5 eSignature Myths Debunked

With so much emphasis on digital transformation in recent times, businesses and organizations are turning to high-tech solutions to better simplify practices. This is done with the introduction of eForms, eSignatures, electronic ID verification, and more. However, many people fail to understand the importance of such a large transformation. Despite any myths out there about eSignatures, when it comes to signing documents online, the pros heavily outweigh any cons. It is vital to understand the importance of eSignatures as part of a complete customer-facing digital platform and alter the views of those who are misinformed. In this blog, we will uncover some of the most common misconceptions regarding eSignatures.

Myths About eSignatures

1. eSignatures are not legal

As a matter of fact, this statement is false. eSignatures are fully legal and have been for years now. They are legally recognized in many countries across the world, including the entire E.U., plus the US when the ESIGN Act and the Uniform Electronic Transactions Act were passed in 2000. These acts granted legal status to documents with electronic signatures.

2. eSignatures are not “safe”

Not only are eSignatures legal, but they are also safe and secure. Qualified eSignature platforms use extensive measures to keep your information safe. Such measures include digital ID verification with biometric facial recognition, passwords, and timestamped audit trails. Businesses are aware of the security necessary when making transactions online, so they use the latest and greatest technology to ensure security.

3. eSignatures are too expensive

False -- with the extensive benefits an eSignature solution comes with, it ultimately pays for itself. Implementing an eSignature solution eliminates the costs of printing, copying, packaging, and shipping. Although these costs may seem insignificant, it all does add up over time. Additionally, a digital process saves businesses a lot of time, which in turn saves money as well. With a quicker turnaround time, more sales can be made and payments can be made faster. So, the business makes even more money than before. In fact, eSignature transactions have increased from $89 million to $754 million in only five years.

4. eSignatures are difficult to understand

This is another false statement because eSignatures are actually meant to be easy and simplify processes. In fact, more recent eSignature platforms are mobile-optimized, meaning you can electronically sign an eForm right from your smartphone. With Lightico’s solution, you can instantly sign with your finger on-the-go and in real-time. No computer or laptop is necessary!

5. A software needs to be installed

No software is necessary and nothing needs to be downloaded to complete an eForm or eSignature. Everything is stored in the cloud and can be sent back and forth online. Whether you are at home using a computer or out using your cell phone, eSignatures can be completed online.

eSignatures are easier than ever to implement

Ultimately, eSignature solutions are not as difficult as people may think. eSignatures play a huge role in advancing businesses. In fact, eSignatures cut 92% of scanning errors, help achieve audit efficiency by 80%, and reduce 66% of missing files. Plus, platforms like Lightico’s also help reduce turnaround time, boost productivity, improve onboarding, and more. Learn more about Lightico’s eSignature capabilities, along with the full platform of eForms, digital payments, ID&V and more at Lightico.com.