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With digitalization rapidly gaining popularity and e-commerce increasing the competition with open trade, businesses are struggling to survive and keep their costs low. As the owner of a small business, you’ve probably felt the pressure to digitize everything. Naturally, you want to move toward paperless solutions to keep costs minimal. One excellent method that can let you ditch the pen-and-paper process is the adoption of electronic signatures.
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Traditionally, businesses have collected signatures via mail, fax, or email. Unfortunately, these methods can be time-consuming and costly. They also require a massive stack of papers that must be printed, copied for backup, distributed among departments, and stored.
But an effective alternative is using an electronic signature system on a dedicated digital platform. This is because, through an e-signature platform, your business can send and receive important documents from all around the world. Here are three main reasons your business should move to e-signatures in 2022.
1. Electronic Signatures Are Easy to Use
The process of collecting signatures for your important deals can be needlessly complex and lengthy. Electronic signatures are a much more practical and convenient choice in this regard. They are simple in their functionality, easy to use, and call for little to no prior training. All you need in order to use electronic signatures is to open a link and click a button.
Moreover, with an e-signature system, you can easily upload a document, assign recipients and signers, and deliver a secure link to your clients. Then the recipient can sign the record, completing the process. The simplicity of this process allows for rapid turnarounds on administrative tasks. This can help you save time for tasks that hold strategic importance.
2. They Provide Greater Security
With traditional paper documents comes the risk of the papers getting stolen or physically getting damaged. But by shifting to e-signatures in your business, you can be sure your documents are safe. This is because electronic signatures eliminate these problems entirely.
Knowledge-based authentication (KBA) is one of the verification steps in most e-signature platforms that verifies IRS forms and ensures the security of your client’s data. In short, shifting to platforms that enable e-signatures will ensure that your and your client’s data stays as safe as possible.
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3. Electronic Signatures Are Cost-Effective
Were you aware that the cost of handling a single paper document is approximately $4.82? Further, did you know that US-based corporations spend about $8 billion for managing paper every year? This unnecessary cost can be avoided with the effective use of e-signature software that provides digital editing and storage solutions.
The electronic signature also facilitates overseas trade by reducing the cost of sending contracts overseas. Moreover, it practically eliminates the need for executives to travel themselves to seal the deal.
Research has concluded that US companies can save approximately $1 billion by reducing 1% of their paper waste. Adopting an e-signature solution will slowly allow you to begin cutting this cost.
In addition, it can simplify the complexities and technicalities of your paper-signing processes and enable faster turnarounds on your administrative tasks. This can let your team optimize their working time, thus freeing them to focus on strategic tasks. This cost-effectiveness combined with fast response makes e-signature platforms an investment that can result in exponentially high rates of return.
Are you always on the lookout for new ways to improve your small business and keep your costs down? Then bookmark our blog and come back often.