In today’s digital economy, transactions can happen at any time of the day or night. Businesses that operate 24/7 and have a strict business process or workflow are most likely to benefit from digital signatures. Even with the increase in e-commerce, many people still prefer to shop in person or by phone, and this makes it even more important for businesses to have a secure digital presence. In addition to making it easier for customers to visit your business, having a digital signature will also make it easier for you to manage your business operations. Here are eight other ways small businesses can benefit from a digital signature.
8 Benefits of Digital Signatures for SMall Businesses
1. Save money on paper and printing costs.
Using digital signatures also reduces your business’s carbon footprint and can reduce your storage costs, postage costs, and office supply costs. This is because, with digital signatures, you can eliminate physical copies of documents that need to be stored or mailed. You’ll also save time that would otherwise be spent filing and retrieving physical documents. By eliminating these expenses, digital signatures can improve your bottom line by saving money in multiple areas.
2. Eliminate the errors caused by manual signatures.
Small businesses frequently deal with documents that require signatures. Unfortunately, errors can be introduced into the signature process. These errors can be time-consuming to fix and can cause significant frustration for everyone involved in the transaction. While most people make only a few mistakes in their signatures, many people sign documents incorrectly on a regular basis.
Typing errors are common when it comes to acquiring a signature as well. People frequently misspell names or type them in lowercase when they should have been capitalized. Additionally, if someone is signing an essential document from their phone, it may lag or crash and lose all of the entered information prior to the error. Digital signatures eliminate these frustrations by allowing business owners to enter information into a signature template without ever having to worry about typos or capitalization issues again.
3. Retain the standard of your company brand.
Digital signatures are extremely useful in business because they allow companies to maintain brand integrity by preventing tampering with documents.
Here are some examples of how digital signatures can protect your company:
Business agreements: A contract is a legally binding agreement between two parties. If one party sends a contract electronically, both parties must sign it before the agreement becomes valid. This prevents someone from claiming they never agreed to the terms if challenged later on.
Digital invoices: When sending invoices via email or another electronic format, it’s possible for someone to copy and paste your invoice into their own document, change some numbers and send it back to you as though it were their own invoice. When using digital signatures, this practice would be impossible because each invoice would be unique, and no one could forge them without knowing your private key (password) or being able to break into your computer system where your private key is stored.
4. Ensure everyone’s signature looks the same.
Having all your signatures look precisely the same is a great way for you to ensure your company’s branding is consistent. You can do this by having everyone use the exact same template for their signatures or using an app to generate tamper-proof digital signatures that appear exactly the same every time.
With a digital solution, you know that your business and its customers are protected against fraud and identity theft. The end result? A better customer experience and the peace of mind that comes with knowing you’re doing everything you can to keep your company safe.
5. Secure documents to prevent unauthorized changes
A digital signature is a mathematical algorithm that allows the owner of an electronic document to prove its authenticity. Digital signatures are often used in combination with encryption to secure documents. Digital signatures use public-key cryptography based on a private key and corresponding public key. The private key is kept secret by its owner and never shared with others, while the public key can be freely shared with anyone who wants to send you an encrypted message or verify your signature.
When you sign a document using your private key, the document’s contents are encrypted with your public key, which only you have access to before being transmitted over the internet or other network. If someone were to intercept this transmission, they would not be able to read it without knowing your private key. When someone receives this document, they decrypt it using your public key and compare it against the original copy they received from you or another source (e.g., email). If they match exactly (or almost exactly), then they know that the original document was not altered after being signed by you.
6. Sign documents while away from the office.
Arguably one of the greatest benefits of digital signatures for small businesses is the ability to sign important documents without having to be physically present at your desk or in front of a computer. Signature capture can be done from anywhere, as long as you have an internet connection. What’s more, you can sign documents on devices such as mobile phones and tablets—any device with an internet connection that has a screen and a camera—so if you’re out and about and suddenly find yourself needing to sign an important document but don’t have access to a computer, you can use your phone or tablet to get it done right away (a process which some people refer to as “signing on the go”).
7. Track and manage all signed documents in one place.
Digital signatures track and manage all signed documents in one place. This benefits from making it easy to find a specific document or view a history of all signed documents. It also means that your data is stored securely in one place and not distributed across different platforms. They provide a complete audit trail of who signed what and when they signed it, which is especially useful in finance, legal, and healthcare industries. They can also be used for more than just signing contracts; they can also be used as proof of authenticity for other documents, such as letters or invoices.
8. Streamline processes with digital workflows.
Digitizing the signature process also allows businesses to streamline processes with digital workflows. If every step of a certain process is already online, from collecting information from clients to sending a signed document back to them, there’s no reason to include a paper in that process. Digital documents can be created once and then reused as templates without the need for re-entry of information or signatures. This helps reduce human errors in the process and ensures more consistency across your business.
Conclusion
In a world where digital interactions are common, a digital signature is key. It’s one of the most essential security measures to protect your business. A digital signature can boost trust, streamline operations, build brand awareness, and enhance compliance. It can also help manage costs, pay off investments, and save money immediately. When it comes to digital signatures, there are many benefits to be gained. In addition to those highlighted above, a digital signature can also help you maintain data security.