How Businesses Can Utilize Electronic Signature Software

Electronic Signature Software for Businesses

electronic-signature-software

Traditional workflows are relatively slow due to delayed approvals from multiple departments. To accelerate the workflows, businesses need to adapt to smart approaches that offer quick eSignature solutions.

The electronic signature software is the easiest and fastest way to eSign any electronic document. This process allows businesses to streamline bulk documentation with quick verification and create legally valid contracts online.

Businesses can create legally valid contracts online using templates available in the template library of SignDesk’s smart platform. It’s easy to lose track of numerous contracts and miss a milestone or deliver contractual obligations. With the help of the eSigning tool, businesses can easily track contract status and monitor every step of the contract process with automated alerts.

Click here to e-Sign your business documents with our free electronic signature software.

What is an Electronic Signature Software?

An electronic signature software is the alternate digital adaptation of a typical transcribed signature. Signing documents electronically is a quick and legally valid way to eSign electronic documents remotely.

Electronic signature can substitute conventional ink-based signatures to make signatures convenient and secure. It provides a safe and accurate form of authentication for the electronic signatory to facilitate a faster workflow.

Finalizing contracts, onboarding customers, or issuing loans are the daily activities that businesses face every day. Businesses can opt for the electronic signature process to get their numerous business documents eSigned quickly on a daily basis. To gain a competitive advantage, businesses must adopt smart eSignature solutions.

What is a Digital Signature?

A digital signature is an online signature facility that verifies the legitimacy of the signer’s identity. A digital signature comes with a digital signature certificate (DSC) issued by certifying authorities (CAs) to validate and confirm the identity of the person who holds the certificate. Digital signature use technology such as hashing algorithms like DSA and RSA, public and private key cryptography, and encryption to secure e-documents.

Electronic Signature vs. Digital Signature

The terms electronic signature and digital signature sound similar, but both differ according to their process and usage. Not all electronic signatures are digital signatures.

E-Signature is simply known for any signature that is transmitted electronically, whereas digital signature specifies certain processes and technology that mainly focuses on security and compliance.

Electronic signature Digital signature
An electronic signature is a legally valid electronic replacement of a conventional handwritten signature. A digital signature relies on public and private key encryption with a digital signature certificate, which authenticates the electronic signature.
Electronic Signature is a broader term that encompasses digital signature in its definition. Digital signature is part of electronic signature.
Validates a document without any encryption. Secures a document using cryptographic algorithms.
The intention is to authenticate any document quickly. The intention is to enhance the security of the document.
Regulated by IT ACT (2000) in India. Regulated by a trusted certification authority.
An electronic signature can be a file, image, or symbol attached to a document to give consent for a signature. A digital signature acts as an electronic fingerprint of a person’s identification.
An electronic signature is authenticated using a phone number, SMS, etc. A digital signature is authenticated using a digital signature certificate.

Types of Electronic Signatures

The electronic signature has multiple processes to get the documents signed. Organizations and firms can choose the suitable kind of signature process as per their requirement and convenience. The platform also provides the option of free eSignatures for specific electronic signature options. Businesses can try out eSignatures on their digital documents from the options available:

A fast and simple way to sign documents electronically, this eSignature process helps users sign documents in no time. The signer gets an OTP via mobile or email. On receiving the OTP, the signer enters the OTP to complete eSigning the document

Read how OTP Signatures compare to Digital Signatures

Aadhaar eSignature can also be verified via OTP. The signer’s information is obtained from the UIDAI database, after which they receive an OTP on his Aadhaar-linked mobile number when he initiates eSigning. The signer enters the OTP to eSign the document

  • DSC Signature

This eSignature enables organizations to secure digital documents. DSC or Digital Signature Certificates use encrypted private keys and digital workflow to encrypt documents securely

  • Video-Based E-Signature

Video-based eSignature is the virtual and live method to authenticate the legitimate signer remotely. It allows businesses to create video-based evidence for consent. The signer connects on a video call. The software reads out key contract clauses to the signer, and then the signer consents to the clauses in the document and approves them on video. The software records a video of the signer consenting to the terms

How To Create An Electronic Signature

Verifying electronic documents involves entering an OTP received on the signer’s email or mobile phone.

The electronic signature software workflow can be completed in a few ways with eSigning tools. Business organizations interested in signing documents in bulk using OTP-based electronic signatures can follow this procedure:

How To Sign With OTP-based Electronic Signature

  1. Log In to the Portal: The user logs in to SignDesk’s eSign website.
  2. Upload Document: The user uploads the documents that must be signed onto the eSigning portal.The documents can instantly be drafted using the pre-existing templates in the clause library. The digital dashboard can upload multiple documents simultaneously.
  3. Invite Signers: An email/SMS invitation is sent to the required stakeholders to sign the uploaded document.
  4. Input OTP to eSign: After receiving the email/SMS, the user needs to opt for the type of electronic signature process. Parties accept the invitation and electronically sign the document within minutes using an OTP supplied to their Aadhaar-registered mobile number.
  5. Signed Documents Sent: Once the document has been authenticated using e-signatures and eSignatures are affixed to the documents, SignDesk transmits the signed copy to all parties involved. An audit trail document mentioning the details of the eSign transaction will also be sent for future reference and auditing purposes.
  6. Store & Download: The eSigned document is saved and made available to all signers and stakeholders for download.

Once a contract has been electronically signed, data concerning the signers, their location, IP addresses, and remarks are all stored to verify its legitimacy. Both Aadhaar and electronic signature software use OTP-based electronic signature workflow.

How Does Electronic Signature Software Help Business?

Businesses can make use of electronic signatures in place of almost every process that requires a handwritten signature for validation. When a process requires the consent or approval of parties on an electronic document, firms can integrate an eSigning mechanism to carry out the same easily.

Businesses can use electronic signature software to authenticate various types of documents, including:

  • Client/customer forms
  • Employee onboarding contracts
  • Sales agreements
  • Supplier / Vendor contracts
  • Age verification procedures
  • Consent forms
  • Purchase orders
  • Non-disclosure agreements

Why you should Integrate electronic signatures into your business

  • Quick Approval – Electronic signature software is a simple and fast way to get business documents eSigned with a minimum security layer. The respective departments can approve for eSigning without delay, and the parties can complete eSigning remotely.
  • Document Management – With the electronic signature process, it is easy to sign all documents faster without missing out on filling in the critical parts of information or pages that need to be signed. This accelerates the whole process of documentation. Through automated alerts, eSign workflows manage contracts with zero error
  • Cost and Time-effective – In the paperless workflow, the operational cost is less, and time is saved due to online workflow. Businesses can save time and cost leaving behind the traditional workflow and boosting overall revenue and business growth.
  • Instant Bulk eSigning – The electronic signature procedure is most suitable for documents requiring simple compliance or security standards and not containing sensitive information. The firms that need bulk signing on a daily basis can benefit the most from this electronic signature software.
  • Regulatory Compliance – Organizations can safeguard their business reputation and rights by complying with regulatory frameworks. Individuals or firms can get sufficient legal support in breaching or non-compliance issues.

Industries That Can Use Electronic Signature Software

Businesses in every industry can benefit from electronic signatures, and they offer smart solutions for nearly every department in business organizations.

  • Administration & HR Firms – E-Signature tools can transform HR firms and administration systems into intelligent onboarding and contract management system. Electronic signature software accelerates the employment process with a smooth onboarding procedure that requires lots of paperwork like employee contracts, employment agreements, NDAs, and NCCs. In a paperless workflow, signing contracts is easier and faster than in the conventional workflow. The employers and clients experience a smooth and transparent digital journey that helps to build better relationships.
  • IT – The IT industry deals with large-scale paperwork such as business contracts on a daily basis that requires lots of signing agreements and sealing off the deals. To enhance business growth in the competitive market, electronic signatures to sign documents quickly is an easy solution for many competitive businesses.
  • Manufacturing – Manufacturing industry paperwork requires less compliance. It mainly focuses on verifying the manufacturer and vendor and determining the legitimate dealers. Applying an electronic signature for smart manufacturing documentation is the simplest way to eSign manufacturing documents, KYC forms, and vendor contracts and verify the clients.
  • Sales & Retail Businesses – Sales and Marketing sectors need quick approvals for fast FMCG and other products. Sales and Retail businesses can integrate electronic signatures to make quick identification, instant transactions, and fast delivery by eSigning product contracts, sales agreements, delivery receipts, and other relevant sales documents.
  • Financial Services – Bank, insurance, and other financial services can shift to an esign software from traditional handwritten signatures in the paper-based workflow to offer quick authentication and transparent customer experience by eSigning documents like KYC verification, loan authorization, and account opening forms online.
  • Legal – With the help of the electronic signature process, the huge pile of paperwork such as general contracts and letters, notices, and reports can be documented digitally with online access to eSign the documents legally and remotely. All legal agreements can be electronically signed with a simple verification process under IT Act and Indian Contract Act (1872). Legal documents can be eStamped along with eSignature integrated with the SignDesk smart platform.

Create Electronic Signatures For Free With SignDesk

SignDesk is a SaaS-based digital innovation organization that offers digital solutions with various AI-powered software solutions. Among other facilities, SignDesk’s eSigning tool, ink.it offers a quick, secure, and legally compliant eSigning service that expedites digital documentation.

Businesses can integrate the electronic signature software to sign and execute agreements faster with unique features like automated contract drafting, active tracking with optimized workflow, bulk eSigning, document management, etc.

SignDesk offers a free electronic signature software that includes any single user to eSign 3 documents per month. This free plan offers the following features:

Sign up now to save cost and time with instant electronic signature software.