With so much emphasis on
digital transformation in recent times,
businesses and organizations are turning to high-tech solutions to better simplify practices. This is done with the introduction of
eForms,
eSignatures, electronic
ID verification, and more.
However, many people fail to understand the importance of such a large transformation. Despite any myths out there about
eSignatures, when it comes to signing documents online, the pros heavily outweigh any cons. It is vital to understand the importance of
eSignatures as part of a complete customer-facing digital platform and alter the views of those who are misinformed. In this blog, we will uncover some of the most common misconceptions regarding
eSignatures.
Myths About eSignatures
-
eSignatures are not legal
As a matter of fact, this statement is false.
eSignatures are
fully legal and have been for years now. They are legally recognized in many countries across the world, including the entire E.U., plus the US when the
ESIGN Act and the
Uniform Electronic Transactions Act were passed in 2000. These acts granted legal status to documents with
electronic signatures.
2. eSignatures are not “safe”
Not only are
eSignatures legal, but they are also
safe and secure. Qualified eSignature platforms use extensive measures to keep your information safe. Such measures include digital
ID verification with
biometric facial recognition, passwords, and timestamped audit trails. Businesses are aware of the security necessary when making transactions online, so they use the latest and greatest technology to ensure security.
3. eSignatures are too expensive
False -- with the extensive benefits an eSignature solution comes with, it ultimately pays for itself. Implementing an eSignature solution eliminates the costs of printing, copying, packaging, and shipping. Although these costs may seem insignificant, it all does add up over time.
Additionally, a digital process saves
businesses a lot of time, which in turn saves money as well. With a quicker turnaround time, more sales can be made and payments can be made faster. So, the
business makes even more money than before. In fact, eSignature transactions have increased from
$89 million to $754 million in only five years.
4. eSignatures are difficult to understand
This is another false statement because
eSignatures are actually meant to be easy and simplify processes. In fact, more recent eSignature platforms are
mobile-optimized, meaning you can electronically sign an eForm right from your smartphone. With
Lightico’s solution, you can instantly sign with your finger on-the-go and in real-time. No computer or laptop is necessary!
5. A software needs to be installed
No software is necessary and nothing needs to be downloaded to complete an eForm or eSignature. Everything is stored in the cloud and can be sent back and forth online. Whether you are at home using a computer or out using your cell phone,
eSignatures can be completed online.
eSignatures are easier than ever to implement
Ultimately, eSignature solutions are not as difficult as people may think.
eSignatures play a huge role in advancing
businesses. In fact,
eSignatures cut 92% of scanning errors, help achieve audit efficiency by 80%, and reduce 66% of missing files. Plus, platforms like
Lightico’s also help reduce turnaround time, boost productivity, improve onboarding, and more. Learn more about
Lightico’s eSignature capabilities, along with the full platform of
eForms, digital payments, ID&V and more at Lightico.com.
