In today’s world, where businesses are embracing paperless processes, it becomes even more critical to replace traditional document signing methods with digital sign-offs.
Revv provides three document sign-off features to accommodate users’ intent and context of sharing documents:
eSign: It legally binds a document between parties (within and outside the organization).
Send for acceptance: This feature can be used in documents that don’t require an electronic signature but only need recipients’ consent for closure.
Send for approval: Some documents demand a review and approval from internal teams before sharing with third parties. The “send for approval” feature expedites such end-to-end approval workflow and makes the process more efficient.
To help our readers easily comprehend the benefits and implementation of above-mentioned features, we have explained them in individual blogs.
This blog explains how to create an electronic signature in documents through Revv.
Let us proceed.
What is an electronic signature?
An eSignature or electronic signature is a legal way to approve electronic documents and is a superior alternative to hand-written signatures.
It is defined by the US Federal ESIGN Act of 2000 as “an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.”
In present times, where businesses are connected across the world and functioning remotely than ever, electronic signatures have become critical to authenticate documents digitally and securely.
The electronic Signature market is valued at USD 2.28 Billion in 2018 and expected to reach USD 17.20 Billion by 2025 with a CAGR of 33.47% over the forecast period.
Which documents need electronic signatures?
Electronic signatures are used in documents that need to be legally enforceable. Here are some examples:
- Non-disclosure agreement (NDA)
- Non-compete agreement
- Commercial lease agreement
- Sales agreement
- Shareholders agreement
- Founders agreement
- Master service agreement
Why are wet signatures a practice of the past?
A wet signature is a traditional method where a person physically signs a document with a pen or seal.
Wet signature no longer fits with the evolved business practices of today’s fast-paced digital world.
Here are the key challenges with wet signatures:
Demands physical presence: Wet signatures rely upon the physical company of signatories and the exchange of documents. The unavailability of either halts and delays the overall process.
Cumbersome process: It requires the recipients to go through a laborious process of download-print-sign-scan-upload-send documents, which leads to significant time wastage. The trouble multiplies when the documents are shared in print copies. Physical papers can get lost in transit, and tracking down the missing documents becomes a fatiguing task.
Prone to forgery: A hand-signed document is not tamper-proof and can be altered.
Security risks: Paper documents with wet signatures are vulnerable as they can easily fall into the wrong hands or get stolen. Without any digital tracking mechanism, it is impossible to trace who all accessed the document.
Storage issues: Paper documents call for a big storage space. Organizations always face the challenge of expanding the storage area as the pile of documents increases.
Inefficient: Imagine when several pages in a document need to be signed by different people. Much time gets lost in sharing, coordinating, signing, and sending the documents back. This stretched exchange of documents can stall the progress of an important business deal.
Requires huge financial investment: Signing documents is an essential step towards business success and advancements. Every day numerous documents are shared within and outside the organization for signatures. This demands substantial monetary investment in ink, papers, copiers, printers, dispatching, and storing the documents.
Detrimental to the environment: Paper-heavy organizations contribute to increasing carbon footprint in many ways. More demand for paper means cutting down more trees, more factories for paper manufacturing, and more vehicles for logistics, which becomes fatal to the planet earth.
In short, wet signatures are tedious, outdated, and create impediments in an organization’s progress.
Partner with Revv and create an electronic signature in documents like a pro
Revv, an all-in-one document management tool, simplifies creating an electronic signature in documents and makes the entire process seamless. Here are some key benefits:
Legally-binding: Documents electronically signed through Revv are valid in countries that have enacted electronic signature laws, making them legally binding and enforceable in a court of law.
Extremely cost-effective: Electronic signature in documents reduces the cost associated with paper and document processing. No ink, cartridge, printing, or mailing supplies are required. Since all the files are stored digitally, organizations spend significantly less money in document-storage.
Incredibly faster and efficient: The paper-driven document management process involves numerous steps. For example, create a document and electronic signature in word, convert it to pdf, upload it in the mailbox, print, dispatch, notify people through calls or emails, and track the documents manually.
Revv transforms the humongous tasks of processing and signing the documents into a matter of minutes.
Create documents from Revv’s pre-formatted and ready-to-use template library, share it for eSign in a few clicks, notify the recipients immediately, track the documents in real-time, and neatly organize and store them – perform all these steps within Revv.
Seamless collaboration: Revv facilitates users to collaborate within the document instead of communicating over email threads. Exchange of information in real-time results in increased productivity and faster executions.
Easy access and convenience: The users don’t have to be physically present to receive the paper documents and sign them. Revv’s mobile-enabled document management system gives users the liberty to sign the documents anywhere and anytime based on their convenience.
Enhanced security: Revv protects its documents with military-grade digital signature technology and ensures documents’ safety and security as per the latest industry standards and compliance.
Business apps integration: Revv provides seamless integration with other business platforms/applications like Zoho, Google Drive, Zapier, Slack, and many more, and accelerates the business processes and workflow.
Eco-friendly: Adopting a digital way of signing the documents prevents paper wastage. It saves trees, reduces carbon footprint, and contributes to protecting the environment.
How to create an electronic signature in documents with Revv?
Follow the below instructions to enable electronic signature in documents through Revv:
1. Revv is a free document management tool. Start by signing up and create an account in Revv.
2. Create a document.
3. Revv’s in-built and pre-formatted template library provides easy access to standardized and ready-to-use document templates. The users have the option to either use one of the templates, create a document from scratch, or upload their own document and edit it in Revv.
4. The documents can be further tailored using the drag and drop document blocks. Alternatively, customize the document by clicking on the plus (+) icon and choosing the required block.
5. Once the document is ready, enter the signer information – name and email id in the “signature block” panel. Click on the “eSign” tab and send it to the recipient for electronic signature.
6. Revv triggers email notifications to the recipient to sign the document.
7. When the recipient clicks on the “sign document” tab, he/she can access the document directly without logging into Revv.
8. Sign the document by clicking on the yellow box.
9. The eSign process is now complete.
10. Revv’s “activity” tab provides real-time recipient activity monitoring and helps to make informed decisions.
11. The sender also receives the document’s status updates through emails.
Watch a step-by-step tutorial on how to enable electronic signature in documents with Revv
Revv is a smart and most business-friendly electronic signature solution provider in the market. It empowers enterprises to accelerate their business processes, minimize cost, and maximize productivity.
Securely deliver, eSign, and manage your documents with Revv.
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Don’t miss the second part of this blog!
The next post provides valuable information on the “send for acceptance” sign-off feature, which is an alternative to creating electronic signatures in documents. This feature gives you a direct way to get consent from your stakeholders or clients on your business documents.