There are many advantages of developing an electronic signature policy for your business. In fact, electronic signatures are changing the way everyone is going business. They are not only helping in eliminating the hassles of manual routing of paper agreements, they also help in speeding up signature and approval process.
Implementation of signatures into your current workflows is much simpler than you can imagine. The first step is to create a master signature policy.
Some of the most important guidelines of an effective signature policy include are as following:
- Determining the agreement types for authoring signatures
- Disclosures to be included in various types of agreements
- Determining the best practices to be implemented
- Regions where you want to be using signatures
Choosing Best Practices & Essential Disclosures
Make sure that the policy has disclosures and best practices. In fact, certain disclosures are required under law. You will have to assess your company’s agreements and the applicable laws to find the disclosures needed for your company. Then you can create and implement best practices for supporting these requirements.
Consent for Doing Business Electronically
E-signature laws will require some kind of consent for doing business electronically. That’s why enterprise signature solutions will have certain levels of consent developed into the workflow. This means that as a business you will not have to make any changes to your documents. But you would want to include extra language, so you should add a consent clause within your agreements.
Advanced Level of Authentication
Many companies find it beneficial using advanced authentication options such as:
- Customized passwords
- Knowledge-based authentication
- Phone authentication
These options can be used for agreements with higher risks.
Knowledge-based authentication makes it essential for signers to demonstrate their identity by providing answers to questions which are specific to them. These questions can be determined on the basis of data which is available within commercial and public databases.
Another way to authenticate signers is to create a unique and secure password required to be entered before signing. Another method is phone authentication. Users can sign by entering a one-time verification code on their phone.
Need for Signed Copies
Make sure that a signer must receive a fully-executed copy of your agreement. This should be sent automatically as part of your overall signature workflow. The workflows can be easily customized, thus allowing you to select the process working best for your business.