As companies continue to explore new avenues of digital transformation, digital signature online and e-commerce options. The need for paperless processes becomes increasingly important. Compared to digital processes, creating, printing, and sending paper documents to customers or business partners can slow down your workflow considerably and cost you money in lost productivity. For this reason, more and more companies are opting for electronic contracts and digital signature online as a smarter alternative to traditional paper contracts. Below, we’ll look at some of the benefits of electronic contracts and how they can help your business.
Electronic contracts save time through digital processes
Traditional paper contracts can ruin a job offer or sales negotiation simply because it takes longer for your prospect to receive, read, review, and sign an enforceable contract.
Think about the amount of time it takes to drag out the quotation or sales cycle:
- 1 day for drawing up and sending the contract in its current form,
- 3 to 5 working days until the customer receives the contract by post,
- 1 to ??? Days until the customer can view the contract,
- 1 to ??? Days until other parties/employees see the contract and are ready to sign,
- 1 day until the customer signs the document and sends it back to you,
- 3 to 5 working days until you receive the signed document in the mail.
It is assumed that your customer spends a certain number of hours at his desk every day. It can view the contract in a reasonable amount of time. With more and more employees on the move, your offer will likely be in the inbox for several days before your prospect even opens the envelope. All of this causes a deal to stall and perhaps never materialize because it takes too long for the prospect to receive, view, and sign the document.
What does digital signature online represent?
Electronic contracts solve this problem by allowing your potential customers to instantly view and digitally sign an offer on a computer, smartphone or tablet, or on your e-commerce website. In some cases, all they have to do is click on the “I Agree” button to close the deal. Greater efficiency through electronic transactions can increase your close rates and significantly increase your sales. They can also create a sense of urgency as potential customers may check their email 15 times a day (or more) no matter where they are.
In addition, an electronic contract computer program allows you to create and submit the contract without manually entering or updating the details in your quote. You can make changes or updates quickly and send the offer a link to a website just minutes after your first meeting with the prospect.
1. No Human error
The contract creator may have failed to proofread the contract or provide correct information. The recipient of the contract may have neglected to read certain terms within the document instead of signing and initialing the contract to save time.
2. Minimal manipulation
Either the sender or the recipient “tampered” with the contract after adding the signatures and initials. Regardless of the circumstances, traditional documents allow both parties to introduce too many errors. This, in turn, can lead to litigation and other situations in which one or both parties have no legal control.
- Electronic contracts enable you. The recipient to digitally view and adjust the contractual conditions on a website before agreeing to sign the contract.
- Electronic contracts encourage a more collaborative process in which both parties can develop the contract together and agree on mutually beneficial business transactions.
- Both you and the recipient can enter customer information once to fill in multiple fields. This ensures that addresses, names, signatures, and initials are consistent across the contract.
- Electronic contracts can reduce operating costs.
Electronic contracts can eliminate the need for office supplies and equipment necessary to create traditional contracts and business transactions.
3. No headache with Filing & storage.
All of these costs disappear instantly when you switch to electronic contracts. You not only save these costs for your company but also time and money for your customers or business partners who do not have to or cannot meet with you personally. APIs allow you to integrate electronic contracts from your CRM. An electronic contract computer program provides API functions and methods that you can use to integrate the platform with Salesforce, HubSpot, Microsoft CRM, or other CRM or merchandise sales software. This API integration enables you to expand the functionality of your existing CRM and to streamline your internal processes electronically. You can create, send, sign and collaborate on documents efficiently and take fewer steps to get a job done.
This time-saving feature enables your customers to electronically create a customized contract from a phone, computer, tablet, or another device. It’s perfect in case a customer wants to advance a contract through an electronic signature and doesn’t have the patience for the contract to arrive in the mail. In many cases, a customer just needs to click an “I Agree” button or fill out an eSignature to complete a purchase.
Digital documents are more secure than paper documents
Paper documents can be manipulated at any time during document creation, transmission, and signature. For this reason, companies go to great lengths to keep the original agreement intact. For example by keeping multiple copies or by signing documents in the presence of a notary. Contract management software with electronic signature Online capabilities can reduce or eliminate a signer’s ability to tamper with a completed document during a sales process. Even if both parties are allowed to work together and change a document during development, the software still offers features such as:
- Limited access to signatures, initials, or requested information,
- Tracking and recording of versions/history of a document,
- Authentication of a document and a sender/recipient through encryption,
- Detection functions that alert one or both parties that someone has tampered with the document,
- Compliance options that ensure your contracts are both legal and legally binding.
- Electronic contracts improve customer service
With electronic contracts, you can make documents available to your customers faster. Customers can sign documents from anywhere on any device without waiting for hard copies to arrive in the mail. Since the electronic software has an autofill function, your customers can sign or initial a document once. The rest of the document is automatically filled in with the best online signature app.
Digital contracts meet compliance and contract law requirements
Although many of the problems surrounding electronic contracts and e-commerce have to do with contract law. An increasing number of government regulators and industries are accepting electronic documents as legally binding documents between two parties under common law. Electronic contract software keeps user information secure so the contracting parties can sign an enforceable contract without compromising their privacy. You can rest assured that your electronic contract software meets all compliance standards and contract laws related to electronic commerce.
With electronic contracts, you can easily create and edit templates
Do you create a large number of contracts for a large number of cFcusustomers or business partners? Then writing and rewriting contracts can become very time-consuming. With electronic contract software, you can create templates and an E-signature online app that you can reuse for hundreds of customers.
Do you need to slightly modify your online contract for a different group of customers? This is not a problem. You can simply start from an existing template and only change the sections or digital signature online that apply to new customers. The software simply saves your template so you can return to it. You can also save multiple versions of the template and use them again at any time. This saves you a lot of time drafting or redrafting a traditional contract.
Have you ever caught yourself looking through page after page of a paper contract just to find a word, phrase, date, or even a typo? If you have multiple versions of the same contract. You could spend hours sifting through multiple pages of multiple files just to find the slightest bug or piece of content to change