As the world continues to move towards digitization, it’s only natural that signatures too have evolved from the traditional pen and paper to the digital space. Wet signatures were once the norm, but e-signatures have now become the preferred mode of signing documents. In this article, we’ll take a look at what wet signatures and e-signatures are, and the reasons why you should switch to digital.
Introduction
What is a wet signature?
A wet signature is a physical signature, made using a pen or any other writing instrument on a piece of paper. It’s a method of authentication that’s been in use for centuries. Wet signatures are used to sign contracts, agreements, and other legal documents. They are also used for identification and verification purposes.
The process of obtaining a wet signature can be quite cumbersome. It involves printing out the document, signing it, and then scanning, faxing or even posting it back to the recipient. This process can be time-consuming, especially if the document needs to be signed by multiple people.
Read also: Online contract signing: A complete guide
What is an e-Signature?
An e-signature (or electronic signature), on the other hand, is a digital signature that is used to sign documents electronically. It’s a way of signing documents without having to print them out. E-signatures are legally binding and can be used for a variety of purposes, including signing contracts, agreements, and other legal documents.
They can be created using a variety of methods, including typing your name, drawing your signature using a mouse or a touchscreen, or using a digital certificate. E-signatures can also be protected using encryption and other security measures to ensure their authenticity.
Benefits of e-signatures
1. Increased security
One of the biggest advantages of e-signatures is their security features. E-signatures are protected using encryption and other security measures, making them difficult to forge. The encryption ensures that the signature is unique to the signer and cannot be altered or tampered with.
E-signatures also provide a trail of evidence that can be used to verify the authenticity of the signature. This trail includes information about the signer, the date and time of the signature, and any other relevant information.
2. Cost effective
Switching to e-signatures can also save you a lot of money in the long run. With wet signatures, you’ll often need to print and post your document. This process can be expensive, especially if you have to do it multiple times.
With e-signatures, you can sign documents electronically, which means you don’t need to print them out. This can save you a lot of money on paper, ink, and printing costs. E-signatures also eliminate the need for postage and courier services, further reducing costs.
Read also: Why e-signature software for small businesses makes sense
3. Time saving
Another great benefit of e-signatures is the amount of time they save you. There’s so much admin and tedious process involved with wet signatures. If you’re handling multiple contracts on a regular basis, there simply isn’t enough time in the day to be signing these by hand every time.
On the contrary, with e-signatures, you can sign documents electronically, which negates the need for so much back and forth. Rather than waiting hours or even days for a contract to reach you by post or scan, contracts can be securely signed with a simple click and completed in seconds.
4. Legal validity
E-signatures are legally binding and have the same legal validity as wet signatures. In fact, many countries have enacted laws that recognize e-signatures as a valid form of signature. E-signatures are also recognized by many international organizations, including the United Nations and the World Trade Organization.
5. Better customer experience
Sifting through long chains in email threads and waiting days for a contract is hardly a great experience for any party involved in signing a contract. With electronic signatures, you can sign a document anywhere, at any time. This is invaluable for companies that have customers or employees in different time zones or locations.
Using electronic signatures will also demonstrate to customers that you are respectful of their time – by removing the need for a physical meeting or long delays.
6. Faster turnaround
By the same logic, electronic signatures can also accelerate the document approval process. This, in turn, will lead to faster turnaround times. There’s a hefty amount of admin involved with wet signatures, and this can really slow the whole signing process down.
As it’s so much easier for a contract to be signed and approved electronically, the overall experience is better for the counterparty. Since there is no lengthy process involved, you’ll find that customers are more predisposed to sign in a fraction of the time.
How to Implement e-signatures in your business
Implementing e-signatures in your business is, in reality, very easy. There are many software solutions available (of which Oneflow is one) that can help you create and sign documents electronically. Oneflow can also be integrated with your existing systems, making it easy to incorporate e-signatures into your workflow.
When choosing an e-signature software solution, it’s important to look for one that has robust security features, is easy to use, and is compatible with your other business systems – such as CRM. You should also look for a solution that offers support and training to help you get started.
Read also: 7 Things you can do using Oneflow besides e-signature
Key takeaways
In conclusion, e-signatures are a secure, cost-effective, and time-saving alternative to wet signatures. They are legally binding and have the same legal validity as wet signatures. Implementing e-signatures in your business is easy and can help you streamline your workflow. So, say goodbye to wet signatures and make the switch to digital today!If you’re interested in learning more about ditching the outdated wet signature and embracing the far superior e-signature, you can book yourself a demo here. Or if you’re keen to delve into the delights of truly digital contracts you can enjoy a completely free trial of Oneflow.
