Why E-signatures Matter

E-signatures are an essential part of modern, efficient business. They streamline processes, store critical information and offer an easy to access format for coverage of legal issues.

Businesses that resist switching from paper-based systems are at risk for cumbersome business transactions with customers, vendors, and regulatory entities. E-signature technology is not just about eliminating paper and ease of use, it is an organizational, business process tool changing the way companies operate. Avoiding the upgrade could create more work for your business in the future.

 

Why e-signatures matter

Streamlining processes allows your business to focus more time and energy on what’s important. Moving from paper to digital has its growing pains, but it’s a worthwhile investment.

Efficiency, accuracy, and reliability
Manual document storage in file cabinets can work, but most documents are not received through a paper system anymore. The use of paper forces us to convert the document from a digital format. Using an e-signature platform will remove two manual steps from the process. Digital solutions provide secure and reliable document storage, improve administrative efficiency, and improve document retrieval for the impacted people in your business.

Better client experience
E-signatures accelerate the turnaround on all transactions requiring signatures. Face to face meetings are no longer necessary to get a client’s signature. In fact, going digital encourages clients to turn documents around more quickly - from their computer or directly from their mobile device. Digital management of contracts greatly improves your time to market, putting more money into your pocket – faster!

Full history
Digital documentation utilizing e-signatures give everyone a single source of accurate, updated information with tracking of the document’s history. It’s accessible in an online file, which makes it a breeze to share between different parties, especially when there are updates or changes – eliminating the frantic digging for the correct paperwork.

Environmentally friendly
Feel better about your carbon footprint when you go digital. Minimize the need for paper and save a few trees along the way.

 


E-signature best practices

Even if you agree all businesses should be using e-signatures, it can be hard to know where to start. Here are our favorite best practices to get you started.

Identify the right platform.
Discuss your business needs with your end-users. The best solution should mirror your business process, needs, and goals. Some platforms provide storage options to keep complete, executed, legible copies of documentation in one accessible place. It’s especially helpful if you have documentation that was signed prior to going digital.

Choose the documents that will be stored.
Consult with your Legal Team for compliance and minimizing liability when determining what documents need to be stored in your system. The platform you choose should comply with e-sign laws and minimize your legal risk by storing a complete audit trail of every transaction. Treat every situation as if it could end up in court. Meticulous records and up-to-date information will support your case.

Establish company policies.
Your information is only as good as your information-gathering policies and training. Establish and document your company policy on data collection – process, format, retrieval, chain of custody and training. Your team should be routinely educated on these policies to ensure compliance, consistency and optimal efficiencies.

 

The bottom line

Running a business can be difficult. Why make it tougher by using an antiquated paper system? Switching to an e-signature system could be the easiest, and best, decision you make for your business.

 

Questions?

To find out more about this and how Hunter Warfield leverages technology to streamline your debt collection workflow, contact us today.

The information in this blog does not constitute legal advice and it is for educational purposes only.

© 2019 Hunter Warfield, Inc. All Rights Reserved.

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