Benefits of Using Electronic Signature

Electronic signature is defined as any electronic process that signifies the approval to terms or a document that is presented in an electronic format. They usually have an added advantage as they ensures the maintenance of integrity in the signed document, which signifies that the signer of the document cannot renege on the agreement by purporting that they did no sign the document. E-signature ensures that the signed document is not altered. Electronic signatures are a blend of technologies and methodologies. They contain an 'I agree' button which is found in the click-thru agreement, which then goes to the electronic tablet whose work is to accept an e signature (also referred to as the handwritten signature), and finally to the digital signature that usually has a tied up digital ID.

Electronic signature can be used internally for approval purposes in issues such as taking time off, in documenting formal documents and making requests. They also apply in account opening in a bank or any other establishment. Electronic signature plays a pivotal role in signing documents pertaining to critical infrastructure and planning processes. Each and every country has a mandate to ensure that its image and reputation is enhanced and for this reason, Electronic signature can be used to achieve this end through the protection of its electronic documents. This is through the certification of authorship, integrity as well as the status of such a document.

There are reasons why an organization would prefer to use an e-signature. These include ensuring that there is efficient workflow because it is much easier and faster for one to use a password in routing a document than using courier for the same. It also saves time because there is massive elimination of paper and printing. Document integrity is maintained even when it is available online because there are no alteration that can be made, something which of great significance in maintaining the integrity and reputation of an organization.

DocuSign is more than just electronic signatures, it's a complete web-based eSign solution working to help you close more business and make more money.

Selecting the Best Electronic Signature

Thousands of companies the world over have realized that the lean economic times call for saving money and time for a business to thrive and are looking for every opportunity to achieve this. This is where the electronic signature has come in handy in helping organizations replace paper work with e-signature. When an organization wants to transition from paper-based to electronic signatures, some considerations should be looked into to avoid the common pitfalls many find themselves in.

Firstly, a good electronic signature should be adept in the verification of documents that are from outside the organization. Employees require being flexible and so, the e-signature should enable them work on documents such as signing even when they are traveling. It should also create a leeway for the use of multiple applications such as Adobe Acrobat, TIFF images and Microsoft Word. There is e-signature that will allow only one signature once the signing, sealing of the document has taken place, and this makes the addition of more signatures quite impossible. Cross platform, capabilities should also be possible in an enforceable electronic signature.

The best e-signature is one that is compliant with the law. There is certain criterion that an electronic signature has to follow just as it is with the case of the ink signature. One of these requirements is the authenticity of the signature that looks at whether a secure process can authorize a certain signature. The integrity of the e-signature is also another factor to consider when selecting the best because will help in detecting any alteration of the signature during transmission. The signature should be the one that cannot be accessed by unlawful user or sources. The verification of e-signature is also very important. One should ensure that all parties could verify it. It should also be un-refutable, meaning that it cannot be denied.

DocuSign is more than just electronic signatures, it's a complete web-based eSign solution working to help you close more business and make more money.

Understanding the Law - E-SIGN Compliant Electronic Signatures

On June 30, 2000, Congress enacted the Electronic Signatures in Global and National Commerce Act ("ESIGN" or "the Act"), to facilitate the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically. Yet many do not understand how their business can be compliant with the E-SIGN Act.

First we need to understand that E-SIGN (additional E-SIGN analysis here) [http://privasign.com/laws-esign.asp], in section 101(b) does not require people to use electronic signatures. When electronic signatures are used then Sub-section (c), in direct support of (b), requires a “Consumer Disclosure” that the consumer also "consent electronically, in a manner that reasonably demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is the subject of the consent".

As we can clearly see, the law outlines a two step process to signing files electronically. First, disclosure of the consumer’s right to use paper, which is followed by their consent to the electronic process. The second phase is the actual capture of the electronic signature.

Once the signature is captured the law directs its attention to the electronic record that has now been created. This aspect of the law, while often overlooked, provides the true power and cost savings of electronic signatures – the ability to STORE electronic files. Printing and storing a paper copy of the electronic record defeats the achievements of this law. It is the accessibility and cheap storage costs of electronic files that really amount to long term cost savings. Sub-section (d) details the retention of contracts and records. If a “statute, regulation, or other rule of law requires” the file to be retained then “that requirement is met by retaining an electronic record”.

Accuracy and availability are discussed in both (d.1.B) and (e). The record must be available to all parties involved; this is easily accomplished by allowing each signatory to save an electronic copy of the record on their own computer. The electronic record and signature created must be in a format that is both accurate and accessible. Meaning that the technology to read, display and transfer the record is of a generally acceptable form. This aspect of the law requires businesses to choose electronic signature services that provide them with flexibility.

PrivaSign provides a multi-step approach to “Consumer Disclosure”, by providing multiple disclosure messages to the signatory. Acknowledgement of this disclosure is captured as proof that the consumer was informed, and did accept to use an electronic process.

PrivaSign's "electronic records" are compliant with both sub-section (d) and (e). PrivaSign stores all files for a minimum of 3 months. Additional storage maybe purchased or at anytime during the 3 months both sender and recipient may download the file so that they may be in compliance with any applicable laws. This downloaded file can be saved to their computer, saved to a portable medium (CD, DVD or others) or even printed to paper. PrivaSign captures file integrity hashes so that all parties can verify the integrity of saved files.

DocuSign is more than just electronic signatures, it's a complete web-based eSign solution working to help you close more business and make more money.

Electronic Signature Law in Real Estate: A Brief History

Samuel Morse sent America's first telegram in 1838, heralding the occasion with the words, "A patient waiter is no loser." By the late 1860s, a mere 30 years later, the telegraph had replaced the Pony Express, was in established use for commercial transactions, and had been accepted by the courts as a valid means for creating enforceable contracts.

Of course, the telegraph is sort of like an electric pen, and an electric pen is kind of like an ecclesiastical seal, which isn't far from Moses descending Mount Sinai with the decalogue written in stone. At each period in human history, we've deployed the technology available to us to memorialize important covenants in durable media for the purpose of creating reliable records of what occurred.

In those respects, the internet is no different from past media and the courts and legislatures have recognized that. As a curiosity, Silicon Valley's beginnings can be traced back to 1909 and the founding of the Federal Telegraph Company which was funded by Stanford's president at the time and several faculty members as angel investors. More on point, Congress enacted the Electronic Signatures in Global and National Commerce Act (conveniently, ESIGN) in 2000 whose main import was to declare electronic records and signatures equivalent to the pen and paper. Most states have passed the Uniform Electronic Transactions Act, a model state law which also declares the electronic pen and ink pen as equivalents.

Commentators have pointed out, not for the first time, that federal and state legislatures acted too eagerly and wasted their efforts. Lawrence Lessig, in 1995, argued that the law of cyberspace should be developed through the common law, which is the process by which judges make case-by-case decisions drawing from past precedent. As with the telegraph, the courts were already reasoning by analogy that records could be created and signed on the internet. All they had to do was look to the telegraph! In fact, Mr. Jose Arroyo in Florida executed the first paperless home mortgage in 2000, before ESIGN had become law. The loan was closed and recorded in less than five hours down from the average of forty-five days it typically took.

Electronic signatures are now well-established as valid. The rise of electronic signatures mirrors the rise of the internet as B2B and B2C commercial transactions would be impossible without the legal foundation of the validity of electronic transactions. (Although, the, say, online mortgage space wasn't doing that great for awhile.) Nevertheless, the electronic signature is just a chapter in the long history of the writing and the signature.

DocuSign is more than just electronic signatures, it's a complete web-based eSign solution working to help you close more business and make more money.

Finding The Best Electronic Signature Provider

Due to the continuous adoption of technology over the past few years, many innovative web applications are being integrated into business processes. Electronic signature is one of the most important developments to have taken place. The implementation of esignatures has helped many individuals and companies to handle high-volume transactions and document processes with the click of a mouse button. Companies using electronic signature technology are also benefitting from greater efficiency in document workflows. E-signatures offer a host of advantages to document senders, as the technology helps in authenticating signing parties and securing various types of documents.

The popularity of e-signatures is growing rapidly, and many businesspeople are keen to learn more about this technology. As there are various providers of e-signature software, companies and individuals should exercise caution in selecting the best solution. Here are some tips which can help you in choosing the ideal e-signature provider for your business.

First and foremost, when selecting an e-signature vendor, check how compliant their services are with the laws governing the use of electronic signatures. In the U.S., there are two laws, the ESIGN Act and UETA, which define the legality of electronic signatures and protect their users. Your electronic signature provider should be established and clearly state not only that its application is compliant with the major legislation but also provide details on how the software works in accordance with the specific provisions of the laws. This will support your confidence in the product and ensure that documents you have executed on the service are legally defensible in the future. For the integrity of your business processes, it is worth taking the time to research your e-signature provider before signing up for the service.

Second, the usability of the e-signature software will impact your use of the application over the long term. You should be able to try the software with a free trial to experience the ease of sending a document for signature and signing a document online. If you have questions about how to use the software, submit an inquiry for email or phone support to test the responsiveness of the provider's customer service department.

Lastly, another major aspect of your e-signature provider is the ability to integrate the application with your internal systems. Your investment in e-signature technology should enable you to tie the electronic signature application into your current business processes. One should understand that not all electronic signature providers allow such capabilities. Companies searching for an e-signature provider should first examine their common document workflows and think through how they are going to integrate e-signature technology in their business processes. Then, investigate the API, or application programming interface, of the electronic signature solution and review examples of how other businesses have integrated their systems with the e-signature vendor's API.

You may wish to incorporate other criteria, such as feature capabilities, mobile signing, or pricing, into your due diligence on e-signature providers. Regardless of how you come to your decision, the right electronic signature solution will help you in managing document workflows and transactions a lot more efficiently than with paper. Once you choose an electronic signature provider to sign up with, you can be assured that you're on your way to making your document workflow and other tasks a lot easier for your company.

DocuSign is more than just electronic signatures, it's a complete web-based eSign solution working to help you close more business and make more money.

Reducing Contract Turnaround Time With Electronic Signature Software

The development and eventual introduction of electronic signatures into the business market has led to a lot of other innovations in the software technology that many top companies make use of these days. The use of an e-signature has become quite convenient for many different ventures that have to deal with a lot of document processes every day. Since the passing of the ESIGN act, which protects the use of electronic signature software, more and more individuals and companies have grown more confident in using electronic signatures for authenticating and validating documents and forms online.

There are plenty of benefits that people get out of using e-signatures. With the help of electronic signature software vendors, it has never been easier for anyone to make use of such an innovative new technology to handle a lot of different tasks and processes with a lot more ease and flexibility. The ability to esign contracts and other important documents have definitely made a lot of business operations run more smoothly. One of the key positive advantages to using electronic signature software has to do with the amount of time that is saved. Companies in many different industries can attest to this, as well as clients and individuals who have made use of e-signatures in the past.

One specific example where saving time by using e-signatures has been crucial is with real estate companies. The real estate industry can be quite intensive when it comes to document processing, which is a key part of how they conduct their business. The transferring of properties can require an intense amount of paperwork, especially during sales and right before a contract is passed on to a new owner. Electronic signature software products help cut the contract turnaround time by allowing electronic contracts and other documents to be signed over the internet or other electronic means, eliminating the need for the physical presence of parties involved just to sign the paperwork with a pen. The amount of time that real estate companies save in such cases has really helped improve operations and their overall productivity.

Another area where the time consumed for contract turnaround between company and client gets significantly shorter is in car sales and distribution. Automobiles are important properties that also require a considerable amount of documentation before a sale is made. The ESIGN act's existence has really pushed for the use of e-signatures in many transactions that many automobile distributors utilize them in order to handle transactions much faster and allow their turnover of automobiles to their clients much sooner. This faster way of doing business gives such businesses more time to take care of their other clients, an advantage that can potentially provide more profits.

Many other big industries make use of electronic signature software products to better manage their time during the course of a transaction. Using e-signatures to cut the time in contract turnaround can definitely be beneficial not only for companies, but also for their clients whose time is just as important as theirs.

DocuSign is more than just electronic signatures, it's a complete web-based eSign solution working to help you close more business and make more money.

Advantages of Using Electronic Signatures

An electronic signature can be defined as an online process clearly indicating approval to a document or terms presented in an electronic format. Usually electronic signatures have an added advantage in that they ensure the maintenance of integrity in the signed document or contract. The person signing the contract is not able to revoke or destroy the agreement or deny that they did not sign the document. Documents signed electronically are more secure than paper documents and can't be altered during or after the signing event. Furthermore, electronically signed documents are as legal as those executed on paper.

The ESIGN Act, which came into effect in 2000, dispelled any uncertainty over electronic contracts. The law created a revolution in industries that were traditionally dependent on paper workflows. It has propelled the growth and efficiency of companies in the financial, insurance, real estate, and consumer services sectors. E-signatures, after gaining legal acceptance, have also helped B2B (business-to-business) websites grow at a faster pace. Many companies can conduct their business entirely online. Documents are exchanged within minutes and deals are closed quickly. By using electronic signatures, companies can save money and time. They can utilize their resources to generate more business, rather than manage paper logistics.

Other noteworthy benefits of e-signature technology include less dependence on printers and ink, minimizing the use of faxing which can be annoying to both parties, and closing deals in a few minutes even when parties are thousands of miles away. Also, electronic signatures facilitate tasks like e-filing and electronic file and database searches. This reduces time needed to find and verify data. Overall, these factors can reduce business costs.

Every day, companies are relying more on cutting-edge technology to produce goods and services and fulfill common business tasks. In this scenario, they can benefit immensely by integrating electronic signature services within their business processes. Companies around the world, in many sectors, have already adopted and are taking advantage of this revolutionary e-signature technology.

DocuSign is more than just electronic signatures, it's a complete web-based eSign solution working to help you close more business and make more money.