E-Signatures: Speed, Security and Cost-Savings for a Digital World

Today’s world moves at the speed of technology, and as 2023 demonstrated, that rate of advancement is fast. Innovation and digital transformation are rapidly changing the way we all do business, and those who don’t adapt with the times could very easily – and very quickly – be left behind.

This particularly holds true for equipment leasing and financing, where the ability to swiftly close deals, secure assets and launch projects can significantly impact a business’s bottom line or ability to gain a competitive edge.

But, compared to technologies like machine learning and quantum computing, there’s a relatively modern yet universally accessible technological advancement whose growing utilization offers a number of benefits for equipment leasing and financing: that’s electronic signatures, or “e-signatures.”

In this modern world we live in, where Teams and Zoom have conveniently supplanted in-person meetings with stacks of paperwork, the rise of electronically signing documents has brought that same level of convenience to our everyday lives.

Contracts can be signed and delivered in seconds, no matter where both parties may be in the world. This rapid turnaround can enhance operational efficiency and increase customer satisfaction by accelerating turn times, providing real-time access to documents while expediting the approval process.

There’s also the element of security to consider. E-signatures offer advanced features that don’t come with your average handwritten “John Hancock.” Each e-signature has a digital memory of the “who/what/where” – who signed the document, when it was signed and where it was signed. It’s the kind of digital trail you want when the details matter.

That kind of data recording is especially critical in the heavily regulated financial sector. Digital signatures also incorporate encryption technologies that help safeguard documents from tampering, adding an extra layer of security while mitigating the risk of fraud.

Speed and security are far from the only benefits, however – the utilization of e-signatures can also offer considerable cost savings by eliminating the need for physical documents, printing and postage. There are also natural sustainability benefits associated with eliminating that paper waste, as well.

Further, signed digital documents are much easier to store, index, search for and retrieve while reducing risks associated with physical documents such as loss or unauthorized access to sensitive information. (It’s a lot harder to sneak a peek at a document locked inside a computer than one laying on a desk.)

There’s also the growing global acceptance of the “universal handshake.” E-signatures break down geographic walls or the need to physically travel, allowing parties on both sides of a transaction to execute agreements or documents instantaneously, regardless of their latitude or longitude.

And as technology continues to evolve, so, too, will the capabilities of e-signatures. We’ve already seen the integration of biometric verification, and advancements in AI could further enhance fraud detection, bringing extra security, transparency and efficiency to the processing of digital agreements.

More than just a convenience feature, the continued advancement of e-signatures is a transformative force of good for the equipment leasing and financing industry. The combination of speed, efficiency, cost savings and security allows businesses to move faster when every minute matters.

So, if you’re gearing up to finance a new equipment purchase anytime soon, consider e-signing your secret weapon in the fight against time. It’s a convenient, secure solution that can fast track the experience while providing a wealth of additional benefits that just makes sense for anyone ready to sign on the digital line.