{"id":76168,"date":"2020-06-18T20:00:28","date_gmt":"2020-06-18T14:30:28","guid":{"rendered":"https:\/\/simpledocs.wpengine.com\/?p=76168"},"modified":"2021-11-29T13:17:30","modified_gmt":"2021-11-29T07:47:30","slug":"electronic-signature-or-e-sign","status":"publish","type":"post","link":"https:\/\/www.revv.so\/blog\/sales\/electronic-signature-or-e-sign\/","title":{"rendered":"To E-Sign or Not to E-Sign?"},"content":{"rendered":"\n

Why an electronic signature?<\/h3>\n\n\n\n

Electronic signature is one of the fastest-growing product category across the world. By 2020, it reached a market share of 39 % with e-sign transactions increasing from $89 million to $784 million in just five years. It has made a huge impact on modern business and is the way forward now. So what drove such a dramatic shift in this market?<\/p>\n\n\n\n

TIME <\/strong><\/th>PROCESS<\/strong><\/th>COST<\/strong><\/th><\/tr><\/thead>
80% average reduction in turnaround time using e-Signature (1)<\/td>85% improvement in productivity (3)

<\/td>		Average savings of $20 per document (5)

<\/td><\/tr>
37 minutes vs. 5 days \u2013 traditional and e-Sign time difference in obtaining signed documents (2)<\/td>Among financial institutions, eSignature reduces scanning errors by 92% and prevents files from missing by 66% (4)<\/td>Businesses using e-Signature tools are able to cut down document handling costs by as much as 85% (6)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Those who prefer electronic documentation over paper forms say they intend to cut paper clutter and help save the environment by using fewer paper documents.<\/p><\/blockquote>\n\n\n\n

Understanding the legality and security of electronic signature<\/h3>\n\n\n\n

Electronic signatures<\/a> have been legally binding for 20 years now. USA and Canada recognized e-sign in 1999 and the world followed suit. But still, there have been concerns about its legality and security. <\/p>\n\n\n\n

What makes an e-sign legal?<\/strong><\/p>\n\n\n\n