As technology advances, the ways we conduct business and do other tasks are changing fast. Many businesses around the world are adapting to the use of electronic signatures to make deals, sign essential documents, and many other things. Businesses were used to the traditional method of wet-ink signatures on paper, and without a doubt, it was a tiresome process—especially when there were a lot of documents to be signed.
Now, with an electronic signature, a lot of time and mailing costs can be saved. This is one of the main advantages of an e-signature.
That said, let us look at everything you need to know about electronic signatures.
What Is an Electronic Signature?
Without complicating anything, an electronic signature is just what the name implies; a signature that is an electronic one. It allows the signatory to sanction or agree with all the terms of a document, just like a wet signature. The process involved when making an electronic signature uses computers to certify the signatory as well as the document’s integrity. They use complex algorithms, certificate authorities, and the like for the same purpose.
What is an electronic signature? Let us check out more on this interesting topic.
Types of Electronic Signatures
There are three types of electronic signatures. Let us look at all of them in detail.
- Advanced Electronic signatures — In simple terms, this type of e-signature is created so that the signatory can retain control of it. It is also linked to the documents, and in any case, if any kind of data is changed, it is quickly detected.
- Simple Electronic Signature — This is the easiest type of electronic signature. It is just a simple name of your company or your name that you write under an email. In other words, it can be referred to as electronic data that is attached to any other data, and this is what the signatory uses to sign.
- Qualified Electronic Signature — A qualified signature creation device is what the signatory uses to create this type of electronic signature. Furthermore, it is based on the qualified certificate of electronic signatures.
Advantages of eSignatures
Electronic signatures are superior to traditional ink ones because they come with a lot of advantages. Some include.
- They are legally binding — In the year 2000, an E-Sign Act was passed. This act is what defines the meaning of an e-signature legally. These signatures are also endowed by the same act with a legalized authority just like a pen signature.
- They are Fast and Convenient — If there are any idle periods in a process, an electronic signature will help you to accelerate all the approvals or agreements required. When you are signing a document using this signature, things are a lot easier because you can sign from any place around the world.
- Save on Costs – We all know the costs that come with using the traditional type of signature. You need paper, ink or toner and the like. On the other hand, an electronic signature will eliminate many, if not all, of the office costs. It is an online method, and you will only require your computer or your tablet to make one.
Summing It Up
We hope that you now know everything you need about an electronic signature. If you would like to know more about the process of making one, you just have to visit the provided link. All in all, with this information, you are good to go.