The term e-commerce refers to the buying and selling of goods and services online. There are many different types of e-commerce, including B2B, B2C, and C2C.
Some types of e-commerce, such as sales of consumer products, are relatively simple and don’t require the consumer to sign anything to make a purchase.
However, other types of e-commerce sales, such as the sales of insurance or other financial services, require the business and the consumer to enter into a legal agreement. In these cases, both parties need to sign a legal contract, but how can you do this online?
E-signatures are the easiest way to conduct this type of e-commerce business online. Keep reading to find out why, as well as learn about one of the best ways to implement e-signatures for your online business.
Why Are E-signatures Necessary in E-commerce?
With so many sales agreements being made completely online, electronic signatures ,also known as e-signatures or eSignatures, are more important than ever. Let’s take a look at some of the main reasons why e-signatures are so essential for conducting business online.
They’re faster than traditional signatures
Traditionally, companies conducting digital business have had to send their clients any documents that need to be signed via email. Then, they must wait for them to print and sign the documents, scan them, and send them back.
This whole process can take days, if not longer, and sales reps often have to stay on top of their customers to ensure they actually complete the signing process on time. This sucks up valuable time and resources, and a missing signature can derail a whole sale if you’re not careful.
Electronic signatures allow the customer to sign documents in just a matter of seconds. They no longer need to print out the documents, sign them with a pen, and reupload them to send them back to you.
They’re legally binding
The whole point of written signatures is that they are legally binding and can be held up in court if there is ever any debate about the authenticity or legality of a document. You might be wondering if the same is true of e-signatures, and the answer is yes.
Electronic signatures are recognized by law in most countries around the world, and thus carry the same weight as traditional written signatures (also known as wet signatures). For example, the United States, the United Kingdom, and the European Union have all enacted laws that make e-signatures legally binding.
They’re traceable and secure
In addition to being just as legally sound as wet signatures, e-signatures are actually better in terms of authenticity. This is because any document that gets electronically signed has built-in security features that make it much easier to confirm where and when the document was signed.
In other words, it is even harder to forge an electronic signature than it is to do so for a written signature. And, once a document has been e-signed, there are tamper-proof digital seals that make it so the signature and date of signing cannot be modified.
They improve the customer experience
A complicated sales experience can quickly put customers off from doing business with your company. If they have the choice between buying a service from a company that offers e-signatures and a company that doesn’t, people are going to go with the one that lets them sign documents online from any device.
If you want to streamline sales and ensure maximum customer retention, implementing electronic signatures is an absolute must, no matter what type of business you’re running. If you make sales online, then you should strive to ensure that all your processes for transforming a lead into a client are digital.
The Best Way to Implement E-Signatures for Your E-commerce Business Needs
The best way you can implement legally-binding e-signatures for your e-commerce business is to use reputable third-party electronic signature software, such as eSignatures by EasySend.
EasySend’s eSignature platform is designed specifically for banking and insurance enterprises, and makes it very easy to send and sign all types of contracts, claims, and legally-binding forms.
How does EasySend work?
The process to start using EasySend’s eSignature technology is very easy. You can transform any manual signing process into a digital one by following the steps below:
- Upload a PDF or text document
- Define who should sign
- Mark up the text and signature fields
- Generate a link to the document
- Send the link to your customer
- Wait for the customer to review, sign, and return the document (can be done from any device)
That’s what the basic process looks like, but EasySend offers even more functionality. Its eSignature API can be integrated with your existing CRM to automatically generate signature requests and simplify the sales journey for your customers even further.
This makes EasySend’s eSignature solution incredibly scaleable for e-commerce businesses of all sizes. As your business grows, so does your electronic signature process, allowing you to optimize workflows, keep up with sales, and provide a streamlined digital experience for customers.
Can you use any electronic signature platform out there?
It’s important to note that not all e-signature software is created equal, so it’s important to do your research and pick a platform that has all the necessary functionality and features, especially when it comes to security.
Legally accepted types of e-signatures include the following: simple electronic signatures, advanced electronic signatures, and qualified electronic signatures.
Any e-signature software you use should clearly state what type of e-signature technology it uses, so you know that it meets certain security requirements and could be held up in a court of law, if necessary.
You should also make sure that any e-signature solution you use is compliant with local laws and regulations that make the electronic signatures legal for the type of business you conduct.
For example, if you work in the healthcare sector, the e-signature platform you use should be HIPAA compliant. Or, if you conduct business in the European Union, the software should be compliant with GDPR (the EU’s General Data Protection Regulation).