In the last decade, we have seen how quickly technology has developed to adapt and even pave new ways of working.
And particularly in the last two years, as we battled the COVID-19 pandemic in 2020, technology has adapted even faster to help us embrace remote and hybrid work, leading to the normalizing of functions like video conferencing or e-signatures.
And with any new piece of technology that helps us improve the way we work and collaborate, it’s not a surprise that some myths and misconceptions can crop up. For e-signatures especially, several might have come up, leading to slower adoption in a business’s workflow.
Are you guilty of believing these myths about e-signatures?
What stops businesses from adopting E-Signatures without a second thought?
E-signatures are one of the best ways to keep the workflow of your business steady without using unnecessary resources or wasting precious time. However, many businesses might be concerned that e-signatures are not genuine or are more dangerous than forged handwritten signatures.
Some individuals might believe that e-signatures are illegal and can be accessed by just anyone, making it easy to forge actual documents in person.
This and a handful of other myths can make it hard for a company to decide to include electronic signing in their operations.
In this blog, we want to look at these myths and start debunking them. So read on to discover 10 common e-signature myths and the actual truths behind them.
The Most Common E-signature Myths and Facts
1st Myth: E-Signature is not a legal binding
“E-signatures are illegal” is one of the first and most common e-signature myths that some companies might believe.
However, many case studies and the experiences of several companies have let us see that this truly is a myth. E-signatures have been considered legal across several industries for a long time now.
In several cases, you just need to prove the consent and intent, similarly to other paper signatures, to test the validity of e-signatures.
And e-signature tools like SigningCloud let individuals and businesses collect and create signed documents that are perfectly recognized by law, making it a valid and proper source for businesses worldwide for signing an E-signature.
The E-Signatures In Global and National Commerce (ESIGN) state that a document or contract will not be considered null in terms of enforceability, validity, or legal effects in its digital form. This means that e-signatures are perfectly acceptable to sign, even legally binding documents.
2nd Myth: E-Signatures are difficult to adopt
Many businesses and companies believe that e-signatures can be challenging to adopt at some point. But this is also an e-signature myth.
The fact is that adopting e-signatures in your business is no different than adapting to, say, cloud storage apps or video conferencing software.
If anything, the right e-signature tool can make it easy for any employee or partner to learn how to sign documents and collaborate better, especially with an easy user interface.
This is where SigningCloud comes in handy: it comes easy to use right out of the box, has customizable templates to get started faster, and has a low learning curve for any business to start using and implementing.
The tool couldn’t be simpler to start sharing with your partners: highlight areas where you need signatures in your document, then share them through email.
3rd Myth: You can’t verify the identity of who signed the document
It is also one of the most common e-signature myths that you cannot verify the signer of the agreement. This, however, couldn’t be farther from the truth.
Many e-signature tools come equipped with various ways to trace and authenticate users who make their electronic signatures in a document. This might be by tracing different metadata types linked to a specific user or through an audit trail.
For instance, SigningCloud uses a widely trusted and well-used eKYC (Know Your Customer) system to help you verify and check every person signing a document on the platform.
These systems are in place to help you keep the integrity of your documents and verify who’s signing your digital papers.
Even from the sign-up process on SigningCloud, users will be asked to verify their identity via facial recognition, microprint authentication, and other means.
Plus, signers will be asked to provide a valid ID to successfully sign up and perform signatures on documents if that’s not enough.
4th Myth: Your e-signature should resemble your handwritten signature
E-signatures hold the same weight as handwritten signatures. Still, your e-signature doesn’t need to perfectly mirror your actual handwritten signature. This makes it more flexible and easier to manage digital signatures since you don’t need to make sure signing parties have specific software or gadgets to sign by hand.
As mentioned in a previous section, when the consent, proof, and intent are shown to be valid on an electronically signed document, it is considered legally binding in the court of law. So penmanship and handwriting don’t matter when you’re trying to adopt electronic signatures for your business.
5th Myth: E-signatures are not secure
Every business worries about its security and threats; because of that, one of the common e-signature myths revolves around its supposed lack of security.
However, the fact is that e-signatures can be even more secure than handwritten signatures, especially because of the data and audit trails behind the former. Handwritten signatures can be forged, and you would be none the wiser. However, with electronic signatures, you’re able to trace who signed the document and find the information and data around the signature.
As an added note, many e-signature software like SigningCloud come equipped with encryption features that make your documents even more secure than physical copies.
You can lock these documents and make sure only the respective involved parties can view signatures and documents, saving you time and resources by keeping sensitive documents away from prying eyes.
6th Myth: E-Signature requires significant technical expertise
It might seem like e-signatures are hard to use or adapt, but that couldn’t be farther from the truth.
You or your company don’t have to be early adopters of innovative tech to start using e-signatures in your business. All you need are the gadgets you use for work, and you’ll be able to create, use, sign, and manage your electronically signed documents with ease.
This is because electronic signing software all takes place from apps. In the same way, you might prepare a Word document for your contracts, then attach sticky notes in places where people ought to sign. You can do the same with electronic signature platforms.
7th Myth: You need a computer to sign
One of the biggest e-signature myths is that you or your partners can only access and sign the document on a desktop or computer. While it’s a very strong myth, it’s no longer true.
The biggest benefit to using e-signatures is that documents can be accessed and electronically signed anywhere, on any device.
It gives peace of mind to signers that they can remotely access the crucial document from their phones, tablets, or desktops, allowing signers to sign and send out the documents to the company quickly.
8th Myth: You have to spend a lot on e-signatures
Many companies might be afraid that e-signatures platforms are costly and only contribute to extra expenses they could otherwise save.
However, the opposite is actually true: e-signatures can actually end up saving your business money.
When you adopt electronic signing platforms, you get to remove overhead costs like paper, document handling and transport, and even storage for physical documents. With a single subscription to an e-signing platform, you get all this at a fraction of what it might cost to gather signatures and physically maintain documents.
9th Myth: Multiple e-signatures cannot be managed
When you adopt the right e-signature platform, you’ll easily be able to manage multiple e-signatures on any document. And more than that: you can collaborate on these documents even before they’re ready for signing, making it more efficient and effective for your team.
You’ll also have peace of mind knowing that every signer will go through the same eKYC process to verify and validate their identities, making it a more secure option than any other alternative.
10th Myth: E-signatures are just a trend
When cool new things like handy tools are introduced, they can go viral on different platforms, especially online. Usually, however, some of these trends die and quickly get replaced by new ones as the internet moves on to the next big thing.
Some companies think that e-signature will follow a similar trend. However, unlike those trends that tend to fizzle out, e-signatures are the future and the present.
They have functional benefits for businesses and companies, especially as we adjust to the new normal. So even if newer, shinier tech trends are in the future, functional software like this one will always have a place in our business processes.
This article named the most common e-signature myths that stop businesses from adopting this helpful tool. However, we hope that, by shedding light on the facts around these myths, your business can embrace e-signatures as one of the best ways to streamline your work processes and skyrocket productivity and security.
Ready to get started? Sign up for SigningCloud to start creating, collaborating, and collecting e-signatures for your business.