In today’s society, legal documents and contracts are becoming increasingly created and exchanged online. Therefore, electronic signatures are extremely valuable in the quick and efficient adoption of documents. So what are the benefits of signing your documents online? Read our guide to find out.
What Are eSignatures?
You may have heard the term eSignature thrown around, but what is it? An electronic signature, or eSignature, is an electronic data form used to execute signatures on electronic documents. In short, eSignatures indicate the intention of a person to adopt the contents of the message or document. For more information, you can read our guide ‘What is an e-signature?‘
However, an eSignature does not simply have to be an electronic version of your written signature. It can also include scanning your written signature, sending an email stating the email is a person’s signature or typing your name or ticking a box in an online form. You can check out our free e-signature tool.
So are eSignatures legally binding? The answer is yes. The Electronic Transactions Act 1999 (Cth) provides that an e-signature has the same effect as a written signature.
Benefits of Signing Your Documents Online
1. Convenience
With the rise of e-commerce, global transactions are becoming increasingly prominent. Today, even small businesses deal with international companies, suppliers and customers. Hence, eSignatures dissolve the administrative barriers of signing documents where meeting in person or accessing a printer is not viable.
2. Timely
Time is arguably our most precious resource. Traditionally, you would need to print, sign and scan a document which takes time and requires access to printing and scanning technology. However, by using an eSignature, you can have documents signed in minutes.
Moreover, retrieving your documents is much easier when everything is online. By signing and storing important legal documents and contracts online, you can have access to them anywhere and anytime.
3. Cost Effective
When signing a physical document, you need to print a document in order to sign it. Then, you will need to either mail it to the receiver or email it in return. Hence, signing a document online saves money on paper, toner, postage, mailing supplies and time (which is money after all). Plus, e-signature’s are environmentally friendly which is an added bonus.
4. Faster Turnaround and Efficiency
As signing documents online can be actioned in minutes, there is a faster turnaround of documents. This is particularly valuable in situations involving urgent matters. Moreover, utilising e-signatures lessens the time-span between a decision and its execution. Hence, increasing productivity and the ability to action business decisions more effectively.
5. Security
You may be surprised to know that signing documents online is often safer than written signatures. Generally speaking, e-signatures are protected by strong encryption algorithms to ensure no third parties can hack your documents. Further, data can show when the document was signed, by who and where it was signed.
Final Thoughts
To conclude, there are an array of benefits of signing your documents online. eSignatures have been a hugely influential development in the adoption of documents and contracts. eSignatures are legally enforceable and also carry greater protection so they’re a tool worth getting behind.
