Can I get a free electronic signature?

Yes! LunarPen lets you use electronic signatures for free. You need to SIGN UP for a free account.

How can I send my signature for free?

Follow these simple steps to send your signature for free:

  • SIGN UP for a free eSignature account
  • Create or upload your document that needs your eSignature
  • Choose the email IDs of the persons necessary to sign the document
  • Use the LunarPen interface to eSign your document
  • Receive esigned documents by email
Posted by Lunar Pen in eSignaure Law, 0 comments
How eSignatures are Saving Our Planet

How eSignatures are Saving Our Planet

Take a minute and look around you; You will see tonnes of papers in our daily lives.

It isn’t easy to imagine a world without paper!

We use paper for data storage, print newspapers, magazines, keep track of transactions, and so on. Students use it for studying, research with books and notebooks, as well as extra notes. Offices use it for printing and storing different records physically. If you visit a post office, you can see that every collected mail is paper made.

According to the researchers, human activity led to the destruction of 15 billion trees every year, reducing the green cover on our planet by 46%.

A paper may appear harmless to you! But in reality, it has caused more significant environmental damage to our planet:

  • Deforestation: 9,541,559 hectares of forest were cut down or burned globally in 2021, which has a whopping 11.3% contribution to global emissions
  • Pollutants: Paper & pulp industries are responsible for producing 100 million kgs of harmful contaminants like SO2, H2S, CIO2, CO every year
  • Waste disposal & recycling: Paper waste disposal & recycling is the main problem as 40% of the total waste is paper waste contributing to 71.6 million tons of waste annuall

Now let’s look at some of the official use of paper:

  • An average employee uses 10,000 sheets of paper every year
  • Sending details on paper costs up to 31 times the original price (printing, copying, postage, storage, filing, recycling, etc.)
  • Each year 7.5 billion documents produce 15 trillion copies of the original documents.

The most prominent observation from the above statistics is that the more you use paper, the more demand is created in the paper industry to produce them every day.

What if we reduce our paper consumption, go green to save substantial operational costs, and transform your company into an eco-friendly company?

How to achieve this feat superfast? The answer is using esignature applications.

Here is how esignatures are saving our planets:

  • Get rid of storage concerns

A standard piece of paper uses cellulose wood fiber strengthened and glued together by strong hydrogen bonds. Suppose the storeroom having paper documents is exposed to hot, moist, and wet conditions. In that case, they are easily destructible—such concerns associated with paper storage force organizations to keep the paper documents in temperature-controlled environments. As paper documents take huge space, such document storage facilities come at mammoth annual costs.

Businesses using eSignatures don’t have to worry about storing paper documents, as documents are stored in electronic format using secure cloud storage managed by third parties like Google, Microsoft & Amazon.

Companies using eSignature solutions save huge costs (power, rental & maintenance bills) associated with the storage of physical documents and make a remarkable contribution in reducing the toxic fumes emitted by power plants, preserving natural resources, and protecting habitats from degradation.

  • Eliminate paper wastage

Some documents are printed, copied, and mailed multiple times to fulfill a company’s requirements, but employees often print unwanted copies of the papers unnecessarily.

It also happens that people require several copies of the document for different purposes and carry document copies with them. The best examples are students using temporary notes for their examination, doctors’ prescriptions for illness, old newspapers, paper bills after shopping, paper envelopes used for mailing paper documents, and many more.

When the purpose of these documents is over, then they are thrown off in the dustbin.

The result is excess paper wastage.

Electronic signatures enable users to sign documents electronically rather than print, sign, scan, and return them by mail.

Companies can actively put a curb on paper wastage using eSignature systems and help our environment breathe better.

  • Reduce harmful emissions from vehicles

An important use of paper is to sign essential contracts and agreements.

There are several instances when the new contract has to be sent to an individual for signature and then sent back to the company. Often, the parties associated with the contract or agreement must travel to a familiar location to complete the deal. They have to use train, flight, personal, or transport services to travel or send the paper documents to the owner or receiver.

If you are using transportation services to travel, send or receive the contractual documents, you actively contribute to multiplying the greenhouse gases responsible for climate change, extreme weather conditions, wildfires, droughts, and a lot more.

eSignatures reduce harmful emissions from vehicles by esigning essential contractual documents without moving out from your location.

  • Get rid of plastic ballpoint pens and refills.

Plastic ballpoint pens are everywhere. They are at home, work, and school, but they are just as polluting as plastic bags and straws because as the ink runs out, you have to throw it away.

All disposable plastic pens and refills contain toxic materials like lead, end up in waterways, landfills, and other places with the harmful content trickling down to the soil and the groundwater table, causing considerable damage to the natural reserves and aquatic life.

As ballpoint pens are not biodegradable, they are a big nuisance for the environment as they can take more than a century to decompose. Nowadays, we have already started seeing the ill effects of plastic in our environment, like microplastics found in fruits & vegetables and plastic getting into the gut area of animals.

eSignature helps you get away from the daily issue of writing documents with a plastic pen. You can create and esign the documents online. If businesses use eSignatures, they can minimize stationery expenses in the workplace. Secondly, they can do their bit in ensuring a greener environment by using fewer plastic pens wherever necessary.

  • It helps reduce electronic waste.

Several electronic products come towards the end of their product life, are irreparable, and have to be thrown away. Offices use computer monitors, printers, scanners, copiers, fax machines, and many electronic devices. Such old hardware can be recycled and disposed of properly. But if not done correctly, they have a horrible effect on the environment as they are non-biodegradable and can lay as indestructible waste on earth for centuries.

How?

When electronic waste is warmed up, toxic chemicals are released into the air damaging the atmosphere, causing colossal damage to human blood, kidney, and central nervous systems.

Organizations using eSignature solutions have significantly less dependability on external hardware devices for the daily task of printing, scanning, and mailing the documents. Employees can use the electronic signature application to create-edit-eSign-Email the documents. It eliminates the need for printers and scanners and helps the companies to do their bit in safeguarding the environment from e-waste.

eSignatures reducing carbon footprints and protecting the environment are not the only benefits of eSignature solutions.

Here is how your business can benefit from eSignature solutions

  • Legally recognized

eSignature applications are lawfully recognized by countries worldwide as the ESIGN Act and the eIDAS Act. These laws help your organization to do business globally.

  • Improved Customer experience

You get instant access to services using eSignature solutions. Waiting time to activate a service like opening a bank account, shopping online, or SIM activation reduces from weeks to few hours, resulting in improved customer experience.

  • Increase in productivity

eSignature technology helps increase productivity as it lets you focus on essential tasks by avoiding time taking activities like printing, scanning, copying, and mailing physical documents.

  • Positive return on investment

You get a lot of direct savings after switching business operations to a paperless workflow. 81% of digital signature users saw a payback in 12 months or less, and 25% saw ROI in three months or less.

CONCLUSION

Are you looking to make your business greener and eco-friendlier in 2021? Learn here how LunarPen benefits your business to achieve swift digital transformation. We are the global leader in eSignature applications and help business organizations manage proposals, NDAs, contracts, and agreements. Our mission is to assist you in digitizing processes in which we are experts while maintaining the protection, confidentiality, and legality of your business operations at all times.

Frequently Asked Questions

How do electronic signatures hold up in court?

Electronic signatures will hold up in court as long as they authenticate the documents. The best way to ensure authentication is to use the LunarPen e signature solution backed by different esignature laws like the IT Signature Act, eIDAS Act, and the ESIGN act.

Are electronic signatures safe?

Electronic signatures are safer than a wet signature as the esigned documents are accessible on the cloud. The encryption technology makes it impossible to duplicate and use the signed documents for illegal purposes.

How do I convert my signature to a digital signature?

You need to follow these simple steps to convert your signature to a digital signature:

  • Use a piece of paper to do your signature
  • Scan the signature using a scanner app
  • Crop to capture the signature and save it
  • Copy, paste & use the saved signature for a new document.

How are digital signatures verified?

One user generates the digital signature, and another user checks the signature. The signatory and the verifier each have a private and public key for the completion of each operation.

Posted by Lunar Pen in eSignaure Law, 0 comments
Industries That Can Benefit From eSignature Solutions

Industries That Can Benefit From eSignature Solutions

Moving fast in business is crucial for survival! You move slowly, and the rising competition devours your market share. eSignature solutions help companies to minimize delays with paperwork and move things faster. They cut the turnaround time by 90%, which means a document can be signed and shared online even before the ink dries on the paper. Apart from these benefits, they allow businesses to work smartly, save money, boost productivity without using the costly, time-consuming age-old processes.

Investment in eSignature service is the best bet for organizations that want to blast past these issues and speed up their digital transformation journey.

Here are the industries that can benefit immensely from eSignature solutions.

eCommerce Industry

Is there anything familiar between eCommerce and electronic signatures? Both have closer ties with each other and are dependent on the internet for smooth business operations.

The sole credit of the eCommerce industry getting into a monstrous growth phase (USD 4.28 Trillion worldwide), breaking national boundaries, and reaching genuine customers goes to electronic signature solutions.

eSignatures have entirely changed the way eCommerce companies do business with customers.

Here is how they complement each other!

Every order on an eCommerce website is like an online business contract initiated when the buyer places an order. The open contract is closed when the buyer acknowledges the product receipt with an electronic signature.

The plan of using an eSignature application is evident here.

Its use means genuine company representatives are delivering the ordered product on behalf of the company, and there are minimal chances of the order getting duplicated and misplaced.

Another critical point is that if a business is present in other geographical locations, the company needs not seek the customer’s signature on a physical document as consent to the contract. When you esign the document using an eSignature solution, you can instantly use it as an agreement signed by both parties.

You are miles ahead of the competition in a tough eCommerce market as your customers get the impression that they are doing business with a trusted company.

This way, eSignatures provide a critical way to boost online branding, gain positive word-of-mouth marketing, and enhance Customer Experience (CX).

Banking Industry

Implementing eSignatures in the banking industry can save an astonishing 1.3 hours per transaction! As they are efficient and track documents very fast.

Banks adopt eSignature solutions in daily business operations to offer a better customer experience and digitize their processes.

Here are some ways banks can benefit from using e-signatures:

Minimize transaction time: It allows banks to process a good number of transactions within a short period

Ensures document security: If your bank uses esignature solutions, you don’t have to worry as esigned documents are stored securely in the cloud storage.

Streamline Internal process: Banks can eliminate all time-consuming steps involved in paperwork as you don’t have to print, scan and mail the documents.

Improved customer loyalty: eSignature solutions give clarity, transparency & excellent efficiency in a bank’s internal processes allowing customers to reach them for more services, thereby improving customer loyalty.

Telecommunication Industry

If an industry has truly capitalized and received immense competitive benefits from electronic signature, then the credit goes to the telecommunication industry.

When the world embraced 4G technology, they needed to acquire customers in mass numbers to justify the infrastructure costs.

But the biggest Achilles heel of this industry was manual document processing as companies received connection requests from lakhs & lakhs of applicants every day. Activating these connections in a few hours and providing them the selected services at the right time was like daydreaming.

Then the telecom industry adopted eSignature technology, which completely changed the scene. Here is how it has benefitted from electronic signatures:

Fastest Customer Acquisition: Process KYC documents in a matter of minutes instead of days.

Pleasant Customer experience: What is more pleasing than seeing your applied services getting activated before your own eyes? You apply for a sim today and enjoy voice and internet services the same day.

Contract Signups and renewals: B2B customers sign their contract online on a paperless document with real-time approvals on contract and eForms.

Tamper-proof documents: Digital signatures are tamper-proof as they use highly secured encryption technology.

Ensures compliance: Electronic signature confirms to ESIGN, eIDAS and IT signature act making it suitable for intercontinental business.

Here is a live example of Reliance Jio using electronic signatures to acquire 20 Million customers in a month.

Insurance Industry

Insurance is the second industry after telecommunication searching for new customers to add to its business. The more customers, the greater is the month-on-month revenue.

But the main challenges faced by them are reducing costs, increasing turnaround, and profitability.

To overcome these challenges and remain relevant in the market, these companies have started deploying electronic signatures as a proven solution to acquire online customers securely, build engagement and grow customer loyalty.

The benefits of implementing eSignature for the insurance industry are:

  • Sign new/existing insurance policies with speed and accuracy
  • Super convenient for clients as they can quickly sign and retain copies of their signed policies
  • Get new customers with ease leading to more significant improvement in productivity of field agents
  • Reduce chances of errors by securing your insurance document flow
  • Get a considerable return on investment (ROI) by saving paper, mailing costs, and back-office processing
  • Boosts up brand image in the market as an eco-friendly company
  • One of the most significant benefits of eSignature is that it helps reveal the identify the signer
  • It helps save your office space as you don’t need printing and scanning machines

Construction Industry

Do you know that the global construction market would grow to USD 8 Trillion by 2030? There is an incredible opportunity to be a part of this boom and climb the ladders of success.

The construction industry has tonnes of paperwork- contracts, material sourcing, paid bills, unpaid bills, builder-customer agreements, employee records, bank agreements, construction project management, and a lot more.

According to a recent study by the World Economic Forum (WEF), full-scale digitalization within ten years is capable of producing annual global cost savings of USD 0.7-1.2 Trillion (13-21%) on Engineering & Construction and USD 0.3-0.5 Trillion (10-17%) in the Operations phase.

Electronic Signatures are an essential weapon in swiftly ensuring the digital shift.

You can barely escape from paperwork! Whether the construction company is a smaller company or a larger company, contracts and agreements form part of everyday work. The most important thing is to keep all the records safe for years & years, preventing them from misuse and getting destroyed.

LunarPen eSignature applications are born to handle these situations pretty well.

Here is how LunarPen eSignature helps the construction industry:

  • Stores all documents in one place and keeps construction industry contracts completely secure
  • Eliminates the risk of construction project delays by getting required signatures from engineers, managers, and contractors
  • Process construction company documents in the most efficient way by uploading, eSigning, and emailing the documents
  • Prevents forgery of essential documents and contracts as online documents are accessible only to authorized users

Law Firms Industry

The law firm industry is worth USD 300 Billion a year. It provides expertise on various practices, including business law, criminal law, commercial law, tax law, intellectual property, and real estate.

It involves loads of paperwork hassles that are always a pain and needs due care for document creation, usage, security, and storage.

Paperless electronically signed documents simplify the process of document signing and increase document safety.

Here are the main benefits of electronic signature in the law firm industry:

Time Management: LunarPen eSignature application saves a lot of time doing manual tasks like printing, scanning, mailing, and storing the documents.

Cost savings: It considerably reduces the amount of paper needed for printing, scanning, copying, and mailing documents.

Security: It offers the highest level of protection than a paper contract due to encryption technology, allowing verification of every signer and maintaining the chain of custody.

Client conversion rate: It allows to increase the conversion rate for retaining new clients by signing with the organization immediately at the first intake.

Use from anywhere: Your clients won’t have to take work off to come in and sign documents that are essential to their matters. They go to their email and can review and sign their documents quickly.

Protects confidential documents: It helps protect personal information with secure electronic storage. Your clients will love how fast and easy it is to sign documents with eSignatures.

Legally Enforceable: Electronic signatures used for signing online documents are legally enforceable by law.

Conclusion

The growing list of companies and industrial sectors using eSignature solutions is undeniable proof of its adoption in day-to-day business operations. Take the name of any industry, and you can see the way companies are using this technology to speed up business processes, boost productivity and win consumer confidence. Electronic signatures are a dream come true for companies trying to reduce operational costs and increase market share without constraint on a company’s existing resources.

Frequently Asked Questions

What are the three benefits of a digital signature?

The three main benefits of using electronic signatures are enhanced security, lower transaction costs, and speed.

What is an eSignature example?

Examples of electronic signatures are

  • Using an ePen to create a signature on a touch screen device,
  • Using your fingers to draw your signature on smartphone or tablets
  • Using the mouse to remove your name as a signature on desktop or laptop
  • Signature at the bottom of your email
  • Typing your name as a signature
  • Scanned images of a signature

Is email an electronic signature?

The components of an electronic signature are

  • Your name
  • Name of company
  • Role in the company
  • Contact details
  • Website URL of the company
  • Your photo or a company logo

What is the symbol for electronic signature?

An S-signature is an electronic signature formed by forwarding slashes that include any non-handwritten signature (i.e., electronic or mechanical).

Posted by Lunar Pen in eSignaure Law, 0 comments
Why e-Signatures Should Be a Part of Your Digital Transformation

Why e-Signatures Should Be a Part of Your Digital Transformation

Do you know that the global spending on digital transformation will exceed 2.4 Trillion USD by 2024, making it the number one priority for a company’s IT initiatives in the world?

Companies’ efforts to transform digitally have begun, and by 2023 the digitally transformed organizations are expected to contribute to more than half of global GDP.

But important research shows that only 8% of the global companies have achieved their targeted business outcomes from their investment in digital technology. It means over 90% of companies still struggle to live up to the promise of a technological business model.

So, why is it that a large number of companies are failing to transform digitally?

Incorrect goals, lack of clear strategy, and failure to adapt to new changes are crucial reasons for its failure.

What is Digital Transformation?

Is this only about getting rid of physical paperwork and documentation?

Digital Transformation is the process of integrating digital technology into crucial business areas to optimize its speed, security, and reliability, thereby completely changing the way you do business and deliver values to the customer.

A digital transformation strategy is a key to help a company grow and provides an excellent opportunity for core business functions like marketing, human resource, and finance to move away from traditional processes, automate these areas, enabling leaders to focus on broader business opportunities.

One of the critical elements that must be part of the transformation is eSignatures.

However, in 2021, still, esignatures are not widely used in different industrial sectors despite numerous benefits like cost savings, time savings, productivity boost, and overall customer experience.

One good news for you, the current pandemic is forcing small, medium, and extensive business organizations to digitize their process and maintain an online business presence in the market.

These are the top reasons why eSignatures should be a part of your digital transformation:

  • Improves User Experience:

The pandemic led to the unexpected closure of a large number of private and public companies. Collaborations, agreements, signatures, and multiple manual processes came to a grinding halt. After a hiatus of more than a year, businesses had tons of pending paperwork, unclosed requests, and incomplete processes.

eSignature removes the excess load from your work by transforming physical processes (Print-Sign-Scan-Mail) into digital processes (Create-eSign-Email) without any dependency on manual paperwork.

Digital processes followed by eSignature do not depend on the physical availability of a person to print, sign and mail the documents. You can electronically sign online documents on secure cloud storage solutions on your own trusted device from anywhere. Organizations adopting eSignature in their daily business processes have complete peace of mind as there are no chances of pending paperwork getting stuck in the absence of office closure. It has helped improve the user experience as it allows businesses to continue operations with ease and gives a competitive edge over other players in the market.

  • Empowers people to work in new ways

Employees using eSignature applications do not need an office presence to execute crucial business processes. It keeps moving your business forward regardless of your company in any part of the world.

Here are the examples of how professionals in different industries have left old ways and adopted new working habits using eSignature solutions.

Digital Transformation in Healthcare: Doctors don’t have to depend on physical documents to hand over prescriptions and sign patient records and other documents. Increased use of electronic signatures has helped doctors prepare and share prescriptions digitally, reducing huge paper loss, theft, and tampering. Now healthcare can be speedily delivered to patients with faster document approvals, faster document sending, and faster document receiving.

Digital Transformation in Insurance: Customers can sign the necessary documents, anytime and anywhere in seconds, to get insurance policies. After customers choose to buy a policy, they can use an electronic signature to complete the process quickly. The procedure can be done with any digital device almost immediately from home or anywhere else.

Digital Transformation in Banking: With e-signatures, employees and consultants spend more time developing customer connections and less time doing business. Earlier, it took so much time printing & filling KYC forms, entering information, copying, and then scanning the image or documents back into digital format. Electronic signatures have freed bankers and employees to talk with customers and give them the needed value.

  • Complete User Control

No technology in the world gives the customer more power to check

  • Who VIEWS the document?
  • Who EDITS the document?
  • Who SIGNS the document?

There are numerous policy guidelines for the use of eSignatures.

  • The organization must provide a detailed and up-to-date statement of all requirements to the user.
  • The second rule is to inform the user that they have the right to withdraw their consent at any time.
  • The third one is that the consumer will face no legal or financial consequences.

These guidelines provide the user with more control and protect them against coercion. The use of eSignatures helps your users to know that they care about their best interests. It promotes excellent communication and interaction between the company and the customers, which is an important way of gaining feedback.

  • Saves time

By using the LunarPen platform, organizations can complete approvals and agreements in hours instead of days. It helps avoid all the time wastage and the manual work done to prepare, approve, print, and sign the documents as they can be created, edited, and stored online securely on cloud applications accessible only by authorized users.

Companies using LunarPen can track the status of signed documents putting an end to these questions:

  • Where are the documents?
  • Who has not signed the documents?
  • Why have they not signed the documents?

So, no more wastage of valuable business hours if

  • Your office is closed
  • Signer is absent due to leave
  • Printing/Scanning machines not working
  • Desktops/Laptops have crashed

Professionally, this is what organizations want – save significant time in daily business operations and serves clients quickly without any delay as time is money.

The most significant benefit of digital transformation is helping companies meet their business deadlines and serve their customers at lightning speed.

  • Improvement in Employee productivity

E-signatures boost productivity by empowering sales and simplifying operations. According to the Forrester study, signing onboarding documents online would save a typical organization 49,000 worker hours over three years and 2.5 hours per new hire.

Now an employee can work peacefully on a project without distractions as there are little chances of him leaving the current work and searching old project documents from a massive pile of paper.

Here is how eSignatures improve employee productivity:

  • Employees don’t lose time due to document collaboration issues
  • Helps in streamlining workflows to execute processes quickly
  • Uses new age storage methods to optimize productivity levels
  • Get eSignatures from the right parties on time
  • It helps achieve your aim of a paperless office
  • Improves online collaboration of employees
  • Ensures working on a project with complete focus
  • Top Security

According to a recent study, the digital signature market is expected to grow by USD 2.77 Billion between 2020-2024, at a CAGR of 27 percent during the forecast period. It means that in a few years, a large number of professionals will use esignatures for online business transactions questioning digital signature security.

Security is the biggest barrier in adopting digital signatures as businesses are increasingly worried about document forgery, data leakage, and increased risks of fraud.

Compared to traditional paper documents that are easy to forge and copy, esignatures provide a way to sign documents digitally and officially, thereby making them suitable for safer online transactions.

Not all electronic signatures are built with the same level of security. But these are what distinguishes a safer eSignature solution from the riskier ones:

Certificate Authority (CA): eSignature is associated with a third-party certificate authority (CA) to verify that a valid signature has been added to the document.

Audit Trail: Uses audit trail to store the record about the users who have viewed, edited, and accessed the document. It ensures information integrity at all times and can be used as valid legal evidence in any court of law.

User Authentication: Instantly verifies and authenticates your customer identity from any location, anytime.

Compliance: Complies with regulations like ISO 27001, HIPAA, PCI DSS (SP) Level 1, UETA & the ESIGN Act.

Conclusion

eSignature is a boon for organizations trying to provide efficiency, transparency, and security in the digital process not found in traditional signatures. eSignature offers many benefits in the digital transformation journey of an organization, like improving employee productivity, safety, enhancing customer experience, maintaining compliance, and a lot more. Companies adopting electronic signatures will find themselves one step closer to the digital future.

Click here to learn more about eSignatures and how you can quickly adopt this technology without any further delay.

Frequently Asked Questions

What is an eSignature example?

An eSignature example includes

  • A signature created using your fingers on the touch screen of a smartphone, tablet, or any digital device
  • Using a mouse to draw a signature on a laptop/desktop screen
  • You are using a keyboard to type in your signature or uploading and using the scanned image of the person’s ink signature.

Is there an app for electronic signatures?

Yes! The LunarPen eSignature app provides an easy way to upload, eSign the document, and share it with trusted sources.

Do electronic signatures hold up in court?

Lunarpen Electronic Signatures meet all strict requirements defined in the United States and Europe for safety and authentication. Your documents are legal and enforceable in a court of law.

What makes an electronic signature legal?

There must be a signer’s intent to accept and execute the agreement to qualify as a legal electronic signature. It requires the signer to take affirmative action like using a mouse or a touchscreen device to draw their signature, uploading a scanned signature, or using the keyboard to type your name as a signature.

Posted by Lunar Pen in eSignaure Law, 0 comments