We recently shared an article on sales technology and a key platform that should be included in your sales stack is an E-signature solution. In the United States, the ESIGN Act was passed into law in 2000 and provided that electronic signatures are legally binding as long as you can ensure that the signer’s identity is verified and that there is a record of the transaction.
Once this act was passed, e-signature platforms hit the market and were quickly adopted by companies.
Global Support for E-Signatures
Here are other significantly sized countries and the legislation that they enacted supporting e-signatures.
- In the European Union, the eIDAS Regulation was adopted in 2014 and became effective in 2016. The regulation provides a legal framework for electronic signatures and other electronic trust services, including electronic seals and time-stamping, and establishes a basis for cross-border recognition of electronic signatures throughout the EU.
- In Canada, the Personal Information Protection and Electronic Documents Act (PIPEDA) was amended in 2015 to clarify the legal status of e-signatures and provide a framework for their use in commercial transactions.
- In Australia, the Electronic Transactions Act was passed in 1999, providing the legal recognition of electronic signatures and establishing a framework for their use in commerce and government transactions.
- In Singapore, the Electronic Transactions Act was passed in 1998, providing legal recognition of e-signatures and establishing a framework for their use in commercial transactions.
- In China, the Electronic Signature Law was enacted in 2005, providing legal recognition of e-signatures and establishing a framework for their use in commerce and government transactions.
- In India, the Information Technology Act was enacted in 2000, providing legal recognition of e-signatures and establishing a framework for their use in electronic transactions.
- In Brazil, the Brazilian Civil Code was amended in 2001 to provide legal recognition of e-signatures and establish a framework for their use in commercial transactions.
What Is An E-signature Platform?
An electronic signature (e-signature) platform typically includes a range of features and functionalities that enable users to sign, send, and manage documents digitally. Some of the typical features of an e-signature platform include:
- Signature capture: The platform allows users to capture electronic signatures through a variety of methods, including mouse, finger or stylus on a touchscreen device, or digital signature pad.
- Document preparation and management: The platform allows users to upload, create, and manage documents in a digital format, such as PDF or Word files, and prepare them for signature.
- Authentication and verification: The platform provides mechanisms to authenticate and verify the identity of signers, such as through email verification, SMS authentication, or knowledge-based authentication questions.
- Signature types and options: The platform offers various types of electronic signatures, including typed or drawn signatures, biometric signatures, or digital signatures that utilize encryption technology.
- Workflow and automation: The platform provides workflows and automation capabilities that enable users to create templates, automate document routing and approvals, and track signature progress and status.
- Integration and APIs: The platform integrates with other systems and applications through APIs, allowing users to embed signature capabilities into other software applications, such as CRM or ERP systems.
- Security and compliance: The platform includes robust security and compliance features, such as data encryption, secure storage, audit trails, and compliance with data protection laws, such as GDPR or HIPAA.
- User experience (UX): The platform provides a user-friendly interface and tools that enable users to easily and quickly sign and manage documents with the ability to access documents from any device or location.
These features enable individuals and organizations to streamline document workflows, reduce paper usage, increase efficiency and productivity, and improve customer experience (CX). Ultimately, this means your sales teams can focus on closing instead of pushing attachments back and forth.
What Are The Benefits Of An E-Signature Platform?
There are several advantages to using an electronic signature (e-signature) platform over traditional pen and paper signatures. Some of the key advantages include:
- Convenience and speed: E-signature platforms allow documents to be signed digitally from anywhere, at any time, on any device with an internet connection. This eliminates the need for physical meetings, postal mail, or courier services, reducing the time and cost required to sign documents.
- Cost savings: E-signature platforms can save significant costs related to paper, printing, and courier services, as well as reduce the time and costs associated with manual document handling, processing, and storage.
- Security and authentication: E-signature platforms offer multiple levels of authentication and security measures to ensure the identity of the signer, such as two-factor authentication, email or SMS verification, and knowledge-based authentication. This reduces the risk of fraudulent activities and unauthorized access.
- Efficiency and productivity: E-signature platforms enable documents to be signed, routed, and processed quickly and efficiently, reducing the time and resources required to handle manual processes. This increases sales team productivity, streamlines workflows, and enables employees to focus on more value-added tasks.
- Compliance and legal validity: E-signature platforms provide an audit trail and tamper-evident mechanism that can help prove the validity and authenticity of a signature in case of legal disputes. This enhances compliance with industry-specific regulations and legal requirements, such as HIPAA, GDPR, or ESIGN Act.
Overall, e-signature platforms offer a more convenient, secure, efficient, and cost-effective alternative to traditional pen-and-paper signatures, providing individuals and organizations with a range of benefits that can help them streamline their workflows and increase productivity.
signNow: Electronic Signature That Breaks Barriers. Not Budgets
signNow enables businesses and their clients to sign documents online, generate agreements, negotiate contracts, and accept payments with legally-binding eSignatures.
Features of signNow include:
- Legally-binding eSignature – create your eSignature in seconds on any desktop, computer, or mobile device. You can type, draw, or upload an image of your signature.
- Powerful API – deliver a seamless eSignature experience from any website, CRM, or custom app – anywhere and anytime.
- Conditional workflows – organize documents in groups and automatically route them to recipients in a role-based order.
- Fast document sharing – collect electronic signatures faster by sharing your documents with multiple recipients via a link – no need to add recipient email addresses.
- Reusable templates – create unlimited templates of your most-used documents. Make your templates easy to complete by adding customizable fillable fields.
- Improved team collaboration – create teams within signNow to securely collaborate on documents and templates.
- Custom branding – spread the word about your company. Add your logo to every eSignature invite you send to customers and employees.
- Advanced security – restrict access to your documents with a password or two-factor signer authentication (2FA).
signNow provides us with the flexibility needed to get the right signatures on the right documents, in the right formats, based on our integration with NetSuite.Kodi-Marie Evans, Director of NetSuite Operations at Xerox
Disclosure: Martech Zone is an affiliate of signNow and we are using our affiliate link in this article.