What are electronic signatures used for?
In 2000, the ESIGN Act gave e-signatures the same legal standing as wet-ink signatures. That was followed by the UETA act, which was embraced by most states in the U.S to guarantee uniformity in the use of e-signs and electronic records. Some organizations are hesitant to adopt electronic signatures in their businesses processes. What these organizations don’t understand is that, nowadays, electronic signatures can be used to execute signatures in nearly all kinds of situations. Let’s take a look at some of the frequent instances where e-signs can be applied, especially in the business world.
1. Customer approvals For businesses that deal with custom-made goods, that final approval prior to manufacturing is very important. Esigns help you capture and store approvals securely, and with ease, so you can move on quickly to completing the order.
2. Vendor/supplier agreements When managers or business owners sign documents online, they get to finalize any deal they have with their vendors within minutes, hence capitalizing on the earlier mentioned benefit.
3. Sales contracts When managers esign documents, they are guaranteed of closing more deals faster. For many organizations, sales contracts are the most regularly signed documents – and most vital.
4. Employee on-boarding There is a plethora of paperwork linked to hiring a new employee. Employment offer letters, background check consent, performance appraisal letters, contact forms, employee handbooks‌ the list is endless. All those forms can be executed quickly and securely via electronic signatures.
5. Standard legal agreements Since e-signatures are legally binding and admissible even in courts, they are perfect for common legal agreements, such as intellectual property licensing and NDAs.
6. Secure online banking Financial institutions prefer the use of e-sign technology, as it minimizes the possibility of manipulation of transaction records to the most significant extent.
7. Filing tax returns The Internal Revenue Service (IRS) strongly encourages people and businesses to file their returns electronically to get a faster refund. Electronic signatures make the process so convenient and seamless that the number of returns filed electronically seen huge increase.
8. E-signing legal documents As a lawyer, when you esign documents as opposed to signing them manually, you save a lot of time. This saved time can be used serving your clients and doing other vital duties.
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