Waiting for documents to be returned via post, spending an afternoon meeting with settlement parties to sign agreements and constantly worrying if your confidential paperwork has arrived to the right person, however, sending documents for electronic signatures quickly stifles these worries.
If you have had any of these concerns in your career as a lawyer/conveyancer, then you should consider going paperless.
With the introduction of electronic signing, this is now possible. The electronic signatures process enables all businesses to simplify and fast track their processes.
A study showed that 84 per cent of agreements and/or documents were completed within a day of obtaining the notification.
If you want to complete business transactions faster, read on for the three reasons why your business needs to implement electronic signatures;
1. Time Efficiency
Electronic signatures have removed the hassle of chasing signatures, enabling you to monitor the status of any document.
In today’s global economy, most business’ transact with clients, suppliers and contractors from various geographical locations.
Through the introduction of e-signing, there is now an alternative way of mailing, printing and scanning. We are able to send documents and agreements to remote locations, with the ability to transact online.
This is evident in the legal industry as products like triSign, powered by DocuSign has enabled legal professionals to get signatures from all parties involved in a matter of moments.
With an improved process of getting signatures you are also guaranteed to have a faster turnaround, reflecting positively on your business.
Getting back to your client on time or earlier than expected, will help you build the rapport that comes with providing a quality service.
Furthermore, e-signatures are helpful in time-sensitive situations where contracts need to be amended and resent before a deadline.
2. Eco-friendly
Out of the waste that a business produces 50 per cent is paper alone. The overuse of paper doesn’t just affect the carbon footprint but contributes to deforestation, fossil fuel burning and production of more chemicals.
From the introduction of DocuSign in 2003, there has been over 2 billion documents signed electronically. This has saved over 20 billion pieces of paper from being printed. Equating to the 27,210 cars worth of CO2 per year.
Companies like triSearch, who have implemented eSigning into their service, are reducing the amount of paper used each year and with that are encouraging other companies to adopt it as well.
3. Security
The back-and-forth of documents via mail creates the risk of sensitive documents getting into the wrong hands.
Many may argue that electronic signing isn’t safe and prompts fraudulent behaviour. However electronically signed documents are more secure then paper.
Each signature is encrypted and stored securely online, with the protection of unauthorised personal tampering with the record.
You have a documented trial of each step of the transaction from who’s signed, what time it occurred and, in a lot of cases, what location they signed. You are given multiple measures of proof that can authenticate a signature.
Getting ahead of the curve, is something you should be focused on, especially in today’s everchanging world.
Electronic signatures have gotten to a point where they aren’t questioned for being unsafe and are more attractive to clients. With guaranteed speed, efficiency and security backed by a digital trail, your business could benefit greatly from electronic signatures.
