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Dec

2019

Why Your Organization Needs an E-Signature Solution?

The year 2019 is coming to an end. At such a time, you should rethink your business model and aim at the introduction of new changes. In this condition, you have to note the need for e-signature for your business. Why? You must know the importance of digital transformation for the sustainability of a business in the present times. Therefore, you can take a prominent step towards the digital transformation of a business through the decision to implement paperless solutions.

The use of electronic signatures can help considerably in achieving the objective of digital transformation easily. Is it that simple? You may have certain doubts about the need for electronic signature for the organization right now, don’t you? Therefore, the following discussion would aim at presenting some of the notable details regarding the reasons for which your organization needs an e-signature solution.

Importance of the Adoption of E-signature

Before exploring the need for electronic signature for an organization, let us reflect on the definition of e-signature. Electronic signature or e-signature is data in the electronic form that has a logical association with other data in the electronic form. The electronic signature is ideal for signing and is valid, just like handwritten signatures. The ESIGN (Electronic Signatures in Global and National Commerce) Act 2000 serves as the legal basis for e-signatures.

In addition, other electronic signature regulations, such as EIDAS (Electronic Identification, Authentication, and Trust Services) in the EU, also prove the legality of e-signatures. So, you can be sure of the fact that electronic signatures can be valid methods for supporting business transactions. While reflecting on the need for e-signature for your business, you should also know clearly about digital signatures.

A digital signature is a cryptographic mechanism for the implementation of electronic signatures. Another important factor that can establish the importance of electronic signature is evident in its objectives. The objective of an e-signature refers to faster authentication for a document with an explicitly recognizable identifier. The best thing is that you don’t need paper or pen for business transactions with an electronic signature.

Why There is a Need for E-Signature in Your Organization?

Therefore, you could fulfill one of the prerequisites for digital transformation by opting for the use of e-signatures. On the other hand, you may have certain doubts regarding the security concerns with the use of electronic signatures. So, the following pointers can help in providing you some assurance about the use of electronic signature in your business.

Better Engagement of Customer, Employees, and Audience

The intense competition in the present marketplace increases the need for e-signature solutions for businesses. Every business in almost every industry focuses on new and improved approaches for engaging their customers. Now, smartphones, mobile apps, and tablets are everywhere, and so, the “perfect” user-experience exists only in an ideal context.

Businesses have to find new ways of attracting their customers on every channel for engagement through streamlining the complete customer experience. Satisfied customers would directly lead to repeat business and referrals that are significant for the bottom line of any business. The influence of e-signature adoption on customer satisfaction is strong. For example, organizations could streamline their hiring processes by using e-signature solutions, thereby increasing the satisfaction of candidates.

In addition, the answer to ‘why use electronic signatures’ also refers to the features of speed and convenience. E-signatures provide convenience and speed that can ensure better productivity for employees in your organization. The impact of e-signature adoption would be the same for a small organization selling consumer products and services or large enterprises having advanced supply and distribution chains.

Still confused about adopting electronic signatures? Check out these top reasons to adopt electronic signature for your business.

Better Sales and Greater Profits

The next important aspect for ‘why use electronic signatures’ refer directly to greater profits. The digitalization of sales processes improves the speed of sales cycles alongside improving win rates. A large amount of waiting for paper documents signing and transfer could impose a highly negative impact on sales cycle speed. In the meantime, customers could find the right cause for changing their minds and choose another business.

Therefore, the need for e-signature solutions becomes clearly evident. Smart sales for any business should involve proactive actions and responsive business decisions. Therefore, digital agreements could help customers sign agreements anywhere and anytime at their convenience. The use of e-signatures also provides prominent benefits to sales representatives and support staff by reducing the burden of paperwork.

Therefore, the benefits of electronic signature in the automation of proposals, contracts, and other customer documents could help sales representatives. They could stop chasing the signatures and thus save time for focusing emphatically on sales only. Since e-signature takes away the obstacle of the need for physical signatures, sales processes automatically become faster in an organization.

For example, Salesforce has shown a 30% year-on-year growth over the last three years without including sales-operations headcount with e-signature. In addition, service professionals, as well as other small enterprises, could use e-signatures for closing deals quickly with appealing profits.

Also Read: E-Signature Security Checklist and Rules

Improved Value for Money

The following important reason to validate the need for e-signature solutions for a business refers to value with e-signature solutions. Time is money, and no one could deny this fact. So, when you keep waiting for paper documents signing and returning to you, you lose time and money. In addition, you also risk the idling of resources alongside holding up important processes and deals for a longer duration.

On the other hand, the benefits of electronic signature could help in cost reduction and time-saving. In addition, you can also do away with equipment for the printing, mailing and faxing as well as costs of paper. E-signatures help many enterprises save around millions of dollars every year. Some studies have clearly shown that the use of e-signature solutions help in obtaining benefits in the amount of $36 per document.

The benefits are also evident in the form of revenue gains, hard dollar savings, and productivity. Just think of multiplying the cost savings by thousands, or even millions of documents per year. Then you could learn about the importance of electronic signature. For example, Microsoft gains almost $7.3 million in the form of hard-cost savings annually through the use of e-signature solutions.

The need for e-signature solutions for your business is clearly visible in the potential for increasing efficiency and streamlining workflows. The outcomes of efficiency involve notable indications of limited errors in filling out forms and information entry in databases. Not only Microsoft, small and medium enterprises could also realize some savings with respect to their total costs.

It is important to look into the security factors while choosing an electronic signature solution for your business. Here are the top points you should consider while choosing an e-signature vendor.

Better Security and Safety

The need for e-signature in an organization is also evident in the requirements for improved security and safety. Paper documents are not safe and are subject to a wide range of security threats such as theft, destruction, tampering, or misplacing. So, the need for e-signature becomes clearly evident in the case of highly sensitive business documents.

E-signatures have different advanced security protocols in place for sending, receiving, and storage of your documents. E-signatures provide not only flexible document signing but also the facility of recording important evidence about particular transactions. The audit trail with every e-signature transaction helps in verifying the identity of signatories, their activities in the transaction, and timestamps for different activities.

Faster and Better Decision-making

Critical business decisions receive the most reasonable advantage of e-signature solutions. The need for e-signature for an organization provides not only the benefits of cost-savings, productivity, and efficiency but also faster decision making. Paper documents slow down the process of implementing critical business decisions due to the requirements of approval and signature of different stakeholders.

Subsequently, the impact of the decision on the business could also delay by a considerable gap of time. As a result, the decision loses its momentum over time, and you don’t get the desired result. On the other hand, the use of electronic signature can speed up the process of approval of decisions.

Eco-friendly Solution

The emphasis on the need for e-signature solutions for a business is also valid on the grounds of environment friendliness. The e-signature solutions do not require any paper, thereby exercising the least impact on the environment. The reduced use of paper could also be helpful for saving many trees from unnecessary felling for paper production.

In addition, it also provides a convenient method for conducting transactions. How? Almost everyone, including employees and customers, uses mobile phones, and they want a better way of conducting business on phones. Therefore, e-signature serves as the right alternative that can give this experience to employees and customers.

Therefore, we can clearly note that e-signature solutions are the ideal instrument for the digital transformation of a business. Most important of all, e-signatures also show adequate prospects for the long-term transition of businesses to the digital front.

Final Words

The times of signing on the dotted line are long gone. Now, the need for e-signature solution is the priority of every business for entering the digital age. Most important of all, e-signatures also have legal authenticity and credibility according to various e-signature regulations in different countries.

So, the aim of businesses should always align with the requirements emerging in the digital business environment. Businesses have to evaluate the competitive rivalry in their respective markets and find out the most efficient path for e-signature adoption. Saving physical effort, time, and cost- there are various benefits in the adoption of e-signature solutions for a business. So, give it a try!

Dec

2019

Electronic Signature is the Future of Business Contract Signing

An electronic signature needs no introduction. In fact, it is already quite acknowledged. It has appeared as the aptest successor of the traditional methods. Esignature and business contract signing are trending and considered to be the future at all levels. The biggest assurance is achieved through the E-sign act. In a technology-dominated era, this is indeed a great concept. One may not hesitate to accept it in the future.

However, there are various dimensions that are essential to be analyzed. The transition phase is obvious to be challenging for any aspect. The same has to be the case about esignature and business contract signing as well. There remain various factors, starting from the budget to feasibility that has to be analyzed. The following aspects throw more light on this aspect.

Also Read: Top 10 Uses of Electronic Signatures

Here’s Why Electronic Signature is the Future of Business Contract Signing

1. Perfect for contemporary business Practices

Digitization has grasped the entire business segment so effectively that no functionality is looking feasible without it. It’s just quite impossible to think about a business operation without web connectivity. Usage of communication modes like email has become conventional these days, at even the rural level. Needless is to talk about the impact of smartphones in modern times. On such occasions, esignature and business contract signing being the future is very much acceptable.

2. Incredibly accessible

Modern-day business groups emphasize about the portability of the business service segments. Flexibility is something that every organization and even the employees seek. Both users and service providers want to have access to business platforms powered by technology from anywhere. Esignature and business contract signing meet this requirement quite well.

Specifically, it assists the HR departments hugely. It is reliable enough during the urgencies. Things have gone much encouraging for such concepts powered by high-end technicalities ensuring speed. Modern-day data-oriented technology makes it a flawless concept to be adapted. In short, there is a perfect platform set for this technology to be adapted. From these perspectives, the future is obviously assured.

There are a number of reasons to adopt electronic signature. Here are the top 10 reasons why you should adopt Electronic Signature for Your business.

3. Studies suggest about its bright future

There is no scarcity of studies and speculations regarding esignature and business contract signing. It is quite a feasible option for large scale organizations. The interesting part, as per the studies, is that the technology is speculated to associate with ecommerce sectors as well. In fact, studies claim that its adaptation in the retail sector is going to increase by two times in upcoming years.

These studies are based on the investments being made by the leading technology companies on esignature and business contract signing. Focus is being given more towards the retail sectors by these tech houses. In this context, the emphasis is being given towards making things as cost-effective as possible.

4. Encouraged by digitization

Digitization or online presence of the business groups is highly encouraging for the esignature and business contract signing. It is evident that almost every industry has an online presence these days. Such online modes of transaction and operations always prioritize simpler access and quicker processing.

After all, productivity is something that every organization wishes for. Needless is to say that esignature and business contract signing fits this bill quite well. It is accessible and cuts shorts the number of steps involved. Naturally, the process becomes faster. With faster processing, productivity is obvious to grow. All these aspects assure the future of the industry quite well.

5. Easiest to be implemented

Ease of adaptation is the primary reason behind esignature and business contract signing getting such popular. The way it seamlessly gets adapted to the needs of the businesses is quite well. This is because these technologies address the core aspects of business administration.

The entire aspects, starting from preparing the draft to sending the same, everything becomes a matter of a few clicks. There remains no fear of missing documents, missing signatures, etc. It is quite automatic in its way. From this perspective, the concept is quite bright with its future.

Check Now: Top 10 Ways to Future Proof Your Esignature Investment

6. Assured from legal perspectives

Modern-day businesses involve various complexities related to contract signing. This is done to avoid the legal complexities at all level. Enterprises prepare contract documents articulately, specifying each point thoroughly. These are done to avoid legal issues in the future. At the same time, it is equally important for the concerned employee to have thorough clarity on these aspects. For a new recruit to go through all these details is obvious to be time-consuming.

Things get especially tough with conventional paper-based documents. However, things are much simpler these days powered by esignature technologies. It helps the HR professionals in conveying the terms well. Similarly, going through the terms through such technology modes is way simpler. Taking all these into account, the future of business contract signing can indeed be claimed to be the brightest.

7. No concerns of security

Be it about esignature or any other technology; it needs to be secured enough to be acceptable. From that perspective, e-signature is indeed a reliable concept. The best part is that it is reliable enough for all industries. It is already tested and proven. Moreover, the future of business contract signing is expected to be enriched with much-advanced security features.

First of all, there is no hassle of dealing with a huge bulk of paperwork. It means there is no threat of missing any document. Powered by high-end technicalities, the privacy aspects of data remains very much ensured. Through advanced digital storage, it makes things absolutely easy for HR professionals. In addition, there remains high-end user verification for using electronic signatures for better protection.

Digital Signatures and Electronic Signatures are two similar looking terms but are different from each other. Check out the difference between the two i.e. Digital Signature vs Electronic Signature

8. Associated technologies equally enriched

It’s not just that e-signature technology is a security enriched technology. Rather, the associated technicalities for it are equally fulfilling these days as well. For example, the servers in modern times are much secured, encouraging the technologies of such. This enables the secured storing of contracts using electronic signatures. At least it is far better than the conventional mode of files and paper-based documents.

9. Providing incredible control

The level of control that esignature provides for the users, as well as the organizations, is incredible. Tracking things, like whether the contracts are gone through, is much easier through these technicalities. In fact, it can be tracked when the concerned party or staff signed the documents. In other words, e-signature and business contract signing provide the much-needed transparency.

It was never as assured as it is at present. Specifically, the managers and HR professionals don’t have to feel baffled in any aspect. This is high confidence-boosting and productive for the organizations. With greater control, business forecasts can be made much accurately. Now it is obvious for e-signature and business contract signing technology to be highly acceptable. This ensures its bright future.

10. Acceptable being corruption-free

There is absolutely no chance of anything illegal to occur through this technology. This avoids the corruption occurring at the higher levels of top corporate houses and the government houses. In fact, it is possible to prove the identity of the party signed the contract or the documents as well. Moreover, it assures the organization proving that the party was aware enough prior to sign it.

This is a great accomplishment that any organization would seek. Top corporate houses have already adapted this. Smaller and mid-range companies are also expected to get attuned to it in a very short time. Keeping all these in the eye claims that electronic signature is the future of business contract signing holds the absolute truth.

Thinking to adopt electronic signature for your business? Here are the points you need to consider while choosing an e-signature vendor.

11. Saving numerous costs for documenting

It’s not just that electronic signature is efficient and safe. One of the distinguishing characteristics of the technology is the way it saves the budget for the concerned organization. First of all, it nullifies the paper works associated. The needs of printing, Xerox, scanning, etc. also get zeroed. It means there is no need to have equipment meant for these purposes.

This discovers space or the entire office can remain functional at the lesser premises. Needless is to say about the growing cost of office rents. Similarly, there are no threats of costs associated with color, stamps, pins, files, etc. High-end papers used for making bonds and contracts are pretty expensive. However, through e-signature, there is no need to worry about such expenses. In short, the technology saves the budget of the organization in a great way.

12. Preferred for reducing manpower and technology costs

Apart from the discussed above points, technology helps in lessening the manpower requirements as well. No need for hiring separate staffs for separate tasks like printing, scanning, etc. A single person can achieve all these at the fingertip using the technology. Moreover, it reduces the level of burden on HR professionals in a great way.

There is no need to employ a person simply to maintain different registers. Through automation of data keeping, report generation also gets swifter. Here one doesn’t need to hire special staff for report generation only. It can be claimed that there is no need to use different tools for different purposes with e-signature tool.

The cumulative cost of different technologies and their operators can be saved by an all-inclusive e-signature tool. In short, the speculations like electronic signature is the future of business contract signing are absolutely true. It is going to revolutionize the entire business segment.

Dec

2019

Top 10 Ways to Future Proof Your Esignature Investment

In the technology-driven times, many people and organizations have their own electronic signature. The electronic signature solution will basically enable a business to enhance its level of compliance. It will be possible as relevant rules will be in place throughout the signing workflow. An electronic signature can definitely give you an edge as it is in sync with the innovative times. The innovative approach will maximize the overall work efficiency of your organization.

It is extremely important to future proof your esignature investment. Such an approach will enable you to use your esignature in a flexible manner. In case you think that the process will be complex, you are mistaken.

Here’re Top 10 Ways to Future Proof Your Esignature Investment

1. Focus on the document and signature security

In the online setting, security is an extremely important area that you just cannot ignore. While making your esignature investment future proof, you must try to ensure that holistic security is in place. Security should be a top priority not just for the esignature but also for the content of different digital documents. For example, people in the business backdrop should not be able to delete esignature from any documents without prior approval. There is a need to focus on critical security aspects to strengthen the electronic signature solution of your business.

Here’s a complete guide to the e-signature security checklist and rules. Follow this and generate a secure electronic signature for your business!

2. Vendor flexibility is key

One of the best ways to future proof your esignature investment is to focus on vendor flexibility. There are certain questions that you need to ask yourself. For instance, you must understand whether your vendor is completely willing to find the best solution that meets your requirements. The commitment of the vendor will play an integral role as it will influence your signature significantly. The vendor must act in a flexible manner so that he can resolve any issues that come in your path.

The level of flexibility of your vendor is of paramount importance to employ a robust esignature investment. You will be able to derive maximum benefit from your electronic signature in a safe and secure manner.

Thinking to adopt electronic signature for your business? Here are the points you need to consider while choosing an e-signature vendor.

3. Conduct static audit trials

For the purpose of future-proofing your esignature investment, you have to make sure that the solution provides holistic insight. In other words, the esignature solution must shed light on the entire signing workflow. In addition to this, the process must also reproduce basic details and information about the signature scenario. You need to focus on this aspect as it will help to employ the best electronic signature solution.

Audit trails can play a vital role when it comes to electronic signature scenarios. The simple processes can highlight vital aspects that can improve the overall effectiveness of the paperless signs.

In addition to this, you can also focus on active audit trials. You have to keep in mind whether the signature solution allows you to replay the entire signing workflow or not. Such a holistic approach will help you to future proof your esignature investment.

4. Flexibility of deployment

You must not face any hassles to deploy your signature. For instance, the digital solution must be simple and easy to deploy on-premise and on the public or private clouds. You have to make sure that your signature solution is flexible in nature. It must not restrict your business transactions and activities in any manner. One of the best ways to future proof your esignature investment is to ensure flexible deployment.

The flexibility in deployment will ensure that the digital solution does not affect the workflow in an adverse manner. Such an approach can help your business in the long run. When you plan to expand your business in the future, a careful esignature investment will make things much simpler and easier for you.

5. Authentication process

In order to ensure that the electronic signature investment is future proof, you have to pay attention to the authentication process. Various authentication processes like digital certificates, emails, and passwords, tokens and smartcards need to be given importance. The solution that you choose can be future proof only if it does not give rise to bottlenecks and complexities.

A high level of flexibility in terms of authentication can help you with the electronic signature solution. The simplification in the authentication process can help you to streamline the overall efficiency and effectiveness of the digital solution.

There are a number of reasons to adopt electronic signature. Here are the top 10 reasons why you should adopt Electronic Signature for Your business.

6. Better alignment of workflow

The electronic signature that you have chosen for your business will have major implications on the work processes and activities. In case you want to make your electronic signature investment future proof, then give special attention to the workflow. The digital and paperless signature must support a variety of workflow elements. If you want to enjoy the core benefits of electronic signature, then its alignment with the processes is a necessity.

The streamlining of the electronic signature solution of your business with the business processes can give you a competitive edge. You need to ask simple questions to yourself so that your firm’s electronic signature can act as a major strength. For example, you need to understand how the solution will enable you to simplify and customize the signing workflow. The answer to these questions will help you to make your esignature solution future proof.

7. Adopt responsive and flexible solutions

One of the core objectives is to enjoy the benefits of the best electronic signature solution. In order to achieve this dream, the signature solution must offer adequate support to the existing processes and technologies. The solution must basically help you to take advantage of other technologies that can be beneficial for your business undertaking.

If your business has a restricted level of resources, you must invest in a solution that meets your specific needs. For example, opt for an electronic signature investment where you can make the payment on a monthly basis. Thus, flexibility in terms of solution can help you to employ the perfect electronic signature solution for your organization.

8. Use a flexible device

Many businesses ignore the fact that device flexibility can play a key role in future-proofing your electronic signature investment. While making an investment in the perfect esignature solution, ensure that the electronic signature solution will focus on optimization. It must enable you to enhance and optimize the user experience. In addition to this, the innovative approach must help you by simplifying the workflow processes for you. If you want to have a dependable e-signature solution, you must give priority to the device that you are using.

Business undertakings are currently using a wide range of computing devices to carry out the business operations. Some of the common devices are personal computers, smartphones, laptops, tablets, and many more. The e-signature solution should be device flexible in nature. In other words, you should be able to use the paperless signature conveniently on any device. The type of equipment that you are using must not affect the performance of the electronic signature.

Digital Signatures and Electronic Signatures are two similar looking terms but are different from each other. Check out the difference between the two i.e. Digital Signature vs Electronic Signature

9. Efficiency of channel

You cannot make decisions relating to esignature investment in isolation. You have to make sure that the paperless approach has a positive implication on the experience of the users. So remember to pay attention to the flexibility and simplicity of the channel. While making the investment decision to future proof your signature, try to enhance the user experience. For example, focus on distribution channels and other customer-facing channels such as mobile, call center, and/or retail.

Your signature solution must not just streamline the workflow, but it should positively affect the user or customer experience.

10. Sectional Signalling

A majority of the businesses in the current times involve several participants. While making your esignature investment future proof, you have to be sure whether the sectional signing option is available or not. You have to be sure whether your electronic signature solution digitally signs the content every time someone new signs. It will help you to keep a tab on how the paperless sign is used by your business undertaking. A clear understanding of history will ensure your esignature is under control. Careful and strategic investment in esignature is all you need to streamline your business processes.

Conclusion

It is extremely important to future proof your esignature investment. It will ensure that you can use the electronic signature in a convenient manner. Your business will enjoy various benefits of electronic signature for sure. You do not have to worry about any complexities and hurdles. Future-proofing is a necessity that will help you to adapt to the evolving online business environment.

Thus, employ suitable methods to future proof your electronic signature investment and enjoy its benefits. By focusing on the key areas, you will not have to worry about the security aspects. In addition to this, you can involve in constantly evolving customer and business transactions without any hassles. Follow the simple tips as they will ensure that you will taste success with your esignature solution. The simple considerations can play a vital role and help you to deploy the best esignature solution for your business.

Dec

2019

Benefits of E-Signatures for HR Department

E-signature is already on a roll. Many renowned enterprises have already adopted this. Among all, the benefits of e-signatures for the HR department are indeed most of all. Electronic signature software provides a higher level of convenience in comparison to the old school method of signing the documents. It is more hectic for the HR department to deal with the paper documents as they have to deal with a variety of those.

For example, starting from contracts, bank documents, to various agreements, they have to deal with all. There is no need to handle any such hassles through e-signature. At the same time, making things simpler, it assures them from safety-related concerns as well. E-signature is a much effective mode of operating, which enables HR professionals to handle things in the least possible time. Naturally, the productivity level can be increased.

Use of electronic signatures for contracts has been widely accepted. Here’re the 10 ways electronic signatures are changing how contracts are signed.

Almost every industry is digitized in the modern era. In fact, even the production and manufacturing units are digitally enriched. On such occasions, HR departments are obviously expected to make the most of the e-signature software.

The following abstracts discuss the benefits of the e-signatures for HR department in a broader way

Hastens the process of recruitment and other formalities

The primary work of the HR department is indeed to handle recruitment affairs. And, one of the primary benefits of e-signature for the HR department is that it makes those tasks look easier. Needless is to say that the HR work processes involve various kinds of formalities. Starting from document checking to signing on different documents, it involves various steps. E-signature software can turn these tasks into minuscule affairs. Naturally, much precious time in the department can be saved. Documentation and the formalities often delay the joining process of new talents for the organizations. It also delays the hiring process. Such delays affect productivity greatly. One of the major benefits of e-signatures for the HR department is to end such delays to a great extent.

Reduces extraneous tasks:

HR departments often involve a range of unwanted works like printing, scanning, Xerox, etc. All these things involve various machinery installations. There remain issues of maintenance of these devices, their performance lagging, etc. All these things ultimately delay the process and affect productivity. On the other hand, one of the prominent benefits of e-signature for the HR department is that there are no such hassles here. It’s a smart way that can be addressed in the least possible time. Making things faster, the technology turns it much cost-effective as well.

It encourages automation

E-signature for the HR department enhances the process through incredible automation. Specifically, the hectic administrative tasks can be greatly enhanced through such technicalities. In fact, the entire paperwork needs can be digitized for them. The whole talent acquisition process can be streamlined through such technical mode. Moreover, it is quite simple as a process that can be easily handled by even the older generation people.

Must Read: 10 Reasons Why You Should Adopt Electronic Signature for Your Business

Makes things easy for the younger generation to adapt to

HR departments often pay a lot of emphasis on hiring young manpower. Technologies like e-signature can indeed be impressive for them. Not just the staff from other departments, the budding talents from the HR departments also would prefer having such tools. It provides them the ease of functioning. Considering the fact that most of the modern-day youth is tech-oriented, such technicalities always interest them. They don’t need much special training to learn the working ways of the HR department. This is indeed one of the prominent benefits of e-signature for the HR department. They would love handling problems through such high-end technicalities; rather than the old-schooled paper works.

Reporting turns easier like never before

One of the major challenges that the HR departments face is regarding reporting. They have to submit reports of different kinds to the managers or other department heads. Specifically, the reporting of documentation status is one of the most challenging affairs for them. It is understandably tough for them to produce such documents in real-time. However, the benefit of e-signature for the HR department is that it makes such a report generation process look simpler. Through regular ways, various kinds of confusions are obvious to appear. For example, the HR professionals remain in dilemma whether the candidate received the file, checked it, etc. In addition, they have to check whether the candidate has signed at each of the points. In case some mistake occurs, the process turns even longer. However, through the benefits of e-signature for the HR department, such issues can be totally reduced.

It’s updated and always available for urgencies:

HR departments often have to deal with the urgencies. They are asked to submit a report in a hurry and also fulfill certain formalities. All these are indeed time-consuming processes in traditional ways. However, through technical options like e-signature software, things have gone much simpler. The prime benefit of e-signature for the HR department is that it enables the department to stay updated about the entire affair. No more probable answers by the HR professionals as these tools deliver an exact answer.

There are a number of myths about the e-signature. Here’re top 10 electronic signature myths and facts behind them.

Provides flexibility of working; no place constraint

One of the top benefits of e-signatures for the HR Department is in terms of the flexibility it provides. Specifically, it is much more helpful for HR managers than others. It enables them to work from home, or anywhere else in the world they would wish to. Officials who often have to travel a lot and still have to report can find these technicalities absolutely useful. It also provides them the leeway of working as per their comfort zone. This means they can maintain the workflow despite relaxing somewhere. Naturally, this boosts the overall productivity of the organization. In fact, they can communicate with the employees of the organization from any point.

Cost-effective in many ways

Being cost-effective is of the top benefits of e-signatures for the HR department. Though it appears like an expensive aspect, it saves the budget for the department in reality. First of all, the expenses associated with affairs like printing, scanning, Xerox, etc. get reduced. In addition, the expenses involving stamping, inks, paper, etc. get reduced significantly. Digital documentation needs no special management, as well. There is also no need to spend money on courier related affairs. As there is no requirement for Xerox, printer, etc. devices, the space required can be greatly reduced. Overall, the expenses related to administration tasks get nominal as possible. One doesn’t even need to worry about maintaining the documents. Through e-signature software, any document can be generated from any point anywhere. All these aspects save money for the organization.

Maintains utmost transparency

Through the benefits of e-signature adoption in the company, the recruitment process can be greatly hastened. Moreover, it maintains incredible clarity overall. It allows the concerned employee to go through the documents thoroughly. The points of confusion can be thus cleared instantly. Moreover, they can sign those digitally immediately. Earlier through traditional ways, it was quite tough for an employee to go through a range of documents, agreements, etc. E-signature software enables them to enjoy this facility from any point. It thus assures the concerned company from legal perspectives as well. The candidate also feels confident regarding transparency. All in all, a better deal is settled between both the parties.

Use of electronic signature can bring several benefits to you. If you have any doubt regarding the use of electronic signature, read out these 10 reasons to adopt e-signature for your business.

Maintains simplicity

One of the major benefits of e-signature adoption in the company is the simplicity it provides for the concerned company. Needless is to say that there remains a great range of documents that the employees have to go through. It’s the duty of the HR department to prepare these documents and maintain them as well. Handling things manually is always challenging for any HR professionals. However, high-end e-signature tools have made things look absolutely simpler. These benefits of e-signature adoption in the company maintain a good relationship between the employees and the department. Most importantly, it doesn’t disturb any of the parties. No workflow is disturbed as well through the course. Obviously, this is something that every company would wish for.

Smarter safety awareness:

Keeping employees aware of the security norms of an organization is the duty of the HR department. In general, these safety guidelines involve a huge number of documents. The concerned employees have to go through various complicated terms and conditions. However, through the uses of e-signature for the HR department, these issues look much simpler than ever. The best part about these tools is that it maintains things in an updated fashion. In fact, the staffs get the details regarding the security norms in a spontaneous way. This reduces pressure from the HR department.

Smarter environmental awareness

Not just the safety-related norms, the HR depart has to guide employees regarding environmental policies as well. Now through the uses of e-signature for the HR department, these works look much more strategic and simpler. At the same time, lesser paper consumption also is a great step towards environmental benefits. It saves time for the HR department that would have wasted in educating. This enables them to focus on other works, which ultimately improves functionality and productivity.

So, using electronic signature for HR department is a great idea. Don’t think much and take the right decision and incorporate electronic signature to experience the great benefits of electronic signature. for HR department.

If you still have any questions, put your doubts in the comment section below and I’ll be happy to answer.

Nov

2019

How eSIGN Act Makes eSignatures Work?

The digital revolution is one of the major milestones in the history of modern human civilization. In present times, computers and the internet dictate the basic framework of every business. Simply put, you have to go digital or else risk the chances of falling back from progress. With a major share of business transactions happening online, the need for digital solutions for signature also becomes evident.

So, the importance of legislation, such as the esign act, has become very prominent. However, what is the role of such legislations in the functioning of electronic signatures? For beginners, we know that legislations point out the conditions that establish the legal admissibility of electronic signatures. So, what are the other factors in the esign act (Electronic Signature in Global and National Commerce Act) that drive the functionality of electronic signatures?

Also Read: An Overview of UETA and ESIGN Act

The following discussion would aim at finding out how the esign act helps in the working of electronic signatures. The discussion would proceed by starting with a brief outline regarding the need for electronic signatures and the esign act itself. However, the prime highlight of the discussion would deal largely with the different criteria that establish the legality of electronic signatures.

E-Signatures: An Overview

Electronic signature, or generally known as e-signature is data in an electronic form that associates logically with other data in electronic form. As the name implies, e-signature helps a signatory to confirm their approval, provide their consent, or sign a document or transaction. Some of the examples of e-signatures include hand-signature created on a phone or tablet with the help of stylus or fingers, a scanned image of an individual’s ink signature, or a biometric hand signature.

The market for e-signatures is growing substantially at faster rates, especially with the backing of legislation like the esign act. The surprising facts about the growth of the e-signature market can clear your doubts.

For instance, the total value of e-signature transactions has escalated from $89 million to $754 million in only five years. Statistics also indicate that the global e-signature market would depict growth at a CAGR of 34.7% from 2017 to 2023.At such a growth rate, the global e-signature market is most likely to reach a total value of $9.07 billion by 2023.

Also, the intricacies of how electronic signature works lead to a wide range of beneficial outcomes for businesses. Businesses could save around 55% to 78.62% by migrating to e-signature solutions on the costs for paper material, administration, subscription, and shipping.

The average error reduction rate and the average reduction rate in turnaround time with the use of e-signature is 80%. Along the same lines, e-signature leads to an 85% improvement in productivity alongside a 500% increase in customer loyalty. Financial institutions report that e-signatures bring a 92% reduction in scanning errors and a 66% reduction of cases of missing files.

Also, the backing of the esign act drives the adoption of e-signatures as essential instruments for security and legality in daily business operations. 81% of businesses which emphasize on legality and security aspects of e-signatures are in the banking and finance, healthcare, government, and pharmaceuticals sector.

There are a number of reasons to adopt electronic signature. Here are the top 10 reasons why you should adopt Electronic Signature for Your business.

The Origin of ESIGN Act

Speaking about legality, let us outline the origins of the electronic signature act that can help us in our discussion. Every one of us knows the flexibility, brought forward by the internet, in doing business. So, what made this possible? The answer is the Electronic Signatures in Global and National Commerce Act, which is widely known as the ESIGN legislation.

Before the launch of the esign act, businesses had to struggle with finding the perfect instrument for handling online transactions. Companies used to accept electronic signatures without any specific benchmark for validating their legality. The issue gradually escalated with many other countries engaging in the adoption of electronic signature technologies.

Therefore, the concerns for US businesses falling behind global companies led to the first thoughts about instating legislation to govern electronic signatures. So, the US Congress brought many bills regarding electronic commerce in 1999. All of the bills had the objective of promoting electronic commerce without imposing restrictions on specific technologies.

All the bills led to the formation of the Esign act that made it to the desk of President Bill Clinton on June 30, 2000. By that time, many states already had their versions of electronic signature laws. However, ESIGN brought the advantage of a federal safety framework to facilitate the element of security alongside legality in e-signatures. Most important of all, President Bill Clinton used an electronic signature for passing the ESIGN act US into law.

Digital Signatures and Electronic Signatures are two similar looking terms but are different from each other. Check out the difference between the two i.e. Digital Signature vs Electronic Signature

Importance of ESign Act in the Working of E-Signatures

The esign legislation gave the same status as that of written signatures to E-signatures. However, just placing an electronic symbol on a document does not indicate its validity as an enforceable contract. Therefore, you can find that ESIGN legislation presents different requirements for the use of e-signatures. So, to understand how the ESIGN legislation helps in the working of e-signatures, it is essential to reflect on the legal requirements of using e-signatures.

The Esign act 2000 deals with electronic signatures and electronic records that are widely prevalent instruments in present-day commerce. The legislation is applicable for validating e-signatures in all the 50 US states where federal law is applicable. In case of a discrepancy in the application of federal law, every state turns back to its electronic signature law. The majority of states in such cases follow the Uniform Electronic Transactions Act (UETA), which is one of the reliable legislation.

The Definition of E-Signature According to Esign Act

The basic definition of an e-signature according to the esign legislation implies that it is an electronic sound, process, or symbol that relates logically to a contract or any other record. The definition also implies that it is executed or adopted by a person with intent and consent to sign.

The definition further focuses on the legally binding nature of the e-signature. So, we can note that the legislation clearly emphasizes the association of an e-signature with a contract and the need for adoption by signatory with a binding intention. Based on the definition of e-signatures in the esign act, we can notice its role in the working of e-signatures. The act establishes a basic foundation for the use of e-signatures through the definition of e-signatures alongside emphasizing on their credibility.

Also Read: Top 10 Uses of Electronic Signatures

What’s In and What’s Out!

One of the important highlights in this context refers directly to the scope of the ESIGN legislation. The ESIGN legislation provides coverage for commercial, business, consumer, and governmental affairs purposes. However, there are certain exceptions to the use of e-signatures in specific cases. For example, e-signatures are not applicable in the case of creating and enforcing will, divorce, adoption, or family law matters, and even in the case of sensitive and classified governmental affairs.

Esign act US also bars the inclusion of unilateral records, and interestingly, section 103 of the legislation can help! Section 103 of the act contains the list of exemptions from the e-signature act. Furthermore, the basic tenets of the esign legislation that form the foundation for e-signature functionality are as follows.

Compliance with the majority of precedents that imply the need for handwritten signatures on documents.
The esign act also allows the use of a contract as legal evidence in court provided that it follows requirements.
Most important of all, the e-signature act ensures the legal enforcement, effect, and validity of an electronically signed document.

While working with electronic signatures, it is commendable to understand how electronic signature works. Here is a quick guide to the electronic signature workflow.

Factors in Esign law that Validate E-signatures

Based on these aspects, we could observe that the e-signature act is responsible for definitiveness in the application of e-signatures. It assures e-signature users that the signature and the related document would be legally valid in a court of law. However, we need further introspection into the factors in the esign legislation that show how electronic signature works. Let us dive into the details of those factors below.

Expressing the Intent to Sign

The foremost factor that you shall note in the e-signature act is the intent to sign. The validity of an electronic signature depends on the user’s intent to sign. Therefore, esign act for electronic signature emphasizes on providing options for users to express their intent. For example, the option of “Accept” or “Deny” in e-signature requests can provide validation for the user’s intent to sign. The clause of intent to sign in the case of e-signatures is equally applicable for all involved parties. Every party involved in a transaction should express their intent to sign according to the e-signature act.

Validating Consent of the Parties Involved

The next significant factor that shows the effectiveness of the esign act is the need for consent. Do not confuse consent with intent since the latter expresses the affirmation of an individual for signing a document. All parties should provide consent for doing business in the electronic medium. The circumstances of a transaction could help in finding out the consent of a business.

On the other hand, the consumer’s consent is valid only if the consumer fulfills certain criteria. The criteria include receipt of Consumer Consent Disclosures and affirmative agreement for the use of electronic records for the transaction. Furthermore, the consumer should also never have withdrawn their consent for the transaction. Also, consumers should have evidence in the form of an audit of the signature process and workflow.

Association of the Signature with the Document

The Esign act for electronic signature also implies the need for associating an e-signature with the concerned record or document. The association may be either in the form of an indication about the process through which a signature is created. Also, a graphical or textual statement regarding the association of the e-signature with the document can be a part of the signed document.

It is important to look into the various factors while choosing an electronic signature solution for your business. Here are the top points you should consider while choosing an e-signature vendor.

Keeping Track

Also, the Esign legislation emphasizes the need for record retention. The record retention is generally suitable for audit logging. Documenting all the transactions and records created for each should be retained. Also, precise reproduction of all records should be available for the reference of all parties and retention purposes. Therefore, the esign act also ensures that the legal admissibility of e-signatures cannot be brought under question. The clause for retaining records of the transactions help in providing solid proof for the validity of a document and e-signature.

Validating the Completion of a Transaction

The next important element that presents a notable highlight about the functionality of the ESIGN legislation is the certificate of completion. The certificate of completion is an important requirement for validating an e-signature according to the ESIGN legislation. It includes the name of signatories involved in the transaction, history of authentication, digital signatures, related email addresses, and IP addresses of the signatories.

The certificate of completion should also include the chain of custody of a document in which it outlines the details about different activities and modifications in the document. The esign act also emphasizes on the recording of timestamp for each signature as well as modification in the document.

Furthermore, the facility of geolocation capture for each signatory could also help in supporting international transactions. Most important of all, the certificate of completion provides a clear indication regarding the completion of the transaction. After all, an official statement regarding a complete transaction is essential to safeguard it from any additional modifications.

Addressing Industry Requirements

The precedents of the Esign legislation also focus on addressing industry requirements, thereby promoting the e-signature adoption across various industries. The esign legislation provides clear indications regarding the privileges of federal and regulatory agencies for interpretation and application of the legislation in their respective industries.

The primary factor under concern in such cases is largely evident in the reason for creating the document. So, if the document’s purpose is aligned with the business, commercial, or consumer objectives, then Esign is applicable. However, authorities could disregard the application of esign legislation in case of governmental requirements that do not involve commercial transactions.

Bottom Line

On a final note, we came to know about the role of the Esign act in making e-signatures work. Most important of all, we can now look towards a future that is devoid of paper transactions. Just imagine the improvement in productivity and ease of carrying out organizational operations with e-signatures. The esign legislation provides a soundproof mechanism for governing the use of e-signatures.

However, we should also look at the long-term picture where we cane expects advanced methods for tampering documents with e-signatures. Well, transformation to the digital platform has its share of setbacks alongside the advantages. We have to learn how to make the best of its pros and improvise on the cons for the best results!

Oct

2019

10 Ways Electronic Signatures are Changing How Contracts are Signed

With greater availability of the internet, it has been possible to access data quickly. It makes communication happen in an unbelievably fast way. Similar is the case of business as well. Buying or selling things is a matter of a few clicks over the web now. Taking things to the next level, the concept of electronic signatures for contracts has surfaced.

There are a number of questions regarding electronic contracts such as - What is the working model of electronic contracts? When are these used? One can clear all the critical doubts on these aspects upon going through the Uniform Computer Information Act. Anyway, the following abstracts provide a detailed study of electronic contracts, electronic signatures for contracts, etc.

The use of electronic signature brings so many benefits to your business. Here are the top reasons to adopt an electronic signature for your business.

What are Electronic Contracts?

At the very fundamental level, electronic contract signing is an electronic form of legal documents. These legal documents, however, are developed and signed over the web or online. Many companies operate entirely digitally or online. These companies often have to depend upon electronic contracts to make agreements with users or others.

The advantage is that it saves money for both. Just as of the mainstream contracts, electronic contracts are legally authentic. These are entirely enforceable as well. However, in contrast to the usual contracts, electronic contracts are completely web-based. One can use it in various cases, starting from using email programs, authorization for software, etc.

Electronic contracts have also used these days for social media signing-up and facilitating streaming services. Irrespective of the associated permissions, e-signatures for contracts operate very much under the regulations of regular laws for contracts. It also provides equivalent agreements to both business groups and consumers.

How are the Contracts Signed Electronically?

In contrast to the usual paper-based contracts, one needs to sign electronic contracts over the web. Instead of a paper-pen signature, these contracts use electronic forms of signatures. There is no use of ink or any paper, and so these are the electronic signature or simply e-signature. The process of creating and signing electronic contracts is extremely simple. It is a matter of simply putting a click on a button as well.

On some occasions, one has to simply ‘agree’ regarding the authorization of a product or application. It is just about clicking the ‘agree’ button to pay the bill as well. The contract prepares immediately as the concerned user clicks the desired button. There are also the e-sign contracts models available where the user’s name has to be typed on the electronic contract.

One can also complete the tasks by making use of the cryptographic signatures. One may take ‘Public key infrastructure’ as a nice example of a cryptographic signature. It is here to note that Public Key Infrastructure works the same way as of PINs used for ATMs.

Among others, XML based signature is also very much used these days. The best part about the XML based signature is the greater safety it assures. It makes use of digital thumbprints to ensure the safety of a greater level.

There are a number of benefits of replacing a paper-ink signature with an electronic signature. Check out the top 10 uses of electronic signatures!

Legal Concerns of Electronic Signatures for Contracts

Electronic signatures for contracts are legal in most cases. If it falls under the UETA and ESIGN Act, then there is no problem in its acceptance. These laws pay equal worth to the electronic signature to those of the paper-based traditional methods.

When a person goes for electronic signatures for contracts, it holds equivalent worth as of the paper-based methods. However, it is also true that UETA can’t be applied on all occasions. The traditional laws and acts are very much essential in such cases. Specifically, in cases where a copy of the contract may put a harmful effect on the consumer, people prefer traditional methods.

There are various nations and states where UETA is very much applicable. It is thus important to make sure that the rule is applicable in the concerned state you belong to. Additionally, to execute electronic signatures for contracts, both parties should agree upon. Be it about Business-customer, or business-business contracts, acceptance of both the parties is quite essential for a final agreement.

Also Check: An Overview of eIDAS Regulation

When are Electronic Contracts Not Permitted?

There are various occasions when electronic signatures for contracts are not acceptable. It is important to know about such instances. There are instances where an online contract is unacceptable or inapplicable. In all those occasions which hold threats towards the user, such contracts can’t be accepted. For example, the cases of divorce, child adoption, and other sensitive affairs can’t be kept under electronic contracts.

Similarly, the documents of courts are not acceptable in electronic form. Also, the notices served regarding the end of crucial services can’t be done through electronic contracts. Notices served to defaulters are not acceptable in electronic form. Notices meant for evicting a specific property are also impossible through electronic modes.

Apart from these, the notices served regarding the termination of utility services also demand proper paper-based notices. Ultimately, anything in the form of a notice that could affect the safety of people or may bring health concerns should be done traditionally. In most cases, the documents required by legal procedures are also desired to be paper-based.

There is no other way than paper contracts at present when it comes to family laws. A whole range of wills made is essential to be made through papers in modern times. When it comes to sending notices for termination of any utility, there is no other way than paper contracts.

Notices delivered regarding eviction or possessions are also essential to be handled through paper-based ways. Terminating the health or life insurance is also preferable through paper-based methods.

As explained above, it is better to ensure whether the UETA and ESIGN Act comes under your state. In accordance, one can take the decisions on electronic signatures in contracts.

Information Technology Act, 2000 is the law that makes e-signatures valid in India. Let’s get a detailed overview of this Indian e-signature law.

How are Electronic Signatures Changing How Contracts are Signed?

It’s the simplicity that makes electronic signatures for contracts so much useful. The overall swiftness to the procedure is quite impressive for all. Many people are showing their interest in it in modern times. However, it is true at the same time that the law of electronic contract gives scope to use paper documents on certain occasions. Prior to a consumer goes for signing an electronic contract; businesses should serve notice about the availability of paper contracts.

They should also make it clear regarding the penalties applied in case any mistake occurs. They should recommend a date in this regard. It is certainly not legal to force any company for paper-based contracts. In fact, in the digital era, the electronic signatures for contracts seem useful. On such occasions, having people prefer the paper-based option only for security purposes.

Undoubtedly, e-signatures for signing contracts are user-friendly. However, it is also true that it needs trustworthy internet connectivity. It means people who can’t have regular internet connectivity may not find it as an appropriate option. Apart from this, there remains some extent of security issues as well. Though, from a price point of view, the electronic format can be a much suitable option.

Let’s find out how the electronic signatures are changing the ways how contracts are signed.

Making things quick

One should not doubt the ability of technology in any way. Just like any other business functionality, it holds the ability to hastening these contract making processes as well. Electronic signatures for contracts facilitate immediate communication and data share. Moreover, it does all these in real-time. This makes it possible for them to connect with partners all around the globe. When the efficiency of finishing formalities grows, naturally, the overall productivity grows. Pending collaborations for such implications are addressed quite smoothly.

All in all, the entire set of works is accomplished in much lesser time than expected. There was a time when the process of contract making used to continue for weeks and even months-long period. It looks quite obvious as the process of distributing documents through different stages would consume a lot of time. Through electronic signatures for contracts, things can be done in a much quicker time. It means less is the obligation associated; quicker can be the process.

Convenience

Electronic signatures for a contract are indeed the most convenient option available. Being convenient is the reason behind the growing productivity level of the companies adopting the same. Through cloud computing, it is becoming possible for people to have access to works from anywhere, at any point.

When it comes to making contracts, you can edit and review data at any time. The best part is, you can do all this through your smartphone itself. This means one can complete the formalities until the concerned authority finally acknowledges things. Ultimately, there remains no chance for any kind of delays in it.

Safety

One of the primary concerns of using electronic signatures for contracts is it is safe. It’s the safety aspect that makes people get worried while using electronic signatures. People worry speculating whether the documents will be in safe hands within the virtual space. With growing reports of cyber attacks, several people are enquiring about these aspects. In an era of technology, driven by data, safety can be a game-changing factor. Little alternation or modification of the document can change the entire scenario.

Moreover, not a single person is responsible for such unfavorable occasions. In the digital era, there is nothing called inaccessible. Hence, it is important to follow electronic procedures thoroughly to keep track of everything.

Digital Signatures and Electronic Signatures are two similar looking terms but are different from each other. Check out the difference between the two i.e. Digital Signature vs Electronic Signature

Future

It’s not just a trend these days to handle everything electronically. The day is imminent; there will be no other option, but to deliver most of the affairs electronically. Modern-day people are easily adopting technological means. Rather, they find the other means of paperwork more complex.

It’s common that a much lesser number of people have time to move from one office to the other for the sake of formalities. On the other hand, electronic means or smartphones can be smoothly handled by the users. The generation that prefers paper-based modes will also start using electronic signatures in a very shorter period.

Reliable

Cryptography comes with a safer way of collecting data from one end. Among various others, Public Key Infrastructure can be fantastic standards in this regard. Talking about PKI, it encrypts the electronic contracts and other documents to ensure that these can only be viewed. Things can also be encrypted in a way to ensure that it remains available to the concerned authorized users.

For Small Businesses

Technology is constantly varying and the regulations are getting attuned as per it. Sometimes it may complicate, but not on most of the occasions. Most importantly, small businesses are also adopting it. They should contact local attorneys.

There are a number of reasons to adopt electronic signature. Here are the top 10 reasons why you should adopt Electronic Signature for Your business.

Conclusion

The number of companies opting to handle their affairs through virtual modes is growing day by day. It helps them in handling bulk works with less manpower involvement. The cost factor also makes things suitable for them. The best recommendation would be to only keep the last stage of the work in paper form.

Electronic contracts help to shorten the lengthy processes that consume too many papers. With the advent of cloud-based contract management solution, the future is looking quite bright for electronic signatures. Not to mention, it is a simpler, secure, and much cost-effective option.

Making the task simpler, it can be divided into a couple of stages. The first segment would be to save the contracts, and the next stage is the signature phase. These two phases constitute the overall lifecycle of electronic signature. Both these phases will get simpler in the upcoming days. Ultimately, it would be a better idea for the older generation business groups to accustom to the modes of electronic signature for contracts.

Sep

2019

The Ultimate Guide to E-Signature Security Checklist and Rules

Every modern business associates with one or the other form of electronic signature in its operations. The basic example of an electronic signature is an application asking for a PIN number or OTP for accessing specific services. With the increasing adoption of electronic signatures, e-signature security has become a highly important concern for every business in the present times.

The transaction of sensitive information using e-signatures can pose substantial threats. A number of experts have said that strengthening your security helps in avoiding unwanted expenses related to security issues. Therefore, every organization should follow the best practices to ensure a secure electronic signature.

Also Read: Common Threats to the E-Signed Documents

List of E-signature Security Rules

In order to avoid the e-signature security issues, it is important to understand the e-signature security checklists and rules properly. So, the following discussion would take a look at some of the important e-signature security rules. In addition, the discussion would also focus on a security checklist for electronic signatures. So, without any further delay, let’s get ahead.

Rule #1

The first rule for secure electronic signature is to comply with eIDAS, UETA and ESIGN definitions of electronic signature. If these precedents are not applicable, then the e-signature should comply with other national/local regulations. For example, you have the Information Technology Act in India. When you select an e-signature solution in the US, make sure that it complies with the requirements of UETA, ESIGN, and GPEA.

On the contrary, these precedents do not clearly demarcate legally defensible from legally admissible. Various e-signature solutions are admissible in court albeit failing to withstand comprehensive legal scrutiny. The promises of E-signature security tend to fade away in this aspect. An interesting fact, in this case, would be the fact that ESIGN and UETA came into existence in 2000 and 1999, respectively. Therefore, the laws made for electronic signature security primarily defined that electronic signatures cannot be denied legal admissibility.

However, in the present times, every organization uses ESIGN as a starting point for different e-signature requirements. Therefore, it is very important to measure the eligibility of e-signatures for additional requirements that make it legally defensible. Most important of all, you should ensure that high-risk transactions do not use e-signature technologies for low-risk transactions.

Rule #2

The second e-signature security rule refers to the use of the same e-signature technology for all signatures on a document. If this condition is not fulfilled, then successive signatures should not destroy the evidence about previous signatures. On the other hand, if a document needs signatures from multiple signatories, then the same signature technology should be used. As a result, the intent, information, and integrity of the signature tend to remain unharmed. This is one of the most important precedents for e-signature security.

Various e-signature technologies have unique processes for document preparation. The processes prepare the document for signing and also lock them in integrity. Passing a document through different e-signature technologies can result in loss of supporting legal evidence. The legal evidence is an embedded component in the document when the system prepares the document for the second signature. The best recommendation for secure e-signature is to adopt single e-signature technology for documents requiring multiple signatures. If that is not possible, then you should develop policies that prevent e-signature technologies from overwriting signatures.

The use of electronic signature brings so many benefits to your business. Here are the top reasons to adopt an electronic signature for your business.

Rule #3

The third rule in e-signature security implies capturing the intent to sign at each instance of the signature. A person having the intent to sign an electronic record should adopt an electronic form of signature. The intent specifies the approval for information in a document by the concerned individual. The intent capture should be done for each signature as well as at the time of each signature. The intent should form a part of granular evidence within the audit trail of the e-signature.

The intent to sign is a formidable legal element and evidence for electronic signature security. Therefore, the intent to sign should be captured and recorded with attention to two distinct aspects. The first aspect implies the features in the e-signature solution for capturing signatory’s intent at document review and signature. Another important factor is the storage of intent as granular evidence in the audit trail. The best practice implies a representation of intent in clear language and actions explaining the process of signing to the signatory.

In addition, the intent should also represent the desire to sign for the signing process. Representation of the intent to sign should also be included as granular evidence in the audit trail of the e-signature. Failing to produce the evidence can render the e-signature invalid.

Rule #4

Now, we move towards our next rule for e-signature security by taking a hint from the previous rule discussed above. Every signed document should have an audit trail that includes the intent to sign for each signature. In addition, the audit trail should include consistent, timestamped, and granular evidence as we might have learned till now. Every e-signature should track and record all the steps in the signature process so that users could track a document. Users could observe different states of a document in a particular transaction through the audit trail.

Furthermore, the audit trail also helps in presenting a strong claim in court. Therefore, it is essential to have a highly granular audit trail with information on each step regardless of its importance. The details can help you make sure that your document holds up in the court. An audit trail is essentially important for reducing the risk for highly regulated organizations where documents are maintained for long.

Rule #5

The fifth rule of e-signature security refers to attaching an electronic signature to the electronic record being signed. Also, every signature should follow the established standards. The independent verification of the signature should not depend on the electronic signature service or website for validation. Another important concern related to e-signature is that association and integrity are not related together. Therefore, secure e-signature solutions should always ensure integrity as well as association. A reliable e-signature solution should prove the integrity of an e-signature alongside proving the association of the signature with a document. Proprietary means are ideal for achieving association that follows international standards for electronic signatures.

Therefore, the best practice for e-signature security concerning this rule refers to legal consultation on certain aspects. The aspects include the format of the documents, proprietary nature of documents, human-readability of signatures, accessibility using free viewing software, etc. Also, it is important to verify that e-signature is an integral part of a document. The signature should also link with the document actively. Furthermore, you should also verify the association of each signature with international cryptographic and document standards.

Also Read: Top 10 Uses of Electronic Signatures

Rule #6

The sixth rule for security in electronic signature refers to multi-factor authentication. However, you can limit to two-factor authentications in this case. The two-factor authentication would involve an email password or an OTP and a mobile device for accessing the password. According to the level of risk, some forms and documents may need higher levels of authentication.

The risk determines the type of authentication required for verifying the signer’s identity. Therefore, the best practice implies to set up a strong precedent for authentication. As a result, any fluctuations are avoided easily. Two-factor authentication is the most recommended form of verifying signatory’s identity. Without a basic level of authentication, an organization faces the chances of improving risks and issues with evidence.

Rule #7

The final rule for e-signature security refers to an instrument for preserving the integrity of a signed record. The signed record should be portable, tamper-evident, granular and independently verifiable. In addition, the record should also qualify for verification in the long-term. Therefore, integrity is highly crucial in order to prevent any tampering with electronic documents. Organizations should define the application of integrity to an electronic document. A standards-based e-signature is ideal in such cases. The governance of e-signatures depends on international standards.

In addition, they also form the basis for secure web transactions (SSL). One of the important factors to keep in mind is to avoid vendor lock-in. Vendor lock-in involves the vendor possessing evidence about your document. The implications of lock-in are numerous and can include possible costs, risks of the vendor going out of business. In addition, you also have the risk of the vendor changing their methods after a few years. You should not compromise with these factors when it comes to high-risk transactions.

Furthermore, you could be at risk if the vendor does not have specific standards or they just provide password protection. Therefore, you have to focus on four core issues for ensuring the verification and integrity of signatures. The first aspect refers to portability or independent verification. The other aspects include tamper-evidence, long-term verification, and granularity.

People have a number of doubts about e-signatures that are spreading as myths. Let’s know these e-signature myths and facts behind them.

Checklist for Security in E-signature Solutions

Now, the most important concern in this discussion refers to the e-signature security checklist. The security checklist can act as a tool for verifying all the precedents of security for e-signature. You should always have the security checklist handy for determining the reliability of an e-signature solution. It also ensures that the integrity of the e-signature is always intact. So, let’s have a look at the e-signature security checklist.

User Authentication

The first aspect that is included in the checklist for e-signature security refers to user authentication. In this aspect, you should ensure the authentication of users before e-signing and integrate the authentication with the e-signature and record. The different factors that you should focus in this aspect refer to a solution for supporting multiple authentication methods.

In addition, the solution should have capabilities for configuring different authentication methods in the same transaction. The solution shall provide flexibility for adapting authentication methods to the risk profile of an organization alongside automation of each process. The solution should also give flexible alternatives for attributing in-person signatures such as SMS password and affidavits.

Audit Trail of the Signature

The next important factor in the e-signature security checklist is the audit trail. The audit trail provides additional security for an e-signature. E-signed documents that can have independent verification and archive have an additional layer of security. Vendor independence is possible only if the solutions can embed e-signatures, audit trail, and timestamp directly in the e-signed document.

Therefore, you need to have a self-contained, portable record that can act as evidence. In this case, you need to look out specifically for two factors. The first factor implies the abilities for independent verification of document authenticity. The second factor refers to the capability for indexing, storing and retrieving the e-signed document in the preferred system of record.

Securing the Document as well as a Signature

The aspect of document and signature security should also be one of the important agendas for e-signature security. The e-signature solution should ensure security at the signature level as well as the document level. The important aspects that you should look out for are highly important for safeguarding sensitive information. You should verify that each document and signature have security for e-signature.

Furthermore, you should have a comprehensive audit trail showing the date and time of each signature. The audit trail should also provide secure embedding in the document and proper link with each signature. You should also check for the facility of one-click signature and document verification. The ability for verification of signed record validity offline is also crucial in this aspect. Another important factor is that the document should remain accessible to all parties in the transaction. Most important of all, the solution should have the feature to download a verifiable copy of the signed record and audit trail.

It is important to look into the security factors while choosing an electronic signature solution for your business. Here are the top points you should consider while choosing an e-signature vendor.

Audit Trail of the Signing Process and Compliance Programs

You should also note the audit trail of the signing process for checking the security of e-signatures. It makes sure that the audit trail contains the IP address, date, and timestamp of all events and others. The other factors include the length of time for reviewing each document and all the web pages, disclosures, and documents presented. In addition, the audit trail should also represent intent and other actions taken during the transaction. Finally, you should ensure that the e-signature vendor has appropriate compliance programs in place to deal with data breaches. The recommended compliance program is SOC2 while the other two are SSAE 16/SOC 1 and ISO 27001.

Bottom Line

In this discussion, we were able to learn the importance of rules for e-signature security. The most important part of the discussion was dealing with the rules only. The most crucial rule for the security of e-signature among all the e-signature rules primarily refers to the integrity and association. You should always ensure the facility of an audit trail to track the e-signing process.

Furthermore, the discussion also showed the importance of focusing on security for the e-signature as well as the document signed. Finally, the discussion moved towards a checklist after explaining the seven rules. The checklist helps in understanding the various factors that you should tick-off to get the best e-signature software.

Always remember that security is always the best policy so understand the e-signature security checklist and rules first before using electronic signatures for your business!

Sep

2019

Top 10 Uses of Electronic Signatures for Small Business

There is no doubt that the manual and traditional process of signing a document can be a time taking and hassle for businesses. Just imagine, you have to contract which needs to be signed, and you found that the person is not available. Besides, the third party wants to peruse the document at leisure before signing. All these processes take a massive amount of time.

Another option that you can consider is to fax the papers and inform the client about the same. Then you have to wait for the party to sign it and send it back that to you. However, if the party is busy in some works, this can take a few days, even some weeks. It will affect your business. That’s why most of the companies are now using electronic signatures.

In detail, an electronic signature enables one to sign the documents electronically. It saves a lot of time and makes the process faster. Here, in this article, we will discuss the use of electronic signatures. But before that, it will be useful to have detailed knowledge about the electronic signature, their benefits, and electronic signature example. So, let’s get started with it.

What is an electronic signature?

In short, the electronic signatures are the digital form of a traditional or manual signature. It enables users to enjoy a seamless and secure signing transaction. Besides, it offers better user authentication.

The documents which are signed digitally are tamper-proof and more secure. The signatures are recognized under different laws in different countries such as UETA and ESIGN Act in the US, eIDAS regulation in the European Union, and Information Technology Act, 2000 in India. These acts and regulations make the usage of electronic signatures legal.

However, remember that the electronic signatures are different from the digital signatures. A digital signature is a cryptographic mechanism that is generally used to do electronic signatures. For a clear idea, you can check the electronic signature example available online.

By using electronic signatures, you can:

Save time: It’s time to stop chasing paper. Go digitally for a faster process. Within just a minute, you can now sign the document.

Keep control: You will get to know who signed the documents, and also about the time.

Stay mobile: No need to create cabinets in your office to store documents. You can now save your documents in the cloud and enjoy better access.

Talking about the primary objective of such a signature is to faster the process of document authentication with an identifiable mark. Even though they are not 100 percent secure, these signatures are used in different industries. You can use it in legal dealing, private affairs, business transaction and more. Now let’s have a look into some benefits of using electronic signatures.

The Benefits of Electronic Signatures

Before going deep into the use of electronic signatures, you need to understand some of the benefits of it. So, let’s have a look into this. Here are some notable ones:

1. It is intuitive and simple

One of the most significant benefits of using an electronic signature is that it is quite easy to use. You will find a lot of such online solutions. With an electronic signature software, you can easily upload your document, sign it, and send a highly secure link to the recipient. Then the recipient will sign the document, and the process will be over. Isn’t it quite easy! You can use the signatures by opening the link and with a few clicks. So, there is no need to waste your time doing manual signing.

2. Offers a maximum level of security

Some incidents prove that an electronic signature is entirely secure and safer than paper documents. It doesn’t just contain a signature; it also includes other information. For example, who signed the paper, the time and place of signing and more. You can keep track of the process. This is something not possible with traditional paper signatures.

3. Convenient

In this geographically extend the business world, a business deals with a lot of customers, partners, and suppliers. In such a case, if you go for manual signing and documentation, it can take a lot of time. But the electronic signatures facilitate remote authentication. Just a few clicks and you can sign the document. Forget about the printing and scanning of the documents.

4. Quick Turnaround

Another best thing about an electronic signature is that it offers a faster turnaround. Just think about the process of sending a document, print, sign, and scan the document. Then you need to send it to the third party. This process is very lengthy and takes time. But using electronic signatures, one can sign the document in just a few seconds. The use of electronic signatures in this modern business world opens up different opportunities. It works excellent in time-sensitive conditions.

5. Lower Cost

Electronic signatures are quite cost-effective than pen and paper signing method. The reason is that you will save money spent on paper, postage, and printing. All you need the best electronic signature software and working internet connection. Save your time as well as money and concentrate more on your business.

These are some of the significant benefits of electronic signatures as you have got a clear idea about E-signature and its benefits.

Top 10 Uses of Electronic Signatures

Now that you have been familiar with the basics of electronic signature and its benefits, it’s time to move into the critical section of this article. Let’s explore the uses of the electronic signature that has broadened its adoption over the world.

1. Sales Contracts

Almost all businesses are dealing with sales contracts. These are documents that are signed quite frequently. Besides, sales contracts are also crucial to the companies. Delay in signing such agreements can affect your business’s profit. You need to complete the process faster and in a secure way. This is where you can consider the use of electronic signatures. The sales contract can include business to business sales, residential business, real estate transactions, and more.

Business examples that come under this are real estate contracts, B2B sales, and service businesses.

2. Supplier and vendor agreements

A small-scale business often faces issues while negotiating with vendors. So, it is better to lock down the agreement, price, terms, and conditions as soon as possible. If you go for manual signing, you may face a delay in this process. By using electronic signatures, with just one click, you can obtain the sign and finalize the deal. It is quite easy to use and quicker than traditional methods. You don’t need to wait for the moment to sign a document, but you can do it when you want.

Some of the business examples that involve supplier and vendor agreements are consumer/business services and retail services.

Read: Top 10 Factors You Should Consider While Choosing an E-Signature Vendor

3. New customer forms

Do your customers want to fill out some forms or some other documents to carry out business with you? If yes, you can take advantage of the use of electronic signatures. There is no need to go for the lengthy process of printing the documents and get them signed. Besides, by using e-signatures, you can effectively prevent rekeying the data. It also leads to zero virtual errors.

The business examples that involve new customer forms are clinics, salons, spas and more.

4. Change in orders

Those who are running the project-focused business; for them, changes are quite common. However, you can face a surprise in the middle of the project, and your client may change the mind. They can increase or decrease their orders. During such a condition, you can face project holdups. The use of electronic signatures can significantly avoid holdups. You can approve the change in orders with the signatures quickly. Besides, you can easily maintain all your documents in the cloud and review them anytime you want.

Some common business examples which may get benefits of electronic signatures are construction business, architects, and web designers.

5. Customer approvals

Getting final approval before starting the manufacturing or production process is quite essential for the company dealing with custom-made products and services. When it comes to getting approvals, you can use electronic signatures to make it fast. It gives you enough time to focus on the order, instead of spending your time for obtaining the approvals. There is no need to visit the customers and get their signs on the approval documents.

Some common business examples that require customer approvals are custom furniture businesses, custom art businesses and print shops.

6. Employee onboarding

The process of hiring a new employee involves a lot of paperwork. For example, contract forms, enrolment benefits, automatic paycheck deposit, and more. If you sign all those documents manually, it can take a lot of time. However, you can save your time with the use of electronic signatures. Just click on the button, and you are done with the signature work.

Here the business examples that may require employee onboarding are the businesses with more than one employee.

7. Licensing of intellectual property and other legal agreements

As per law, the legal documents should contain valid signatures of the involved parties. Otherwise, the material will not be considered as accurate. So, here, you can consider the use of electronic signatures. The reason is most of the e-signatures are bound with rules and regulations, which are accepted by the court. They are perfect for signing legal documents. All you need is to make sure that the local authority approves the E-signature software.

Business examples in which licensing of intellectual property and other legal agreements is involved are technology companies, real estate companies, franchise businesses, and more.

8. Non-disclosure agreements

In general, the non-disclosure agreements offer you better security. Besides, it lets you conduct your business freely. When it comes to signing such an agreement, manual signing can lead to being inconvenient. Moreover, the manual sign is not safe, and one can use it for the different types of criminal activities. The most secure way to sign the non-disclosure agreement is the use of electronic signatures. With this, you can sign the documents through your mobile, and you can handle all the process with confidence.

Some business examples where the use of non-disclosure agreements is very common are outsourcing companies, investigation companies, and other private companies.

9. Distributor agreements

If you are doing business with distributors, dealers, and other such channels, then you can enjoy a better company with the use of electronic signatures. When there are lots of partners who are involved in getting signatures and managing the agreements, it can create a lot of confusion. But with e-signature, it is now quite easy to handle such a task. You can obtain signatures and manage the documents through the cloud services.

The primary business examples where distributor or dealer agreements are used includes wholesalers, distributors, and technology companies.

10. Parental consent and age verification

No matter what are your requirements, whether you want to verify your employee’s age or work with kids, you can use E-signature. Besides, you can integrate with their ID to simplify the process of verification.

Business examples where parental consent and age verification documents are required include kids’ school, school field trips and more.

Apart from this, we collect some other businesses which may use electronic signatures. These are:

Retail Sales

Signing the sales and purchase orders as well as invoices.
Licensing agreements signing.
Company and end-user agreements.

Human Resources

Employees hiring.
Acknowledgment statements.
The signing of timesheets.
Tax forms.

Legal Services

Signing the contracts of retention and fee.
Acknowledging confidential transactions.
Acknowledging documents of power of attorney.

Insurance

Verifying policy agreements.
Signing the documents related to claim to process.
Renewals of policy and service.

Finance

Taxation documents.
Accepting loan applications.
Disclosures.

In detail, the use of electronic signatures can help you in managing your business in a better way. This is quite easy and cost-effective. But always remember to choose the best e-signature software to enjoy maximum benefits and security.

Just imagine, a document’s management process where there is no need to do any print and fax. No need to remember the person who signed the documents. Remember that by understanding the use of electronic signatures, you can enjoy a world of fantastic opportunities.

Conclusion

Whether be a small-scale or large-scale business, to enjoy the maximum profits, you need to utilize every second. If you waste your time in dealing with document signatures and management, it can affect your business. So, to avoid all such conditions, you should always use electronic signatures when it comes to signing various business-related documents.

The above discussion has pointed out the benefits and uses of electronic signatures. Besides, you learned the uses of E-signature for small scale businesses. No matter what types of paperwork you are involved in, you can save your money and time through the use of electronic signatures.

So, adopt electronic signature now and get ready to witness a better business growth. Forget manual signing with electronic signatures!

Aug

2019

An Overview of eIDAS Regulation

The number of online transactions is increasing day by day. A simple purchase from an eCommerce store is the best example. However, the primary focus, in this case, refers to trust. Businesses want to shift their documentation flow online. Digital platforms provide much-needed flexibility for online transactions.

However, the lack of trust can influence the motivation of consumers, public authorities, and businesses for electronic transactions. Therefore, eIDAS regulation is one of the precedents that help in governing the use of electronic signatures. The following discussion would focus on important implications associated with the regulation, such as a basic outline of the regulation.

The other significant highlights in this discussion would deal with the basic principles of eIDAS. The discussion would also throw some light on the different types of signatures validated by the regulation. Subsequently, the discussion would cover the benefits of the e-signature regulation for businesses and their application in different sectors.

Also Read: An Overview of UETA and ESIGN Act

Origins of the eIDAS Regulation

eIDAS (electronic Identification, Authentication, and trust services) is the commonly accepted name for the EU regulation, 910/2014. The regulation found its roots on July 1, 2016, when the European Commission implemented it across all regions in the European Union. The eIDAS regulation appears focused only on electronic identification. However, you can also find precedents for trustworthy services of electronic transactions.

The European Commission established the regulation to create a single digital market. The regulation also has two other objectives. The regulation aims at ensuring access to public services of any State of the Union for all citizens of the EU. Citizens could use their electronic National ID number for obtaining access to public services.

Another objective of the regulation is the creation of an internal market for trust services. The regulation implies the provision of the same legality to trust services like conventional paper-and-ink processes. So, eIDAS is a regulatory instrument that specifies legal and security standards for trust services and electronic identification. What are the trust services? Let us find out something about them.

Criteria for Trust Services

The eIDAS regulation provides a clear impression of the criteria for classifying trust services. Article 3, paragraph 16, gives a precise definition of trust services. Trust service is an electronic service that is ideal for remuneration purposes. The scope of ‘trust service’ includes the following tenets:

Creating, verifying and validating electronic signatures, electronic registered delivery services, and related certificates and electronic seals or timestamps.
Creating, verifying and validating website authentication certificates.
Safeguarding electronic signatures, seals or certificates related to these services.

There are a number of myths spread worldwide regarding the use of e-signatures. It is important to understand these electronic signature myths and facts behind them.

Summarizing the Regulation

eIDAS (electronic Identification, Authentication, and trust services) develops trust, security, and transparency needed to bring the whole EU on the same page. So, online commerce and electronic transactions could flourish in the EU with support from citizens, public authorities, and companies. The summary of working of the regulation in four simple points can help in understanding its scope better.

The regulation outlines the conditions for member states to recognize the methods for identifying people and legal entities followed by other member states.
The regulation also serves as a supervisory and accountability instrument. As a result, it enables qualified trust service providers to provide qualified services at national and cross-border levels. Also, eIDAS presents conditions for maintaining a high level of security in electronic transactions.
The regulation presents a comprehensive legal framework for the governance of electronic documents, electronic stamps, electronic signatures, and electronic timestamps. Furthermore, it also governs certified website authentication services and certified electronic delivery services.
The regulation is mandatory for ensuring access to public service across borders in EU countries having electronic identification (eID) documents.

Types of Signatures Recognized in the eIDAS Regulation

eIDAS defines the three types of recognized electronic signatures. They are -

Electronic signature
Advanced electronic signature
Qualified electronic signature.

1. Electronic Signature

An electronic signature is the data in electronic form that is logically associated or attached to another data in electronic form. Signatories can use an electronic signature for signing documents. According to eIDAS, all electronic signatures are legally admissible. The regulation specifies that signatures in the electronic form cannot be denied for legal recognition due to their form.

2. Advanced Electronic Signatures

Advanced electronic signatures are slightly improved than typical electronic signatures. These type of electronic signatures comply with the following requirements.

Unique link with the signatory.
Linked with data that is signed in a manner suited for detecting any changes in the data.
Capabilities for identifying the signatory.
Developed using electronic signature creation data. Most important of all, signatory could use the data under their control.
The final document complies with tamper-evident characteristics.

3. Qualified Electronic Signatures

Qualified Electronic Signature is an advanced electronic signature created with a qualified electronic signature creation device. The device should have a qualified certificate for electronic signatures. The device could be a smart card or a mobile app for generating a one-time password. Signers have to use certificate-based digital ID provided by a qualified EU Trust Service Provider.

Also Read: Information Technology Act, 2000

Guiding Principles for the eIDAS Regulation

Now, let us explore the different guiding principles of eIDAS that make it a trusted regulation for electronic transactions. The guiding principles can help us learn about the foundation of the regulation. As a result, we can understand the benefits of this regulation easily. Here are the four guiding principles for the eIDAS regulation -

1. Trust

Trust is the first pillar in the foundation of the regulation. It ensure that transactions completed by the regulation are reliable, secure, and legally enforceable. Technologies such as electronic signatures, electronic services delivery, and electronic identification help in achieving these outcomes.

The technical standards defined in the regulation ensure complete assurance to all the parties involved in a transaction. Apart from technical standards, the regulation also provides a comprehensive liability framework. The liability framework addresses legal, enforceability, and jurisdictional concerns.

2. Cross-border

Cross-border transactions are one of the prime objectives of eIDAS legislation. The regulation ensures compliance with legal aspects related to cross-border transactions. Therefore, services provided in one jurisdiction are legal while transactions covering the service originate and conclude in another jurisdiction. The regulation makes sure that the legal standards for electronic transactions are similar across all jurisdictions. As a result, electronic transactions could not be restricted based on local jurisdictions.

3. Seamless Transactions

The trust services and electronic identification transactions should be completely seamless for the user. Users should get the same uninterrupted experience without any influence of their current location, device, or language. The regulation covers personal devices such as laptops and mobile phones as well as public areas such as airports. So, the regulation reduces concerns of authentication and identification when moving from one service to another. Users could also move from one location to another in the EU and use electronic signing and identification services seamlessly.

4. Transparency and Accountability

The fourth founding pillar of the regulation relates to transparency and accountability. The regulation outlines specific obligations for trust service providers and a clear definition of acceptable signatures. As a result, users could recognize qualified trust service providers easily. The most important highlight, in this case, refers to specific risk management and security precedents for trust service providers. The risk management approach covers aspects such as procedures, operations, and conduct.

The guiding principles of eIDAS clearly show the intent to develop a credible and reliable system for electronic identification. The other traits of the regulation appear clearly in the underlying principles such as cross-border, seamless, and convenience in services.

Still confused about adopting electronic signatures? Check out these top reasons to adopt electronic signature for your business.

Applying the Regulation in Different Sectors

After a reflection on the origins, implications of the regulation, and types of recognized signatures let us find applications. The e-signature regulation is applicable in various sectors such as financial services, transport, and online retail.

Financial Services

The financial service sector benefits the most from the eIDAS legislation. Financial services can find better opportunities across borders. Customers in the financial service sector demand online services and compliance obligations keep getting complex. Therefore, the digitization of identifying, authenticating, and security of transactions became evident.

Therefore, eIDAS regulation is one of the precedents that help in governing the use of electronic signatures. The following discussion would focus on important implications associated with the regulation, such as a basic outline of the regulation. However, the lack of trust can influence the motivation of consumers, public authorities, and businesses for electronic transactions.

A closer look at the different examples of the application of electronic identification services in the financial sector can clarify some doubts. The regulation governs e-signatures used for signing financial service contracts remotely. Also, the financial services sector depends on electronic registered delivery service that comes in the scope of the regulation.

Online retail

As we discussed previously, the regulation offers a comprehensive legal framework for governing electronic transactions across the EU. The online retail sector derives major benefits from the regulation. Online stores can ensure secure electronic transactions with customers alongside implying formidable levels of trust in the transaction. Furthermore, the transactions governed by the regulation are legally valid across the European Union.

One of the examples of the regulation’s use in the online retail sector relates to the better identification checks for customers. This application can be helpful in the case of purchasing high value or restricted goods. Another prominent example of the use of eIDAS in the online retail sector is the facility of qualified website authentication certificates. These certificates can ensure the better trust of customers in online retail stores.

Transport and Logistics

The transport sector also relies on electronic identification and trust services for a seamless business process with ample security. Electronic identification and trust services provide flexible, secure, and resource-effective document flow between suppliers, carriers, and receivers. As a result, the orders could arrive on time without any administrative setbacks.

The most notable example of electronic identification and trust services in the transport sector is in the car-sharing services. The regulation governs conditions for proving identity and secure login of customers in car-sharing services. For freight transport and logistics applications, electronic registered delivery service helps in the secure and faster exchange of contractual documentation.

Professional Services

Other professional services such as accountants, architects, and lawyers also find applications of electronic identification and trust services. Trust is the prominent concern in the professional services sector, and so the regulation is applicable here. First of all, electronic identification and trust services simplify many complex formal procedures in this sector.

The regulation has assured professional services regarding operational efficiency, thereby implying the flexibility to focus on customer services. The regulation governs the example of electronic identification to validate the identity of clients. As a result, it is easier to establish contractual relationships. Furthermore, electronic registered delivery service can help professionals in sending crucial documents without any risk of alterations, damage, or theft.

How to get the eIDAS Certificate?

Many businesses adopt electronic signatures and identification methods for faster and streamlined operations. However, many of them are also confused about how to get eIDAS certificate. So, let us find out the different types of certificates available in this regulation. Recently, the EU announced the PSD2 directive that validates two types of electronic signatures.

The two electronic signatures are -

Qualified Certificates for Seals (QCSEALs)
Qualified Website Certificates (QWACs)

Also, you can find certificates for other qualified trust services such as a qualified certificate for electronic signature. You can receive your certificate from a Qualified Trust Service Provider. The European List of Trusted Services provides an outline of the different local qualified Trust Service Providers.

The next step in how to get eIDAS certificate relates to providing information to the trusted service provider. You have to provide your authorization number registered with the qualified Trust Service Provider. The next important detail required in the process is your role in a transaction. Following the entry of information about your role, you have to select the certificates which you need. Based on your eligibilities, the trust service provider would provide you with the certificates.

Benefits of the Regulation for Companies

The benefits of the regulation for every business depends on electronic business transactions in Europe. Companies can gain the following benefits from the regulation:

Better security and trust in electronic transactions can foster the creation of relationships with customers.
Seamless and convenient cross-border transactions with ease.
Improved transparency and accountability with the technical and liability standards in the regulation.
Reduction in barriers for establishing a business in EU countries.
Saving costs of material, shipping, and management.
Time-saving in documentations for improving focus on core business tasks.
Aligning the focus of companies towards digital transformation with better and flexible customer service.

Also Read: Top 10 Electronic Signature Myths and Facts

Conclusion

On a closing note, the eIDAS legislation proves to be a wide-ranging instrument to promote the adoption of electronic identification. The digital transformation of businesses is driving the attention of companies towards electronic business transactions. However, the legal validity of electronic signatures and trust services may be a formidable barrier.

Therefore, the regulation provides a precedent for validating electronic signatures across all member states of the EU. The discussion reflected on the basics of the regulation alongside summarizing the key points of the regulation. The discussion also focused on the types of recognized signatures as well as the founding principles of the regulation.

The other significant highlights of the discussion included the different sectors which use the regulation and the process for certification. Apart from the simple process of getting a certificate, the discussion also presents a brief insight into the benefits. So, if you are ready to jump on the digital transformation trend, then this discussion can be a helpful guide!

Aug

2019

10 Best Electronic Signature Software

You spend hours to come up with a perfect signature and then practice to keep up with it. Right? But why to waste your time when you can use top electronic signature software to create your unique signature. Yes, there is no doubt that the best electronic signature software revolutionizes their business process. Besides, with e-signature software, you can do more than that.

You might be thinking that you don’t spend a single penny to obtain a handwritten signature. So, why to go for electronic signature software? Well, there are some reasons. We will cover all such things in this article. But first let’s start with the basics, i.e., what is an electronic signature? An electronic signature is a digital method that helps people to show their contracts to the terms and conditions of the electronic services.

Besides, it works as a tool to confirm the identity of the sender of the message. In this world, such signatures are considered as an electronic signature as well as stamped seals. Moreover, these signatures are highly secured and quite challenging to hack. But to create such a signature, you need to use some best esign software solutions or software. So, let’s learn about them.

Digital signature and electronic signature are two similar looking terms but don’t get confused. Check out the differences between the two: Digital Signature vs Electronic Signature.

What is the E-signature Software?

Software that enables users to obtain signatures on documents that are shared digitally is the e-signature software. It eliminates the requirement of manual signatures. Besides, almost all the businesses are now using such best electronic signature software to sign their business documents. In general, the software integrates with most of the third-party applications.

For example, ERP systems, accounting systems, HR management systems, CRM software, and more. All the software come with a high level of security standards that meet the legal requirements. The electronic signature software streamlines the process of legal document exchange. Besides, it guarantees the legitimacy of signatures. Wondering how to choose the best e-signature software? Here are some features that you need to consider while choosing one.

Understanding Some Significant Features of Electronic Signature Software

When it comes to the features, they can vary from one software to another. But there are some notable features that you should keep in your mind while choosing a top electronic signature software.

Security feature

In general, when you are signing a document digitally, you are sharing your personal information over the internet. That’s why it is essential to look into the security feature of an electronic signature software. All the information needs to be secured technically. Besides, make sure that it comes with a multi-layer authentication mechanism. Read the features while buying the software.

Privacy factor

Even though different employees use the software, they should rely on the right to reveal the data personally. Besides, the software needs to offer a facility to do a secure transaction.

Compliance

The software needs to comply with the polices, regulations, and laws of the industry. If the software doesn’t comply with the laws, then you can face some serious legal consequences. You can’t blame others. Most of the top e signature vendors offer software which complies with the industry’s policies.

Audit Trail

This is something quite important for enforceability. In detail, if there is no such feature, then you are signing documents in a non-reliable manner.

Level of scalability

Such software covers different industries and businesses. They are highly scalable. With this feature, you can quickly increase the volumes of documents without affecting the performance.

Also Read: Top 10 Factors You Should Consider While Choosing an E-Signature Vendor

Check Out 10 Best Electronic Signature Software

So, we’ve mentioned some of the major features that you should look over while choosing the best electronic signature apps or software for you. However, to make it a little easier for you, here we have listed down some of the best electronic signature software. So, let’s have a look at the list.

1. Adobe Sign

It is the big boy and the best electronic signature software in the industry of digital and electronic signature. The software offers a lot of unique features. Besides, it is available on the mobile application as well as the web. So, no matter where you are, you can easily use your e-signature.

Furthermore, it comes with a unique and reliable authentication service to keep your e-sign safe. You can also customize the e-signature. The best thing about this software is that it works on all Microsoft Office products.

Features of Adobe Sign

Custom fields.
Document template sharing.
Highly secured digital signature.
Feature of capturing electronic signature through mobile.
Audit trails.

For a single user, it may cost you around $9.99 per month. If a number of users are 2-9, you need to join the Adobe Sign Team. For this, you need to pay approximately $24.99 per month for the team. If you want to check out the software, you can go for its 14-day trial period.

2. HelloSign

It was the leader on G2 Crowd 2017 in the category of E-signature. The software lets you send and sign your papers along with tracking of the documents. Besides, it comes with different business tools. For example, team management, email reminders, flexible signing, and much more. As per reviews, this software is perfect for occasional electronic signature. With this, you can considerably faster your business documentation process. It easily integrates with Dropbox, OneDrive, Google Drive, different CRM systems, and more.

Features of HelloSign

Various templates.
Branding.
API Integration.
In-person signing.
Audit trail.
Notification.
Team management tools.

Talking about the cost, the pro version can cost you around $15 per month. For one year you need to pay around $156. If you are a business user, it will cost you $50 per month and $480 per year.

3. Eversign E-signature

Eeversign tries its best to offer you the best electronic signature solution. The software is highly secure, and you can use it for your sensitive documents. Besides, the software brings excellent flexibility to the workflow. It can significantly increase the time efficiency. As per some reviews, it minimizes duplications, lost notices, paperwork (obviously), and more. The best thing about the software is it comes with cloud-access.

Features of Eeversign E-Signature

Team management tools.
Branding.
API.
In-person signing.
Different useful templates.
Audit trail.
Paid option.

The business version may cost you around $480 per year. The monthly cost is $50. The price of the pro version is $156 per year.

Also Read: Electronic Signature Myths and Facts

4. DocuSign

With this, you can take your business forward much securely. Its massive 200 million and above users base proves its popularity in the industry. There is no doubt that it is one of the best electronic signature software that you can use. The company offers a high-quality and secure digital signature solution. Streamline your signing with the software. It also comes with Binding Corporate Rules.

Features of DocuSign

Different integrations.
High-quality integration.
Templates and more.

Coming to its pricing, a single user may need to pay around $10 to $15 per month. You can also go for a multiple user options by paying $25 per month for a single account. As one of the top e signature vendors, it offers a 30-day free trial period. So, you can try it for a month and enjoy its features without paying a single penny.

5. Secured Signing

Talking about the G2 Crowd start rating, it scores 4.6. In detail, it is a cloud-based e-signature service. It is a perfect software for small businesses. Besides, large companies can use this one. With an excellent support team, the company is good at resolving various issues instantly. So, you can trust the company for the best esign software solutions. Besides, it will perfectly match with your everyday business requirements. Coming to its integration, it easily integrates with RBD ProNEt, Salesforce, Google Drive, Fine Power Connect, and more.

Features of Secured Signing

Free for normal use.
Some best integration.
Video conformation.
Templates.
Branding.

The best thing about the software provider is, you can customize the package as per your requirements. Its team edition may cost you around $25 per month.

6. SkySignature

Its G2 Crows star rating is 5.0. As a best electronic signature software, it comes with different important feature. Besides, it offers a free PDF editor tool. With its high-level algorithm, it keeps your document highly secure and safe. The software is handy as it provides drag and drops signature features, document editing features, and more. Moreover, it is very interactive. It only integrates with Flamory.

Features of SkySignature

Best of light use.
Templates.
Drag and drop features.
PDF creation.
Document editing.
Unlimited signing.
Signature verification.

Per month it may cost you around $20 to $25 per user. It also offers a free trial so check it out.

There are a number of threats associated with e-signed documents. So, you should check if the electronic signature solution keeps your documents secure from the e-signature threats.

7. OneSpan Sign

OneSpan Sign is for both small and large scale organizations. Besides, around 600 companies are using this software. The users’ list of OneSpan Sign includes companies like BMW and IBM. Furthermore, the US Army also uses the software. However, it is also for small businesses. It comes with a high-level of optimization and offers easy-to-use workflow. You can easily deploy it on both private and public cloud platforms and in your existing system. With a high level of flexibility, it provides a maximum amount of protection.

Features of OneSpan Sign

Flexible.
Templates.
Secure environment.
Easy to use.
Signature verification and more.

To get OneSpan Sign software, you need to pay around $20 to $25 per month for single-user access. However, if you want to try out the software, it offers you a 30-day free trial.

8. SignEasy

With more than 5 million users, SignEasy is one of the best digital signing software that you can use. You can use this from your home or office computer. Besides, the company has made it mobile-friendly too. You can access its cloud services on the go using your smartphone. That’s why it is one of the most popular and best electronic signature apps.

It offers some great features like other software, but it focuses more on simplicity. In detail, you can get a signature box to make it clear for others who need to sign the documents and how. Besides, you can use the templates to simplify the signing process. SignEasy is now partnering with WeWork to facilitate E-signatures to the community.

Features of SingEasy

Supports multiple devices.
Track progress.
Reusable templates.
Easy interface.
Cloud services and more.

Want to try it out before buying it? Well, SignEasy offers you a 14-day trial period. However, for small businesses, this is quite affordable. Its monthly cost is around $10 per user. For three different users, its premium plan can cost approximately $60 per month.

9. KeepSolid Sign

Do you know what the most fantastic thing about KeepSolud Sign is? Its offline-signing feature. You can sign a document from anywhere without internet access. It is a fantastic product from encryption and security specialist, KeepSolid. It promises a secure electronic signature on any device.

Talking about its usability, it comes with different collaboration and annotation tools. Besides, there is also a document tracking feature. So, now you can quickly work, make changes on projects and legal works. It integrates with different platforms, for example, iCloud, Google Drive, Box, and Dropbox. Besides, it is quite easy to use.

All you need to do is import your documents to the platform and insert your sign. That’s it. The primary factor of the software is its high-level security credentials. There is no doubt that it will perfectly match with your company’s privacy and safety requirements. Moreover, this great app comes with AES-256 encryption. So, it is the best electronic signature software for all.

Features of KeepSolid Sign

Offline mode.
Cross-platform.
Flexible.
Templates.
Secure cloud services.
Industry-standard encryption.

The software offers you a 14-days free trial period. But after that, you need to pay $99.99 per year to use the software. Besides, its small team subscription package comes with a price tag of $349.99 per year. This is applicable for five users. However, to make it for ten users, you need to pay $599.99 annually.

10. SignX

The software enables you to send your documents to different signers. Besides, they can sign the document individually. It can effectively manage more than one user. By using its template reusing feature, you can save a lot of time. Moreover, you can encrypt your document with its password protection feature. Its unique features have made it one of the best electronic signature software.

Features of SignX

Reusable templates.
Legally binding digital signatures.
Supports multiple users.
Real-time notification.
Documents and signature verification.
Bulk send.
Document encryption and supports password protection.

It’s premium edition may cost you around $9.99 per month. The annual subscription rate is $83.88. The enterprise edition, for 2 to 10 users costs around $18.38 per month to $87.91 per month. On the other side, its annual subscription rate is $154.34 per year to $738.14 per year.

Still thinking if it’s good to use an electronic signature for the businesses? Get familiar with the top reasons to choose electronic signature for your business.

Bottom Line

So, these are some of the top electronic signature software which can save your time as well as money by digitizing the signing process. Signing documents manually is very time-consuming. So, forget the pen and sign up for one of these top software.

These software provide a simple means to use electronic signatures. These e-sign solutions enable businesses to create, approve, and send the documents online. With esign software, one can sign the documents without downloading them. All you need an internet connection and you are ready to go.

However, the names which are mentioned above are the most popular e signature software. You can trust them and use one of them for your business. But, while choosing one, just remember to check the important features as you will use it for sensitive works. Choose the best electronic signature software and make your workplace more efficient and secure.

Importance of the Adoption of E-signature

Why There is a Need for E-Signature in Your Organization?

Better Engagement of Customer, Employees, and Audience

Better Sales and Greater Profits

Improved Value for Money

Better Security and Safety

Faster and Better Decision-making

Eco-friendly Solution

Final Words

Here’s Why Electronic Signature is the Future of Business Contract Signing

1. Perfect for contemporary business Practices

2. Incredibly accessible

3. Studies suggest about its bright future

4. Encouraged by digitization

5. Easiest to be implemented

6. Assured from legal perspectives

7. No concerns of security

8. Associated technologies equally enriched

9. Providing incredible control

10. Acceptable being corruption-free

11. Saving numerous costs for documenting

12. Preferred for reducing manpower and technology costs

Here’re Top 10 Ways to Future Proof Your Esignature Investment

1. Focus on the document and signature security

2. Vendor flexibility is key

3. Conduct static audit trials

4. Flexibility of deployment

5. Authentication process

6. Better alignment of workflow

7. Adopt responsive and flexible solutions

8. Use a flexible device

9. Efficiency of channel

10. Sectional Signalling

Conclusion

The following abstracts discuss the benefits of the e-signatures for HR department in a broader way

Hastens the process of recruitment and other formalities

Reduces extraneous tasks:

It encourages automation

Makes things easy for the younger generation to adapt to

Reporting turns easier like never before

It’s updated and always available for urgencies:

Provides flexibility of working; no place constraint

Cost-effective in many ways

Maintains utmost transparency

Maintains simplicity

Smarter safety awareness:

Smarter environmental awareness

E-Signatures: An Overview

The Origin of ESIGN Act

Importance of ESign Act in the Working of E-Signatures

The Definition of E-Signature According to Esign Act

What’s In and What’s Out!

Factors in Esign law that Validate E-signatures

Expressing the Intent to Sign

Validating Consent of the Parties Involved

Association of the Signature with the Document

Keeping Track

Validating the Completion of a Transaction

Addressing Industry Requirements

Bottom Line

What are Electronic Contracts?

How are the Contracts Signed Electronically?

Legal Concerns of Electronic Signatures for Contracts

When are Electronic Contracts Not Permitted?

How are Electronic Signatures Changing How Contracts are Signed?

Making things quick

Convenience

Safety

Future

Reliable

For Small Businesses

Conclusion

List of E-signature Security Rules

Rule #1

Rule #2

Rule #3

Rule #4

Rule #5

Rule #6

Rule #7