Top 10 Myths about Electronic Signatures Debunked

Posted 10th August 2020

Despite their growing popularity across a variety of sectors, myths about electronic signatures are still prevalent in the business world. Like with most new technology, these myths stem from misconceptions and false assumptions. Handwritten signatures and paper-based administration are such a staple of business life that any transition towards digitalisation can be viewed with suspicion. It is important to remember, however, that this was also once true for computers and smartphones, now vital components of any modern business and a cornerstone of business productivity.

E-signatures have the ability to revolutionise signature collection and day-to-day business processes for organisations of all sizes and across all industries. From internal processes to external transactions, businesses across the UK stand to benefit from reduced office expenditure, streamlined processes and improved efficiency. That’s why we decided to debunk the top 10 myths surrounding e-signatures, so you know the facts from the fiction and have all the information you need to make an informed decision about switching from wet to electronic signatures.

 

Myth 1: E-Signatures are not legally acceptable

The myth that e-signatures are not legally binding is massively outdated but still persistent. E-signatures have been 100% legally binding and court admissible since 2000 with the introduction of the Electronic Communication Act. They have also been accommodated in European law since 2016 by the eIDAS regulation. Despite this, the uncertainty surrounding the legality of electronic signature still remained. In 2019, the Law Commission stepped in to resolve this remaining ambiguity, confirming the validity and legality of e-signatures in executing documents, including deeds or where there is a statutory requirement for a signature.

 

Myth 2: E-Signatures are too expensive

While the price of electronic signatures varies between provider, e-signatures are a cost-effective solution that save businesses money. Some e-signature suppliers, such as E-Sign, provide a pay as you go service, so you only pay for what you use, with no hidden costs or extra charges, allowing you to retain full control over your e-signature budget.

By digitalising signature collection and document processes, your business can effectively eliminate expenditure on paper, printing supplies and postage fees, as well as saving on filing supplies like folders, envelopes, and storage cabinets. With the money you save using e-signatures, you can digitalise your processes with no extra cost to your business and can even save money by using e-signatures.

 

Myth 3: E-Signatures are just a fad

For those people who think electronic signatures are just a fad, you may need to think again. Businesses switching to e-signatures are realising the cost and time-saving efficiency of digitalised signature collection. After transitioning to e-signatures, companies are extremely unlikely to switch back. With the market share of e-signatures expected to grow by 25% by 2030, businesses across the world are set to digitalise their document processes and start benefiting. Make sure your business stays ahead of the curve with our e-signature solutions.

 

Myth 4: E-Signatures are just digitalised handwritten signatures

While this is true for basic electronic signatures, E-Sign’s advanced e-signatures are so much more than a digitalised version of your wet signature.  In order to qualify as an advanced electronic signature, our e-signatures:

  • uniquely link the signer to the document
  • are capable of identifying the signer
  • allow the signatory to retain control of the document
  • are capable of detecting any subsequent change to the document

In addition to this, all our signed documents are supported with a digital certificate that documents the author, signer, device, IP address and time and date stamp, as well as a fully traceable audit trail.

 

Myth 5: E-Signatures are not secure

With advance security and ID verification embedded in electronic signatures, e-signatures are even more secure than their handwritten counterparts. To ensure your data is safe, E-Sign operates with server-side encryption (SSE), twin firewalls and an encrypted client library, all backed by a 24/7 monitoring system. With an ID checker embedded into our platform, we screen your signer’s personal details and passport/driving licence against our extensive global database to ensure their identity is properly verified and that your transactions are protected from fraud.

 

Myth 6: E-Signatures are hard to set up

Many people think that digitalising their document processes and signature collection will involve a lengthy, complicated set up. With E-Sign’s platform, setting up an e-signature and digitalising documents is easy. Once you’ve set up your account and created a signature with our user-friendly signature creator tool, you can get to work uploading and sending documents to be signed. You can easily add text fields, radio buttons and checkboxes onto your document via drag and drop, making it easy for you to create your interactive documents and forms. E-Sign also allows you to save unlimited templates on your dashboard to reduce document preparation time and automate your business processes.

 

Myth 7: E-Signatures aren’t user-friendly

E-Signatures are just as convenient and efficient for signers as they are for you and your business. Your e-signees do not need an account to access or sign documents, so there’s no extra hassle or cost to your clients. All you need to do is email the document to be signed, and in a few clicks, your client can sign and return the document, reducing the turnaround time for you and ensuring a smooth customer service for them. What’s more, our E-Sign platform has a built-in multi-language function, so you can send documents in your client’s native language, for a better experience for your international customers.

 

Myth 8: You can’t have more than one e-signee per document

E-signatures actually make managing multi-party documents easier, with the ability to co-sign and send documents to multiple signees at once. With the E-Sign platform, you can send the contents of a digital envelope to up to 13 signers, so you can easily collect multiple signatures in one transaction. For a transparent document process, you can monitor who has seen, accessed and signed your documents.  All information of the document process is captured and recorded in the advanced audit trail.

 

Myth 9: Digitalised documents are hard to manage

We make managing digitalised documents easy with our E-Sign platform. With our user-friendly dashboard, you can centralise document management and easily keep track of your signed, pending, uploaded and template business documents. When it comes to storage, digitalised documents are a lot easier to file and store than their paper-based counterparts.  E-signatures help you save on vital physical storage space. All e-signed documents can be stored digitally in your E-sign account or downloaded onto your company network. By eliminating your paper-based processes, your business will benefit from streamlined and simplified document management.


Myth 10: All E-Signature providers are the same

In reality, every e-signature provider is different, offering unique functions and services for a variety of price points. Our cost competitive analysis shows that E-Sign’s electronic signatures provide better value for money and greater flexibility than our competitors. Our e-signature platform is designed with optimised workflow and enhanced productivity in mind, with advanced features such as document templates, full form functionality, multi-language application and embedded iD checker to power productivity.

E-Sign are a trusted and experienced provider of e-signatures, supplying cost-effective solutions to streamline time-consuming administrative tasks and significantly reduce turnaround times on time-sensitive documents such as contracts, agreements, and policy documents. This is why organisations across various sectors including legal, recruitment, property sales and lettings, financial services, debt recovery, media production, software and utilities are choosing to digitalise their processes with E-Sign.

 

See how your business can benefit from our e-signature solution firsthand. Try our 14-day free trial.

 

E-Sign is a leading provider of electronic signature solutions supplying professional Electronic Signatures, Form Builder, Web Form, ID Checker and Personalised Email solutions to businesses across the UK.

To find out more about our E-Sign solutions and how they could transform your business, get in touch with us today.

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