11 Mar How SMBs can benefit from an eSignature solution
Small and medium businesses are constantly looking for ways to deliver excellent customer service, whilst saving time and money. To achieve these goals, businesses look towards digital technologies to transform the way they work. An example of this is an eSignature solution which allows SMBs, for instance, to easily move all their contracts and paperwork online, saving time and money. In this article we will discuss 8 ways SMBs can benefit from an eSignature solution.
Share Contracts with Ease
Regardless of which sector an SMB operates in, contracts are a necessity. With an eSignature solution, all contracts can be digitised, and sent to the signer via email. Once the contract has been signed, it is automatically sent back, as well as uploaded to a secure cloud. This means that it is also easier to share contracts internally, without having to find the original signed paper document.
Close Deals Faster
Before a business can start work on any project, a contract must be signed. If there are delays in this early stage, it can lead to significant delays later in the process, or even cancellation of the deal. With an eSignature solution, the approval process is much faster, and all parties can sign, regardless of where they are or the device they are using.
Improve Your Security
Now, more than ever, small businesses must take cybersecurity seriously. Sending documents and contracts through the mail and storing paper copies poses a potential security risk. One risk comes when documents containing personal information are sent through the mail because if they are lost, this is technically a data breach. Using eSignatures is more secure as there are multiple layers of security, authentication, and encryption. Once documents have been securely signed and returned to a business, they remain in a secure network.
Track Contracts in Real-Time
With a comprehensive eSignature solution, businesses can get real-time instant notifications when the document has been opened and signed. This makes it easier to stay on top of the status of each document or contract, and to send automated reminders to ensure important contracts are signed quickly. This also reduces operational costs and means that businesses can spend less time chasing signatures, and more time growing their business.
Improve Customer Relationships
For small businesses, quickly forming a strong relationship with customers is key to securing more business. With an eSignature solution, customers appreciate that they can complete documents whenever it suits them. All comprehensive eSignature solutions also have mobile functionality, allowing customers to sign contracts on the go.
There are many ways that an eSignature solution can save a small business money. Some ways are indirect cost savings, such as the time saved from not having to spend time following up on contracts. However, an eSignature solution can allow businesses to eliminate all costs involved with paper, printing, and postage.
Many small businesses can go entirely paperless with the implementation of an eSignature solution. A reduction in paper usage not only decreases the number of trees that need to be cut down to produce paper, but it also reduces emissions associated with shipping the paper to the business. There are also carbon emission savings from the fact that businesses don’t need to rely on postage or courier services to send documents or contracts.
Comply with Regulations
SMBs that operate in industries with complex regulatory and compliance demands must demonstrate that specific processes are followed. This can be an arduous task if they use paper documents with traditional ‘wet’ signatures. An e-signature solution makes it easy to provide a comprehensive document audit trail, and they can all be stored in a single cloud storage solution. These documents can also be encrypted so signature authenticity is guaranteed.
Looking to implement an eSignature solution in your SMB?
Implementing an eSignature solution will transform the way SMBs deal with documents, contracts, and paperwork. This small investment can save significant time and money and is a firm step to towards a paperless future. If you want to find out more, contact us today.