December 20, 2021 | Fairlyeven

Benefits of Electronic Signatures

Benefits of Electronic Signatures

Electronic signatures are a new thing and becoming more and more popular as technology continues to advance. With new business owners coming into the workforce, many of them may not be familiar with an electronic signature or why they should use it.

Here at Fairly Even, we want to break down for you some of the benefits of using electronic signatures so that you can remain informed about this critical topic.

What is an Electronic Signature?

In the 2000s, electronic signatures became a way of legally binding documents. The U.S' E-SIGN Act makes this possible through an encoded signature on electronically transmitted information verified by both parties involved to make it valid and enforceable as the law demands. As a result, businesses are not tied to paper contracts, and the latest process improves execution time and enables you to save some bucks.

What are the Benefits Of Electronic Signatures?

Before electronic signatures gained legal recognition, paper contracts were used, but the process was time-consuming and expensive. Electronic signatures offer various benefits, and some of them are mentioned below:

Fast Contract Speed

When you use electronic signing, it is a much faster and simpler process for all parties involved in the contract. This will ensure there are no unnecessary delays which could result in improved performance and better work efficiency. Professionals in any industry have many things to worry about, and they cannot wait for paperwork to be shuttled around just for concern’s signatures on a contract.

  • Electronic signatures organize, streamline, and speed up the process, such as:

  • A digital signature enhances a contract’s contract, eliminating repetitive signing.

  • The negotiation process becomes fast, and the process is authenticated. Besides, all parties can smoothly access the contract. This prevents critical issues, and tracking is quick until final execution.

  • Even if the stakeholders are geographically diverse, signatures are performed electronically, preventing delays in updating or executing agreements.

Enhanced Security

The use of electronic signatures has many benefits, such as that there's less chance for tampering, and you can easily track who signed what. Contract management software with this capability will automatically detect even petty alterations in documents to make sure they stay accurate without any further need from either side.

Reduced Transaction Cost

The automated and digitalized electronic signing processes significantly decrease the financial impact of common mistakes and human errors such as signing mistakes, which can affect the process and result in costly problems if not detected. 

Electronic signing works through software that helps prevent such mistakes and offers timely alerts about mistrustful records or compliance issues involved with an agreement. Electronic signatures make sure the process remains in the correct order and prevents various issues.

And you will also save on office supplies and accessories such as files, papers, copying, packaging, and shipping costs. These expenses may look minimal, but they add a massive amount to total costs.

To Conclude

If you are tired of the problems and hassles that come with drafting, printing, emailing, faxing, signing, and tracking agreements for your company or clients - we have a solution. Partner with Fairly Even, and let us handle all of those tasks so you can focus on your business. Let us take care of it!

Contact our team today if this sounds like something you need in your business operations.