Blog Details

Author - Associate Shereen Abdin

In this digital era, the demand for electronic contracts has seemingly increased due to the comfort of getting documents acknowledged online. It is a hassle-free improvement by technology, but it is necessary to weigh the advantages and disadvantages of electronic signatures before choosing them. 

Pros of Electronic Signatures

Ease of access

One of the major advantages of e contract is Getting documents attested via online is fast, which saves considerable time for both customers and employees. Most of the software is intuitive and there is no big training required in this case.

Ensures Fast Business

Another advantage of e contract is that it is a fast method to get the documents signed spontaneously instead of waiting for the documents to be sent through courier, which is time-consuming. It can keep your business operating, even when two people involved in the business are not in the same location.

Improve Document Accuracy

It can be exhausting to verify physical documents and later find out that the signer has missed crucial information or failed to sign on an important page. Such a scenario can be easily overcome in electronic signatures by marking mandatory fields. it will prompt an error if the signer misses to fill the data in any case. It saves time and reduces the hassle of having to bug the signer to resend the application and re-verify it patiently.

Save Time and Money

Electronic contracts are absolutely a bliss for people who are willing to save time and money. The documents can be shared with the employees directly and get them signed in no time. The signed documents can be saved in a repository for future reference. It reduces the need for shipping hard copy documents via post, which saves money for printing the documents. Is a major advantage of e contract.

Enhance Customer Service

The electronic sign is a boon in getting a sign from your customers, sitting at your comfort. This technology promotes your business and keeps you connected with your customers in this digital world.

Cons of Electronic Signatures

Restricted Storage

One of the disadvantages of e contract is that Some of the electronics firms, which you sign for, have limited storage, which makes it difficult for them to store all the documents on their servers. It leads to the dependency on other sources and becomes a concern for many businesses that are bothered about the confidentiality of the customer information. In such cases, one needs to ensure that the vendor can allow access to the digitally signed documents server according to Defence standards.

Unassured Security

Not all vendors offer enough protection for business deals. Some of the traditional electronic signatures offer no security while some offer basic tamper protection. However, only the digital signature provides the highest security. So you should be extra careful about unsafe electronic software which can be a  disadvantage of electronic signature

Dependency on Proprietary Software

 disadvantages of electronic signature includes relying on proprietary software, which can be a concern for businesses that do not want to depend on other vendors for contracting. To overcome this, one must choose a vendor that complies with digital signature standards set by the National Institute of Standards and Technology.

Conclusion

In today’s fast-paced world, the internet has provided unique ways for customers to extend their business in innovative ways. In this regard, electronic signatures have many advantages over traditional wet signature methods. The main advantage is that the document remains within the control of the involved parties and there is no dependency on a third party.

Electronic signatures ensure a speedy process and are welcoming for the future generation in signing new business deals. If you do not have access to electronic signatures, there is a chance you may miss a good business prospect coming along your way.

So, enjoy the ease of electronic software staying at your place and have an interactive business session, to keep your business thriving in its demanding market.