Best Electronic Signature Software

In today's digital age, conducting business transactions online has become more common than ever. However, the need for physical signatures on documents remains a necessity, leading to the rise of electronic signature software. 

If you're considering adopting electronic signature software for your business, this buyer's guide will provide an overview of what electronic signature software is, its benefits, and what to consider when choosing the best digital signature software for your business needs. Keep on reading to learn more about electronic signature!

What is E-Signature Software?

Electronic signature software, also referred to as e-signature software, is a platform that authorizes individuals and corporations to append their digital signatures to documents in a digital format. 

This method of appending signatures to digital documents provides a secure and lawfully binding method of signing and managing documents. The use of electronic signature software eliminates the need for conventional paper-based signatures.

eSignature software allows users to sign documents electronically. Multiple persons can sign papers from different locations using cloud-based solutions. In contrast, desktop-based solutions enable anyone to modify and sign a document with their laptop, desktop, or mobile device.

Various methods of verification, such as email authentication, phone authentication, or SMS authentication, are employed by electronic signature software to authenticate the identity of the signatory. The software also includes features such as document tracking and audit trails, which assist in managing and monitoring document workflows.  

Benefits of Electonic Signature Software

An electronic signature can do much more than just getting documents signed! Below are the top benefits of electronic signature software.

1. Increase workflow & cost efficiencies

   Electronic signature software is a powerful tool that simplifies document workflows, reducing the time and effort required to prepare, sign, and manage documents. Using electronic signature software enables businesses to send and receive documents immediately, rendering the need for paper-based signatures and postal services obsolete. This not only saves valuable time but also reduces operational costs.

2. Allow ease of scalability

   The scalability of electronic signature software makes it adaptable for use by businesses of all sizes, from modest start-ups to colossal corporations. As businesses grow and expand, electronic signature software can be effortlessly integrated into existing workflows, easing document management and signing across multiple teams and departments.

3. Improve customer experience

   Electronic signature software offers businesses a seamless and convenient way to interact with their customers. With the utilization of electronic signature software, customers can promptly sign and authorize documents without requiring any printing, scanning, or mailing of documents. This not only saves time for the customers but also improves their overall experience with the business.

4. Improve productivity

   By removing the need for manual, paper-based document workflows, which can be time-consuming and prone to errors, electronic signature software enables businesses to automate document workflows.

   This results in the reduction of the time and effort required to sign and manage documents and consequently increases productivity. Furthermore, the implementation of electronic signature software helps to minimize the risk of errors or delays in document processing.

5. Provide audit trail and compliance

   Electronic signature software also provides a comprehensive audit trail, which documents every step of the document workflow, including the identification of who signed the document, the time it was signed, and the location it was signed in. This function facilitates the tracking of document status and ensures that businesses remain compliant with legal and regulatory requirements.

What Types of E-Signature Software Exist?

There are two main types of electronic signature software: cloud-based and on-premises. Below we have explained both in detail.

1. Cloud

   Cloud-based online signature software is hosted remotely on a server outside the immediate control of an organization and can be accessed via a web browser or mobile application. The advantage of this software lies in its scalability which allows for the easy addition or removal of users as required. In addition, it also offers users the ability to sign and manage documents from anywhere and from any device with an internet connection, thereby enhancing its accessibility.

2. On-premises

   On-premises electronic signature software, on the other hand, is installed and managed locally on a company's own servers. The advantage of this software is the greater control and security it offers as businesses maintain complete oversight of their data and document workflows. However, it requires more specialized knowledge and expertise to maintain and manage the software effectively.

Features of Electronic Signature Software

Before selecting any software, you need to understand its features and functionalities. This can help you pick the right solution for your business. Below are the main features you need to look for in the best electronic signature software.

1. Document signing

   One of the best features of electronic signature software is its ability to execute document signing electronically, which permits users to sign and transmit vital documents from virtually any location, eliminating the need for tedious, time-consuming tasks such as printing, scanning, and mailing. With electronic signature software, users can easily sign documents, swiftly speeding up the process of obtaining signatures while promoting environmentally friendly practices.

2. Regulatory compliance

   Electronic signature software is meticulously designed to comply with stringent legal and regulatory requirements governing electronic signatures, ensuring that any signed documents are not only legally binding but also admissible in court. The software provides advanced security features, such as authentication, encryption, and audit trails, that protect the integrity and confidentiality of the signed documents.

3. Bulk digital signatures

   Businesses that regularly process large volumes of documents, such as contracts, invoices, and agreements, will find bulk digital signatures to be an invaluable feature. With the ability to sign multiple documents simultaneously, users can sign and send hundreds of documents in a matter of clicks, thus significantly reducing the time and effort required.

4. Mobile Accessibility

   Where remote work is becoming increasingly popular, e-signing software's mobile accessibility feature has become an essential component. Field workers, sales representatives, and remote employees can now sign and send documents on the move without the need to physically visit an office. This feature ensures that users can sign documents using their smartphones or tablets anytime and from anywhere.

5. API integrations

   Application Programming Interfaces (APIs) allow users to integrate electronic signature software with other business applications, streamlining their workflows and automating document signing processes. Users can access the software from within their favorite business applications, such as Salesforce, Microsoft Office, and Dropbox, thanks to API integrations.

6. Signature creation

   The software's signature creation tools enable users to create and customize their signatures, which can be done using a digital pen, touchpad, or signature templates. This feature permits users to sign documents with their own unique signature, adding a personal touch to their electronic signatures.

7. Document creation and templates

   The document creation and template features allow users to create and customize their own documents, which can be useful for businesses that regularly send standard documents, such as non-disclosure agreements (NDAs), sales contracts, and rental agreements. Document creation and templates can save users time and effort, allowing them to create and send documents quickly and easily.

Users of E-Signature Software

Electronic Signature software is used by a wide range of industries and professions. Some of the most common users of electronic signature software are: 

1. HR Teams

   HR teams utilize electronic signature (e-signature) software to execute and dispatch employment contracts, non-disclosure agreements (NDAs), and other HR documents. The implementation of electronic signature software allows HR teams to streamline their workflows, automate document signing processes, and minimize their dependency on physical, paper-based documents. So, if your HR team is still doing manual work, it's time to switch up to electronic signature.

2. Property management professionals

   Property management professionals leverage electronic signature software to sign and distribute lease agreements, rental agreements, and other property-related documents. Electronic signature software empowers property management professionals to efficiently administer their documents, diminish their reliance on paper-based documents, and heighten tenant contentment.

3. Insurance professionals

   Insurance professionals apply electronic signature software to sign and transmit insurance policies, claim forms, and other insurance-related documents. Electronic signature software empowers insurance professionals to competently manage their documents, reduce processing time, and offer more satisfactory customer service.

4. Financial services

   Financial services companies rely on electronic signature software to sign and circulate loan applications, investment contracts, and other financial documents. The utilization of electronic signature software enables financial services companies to handle their documents more competently, decrease their reliance on paper-based documents, and offer faster and more convenient services to their clients.

5. Procurement and supply chain teams

   Procurement and supply chain teams employ electronic signature software to sign and distribute purchase orders, contracts, and other procurement-related documents. The implementation of electronic signature software enables procurement and supply chain teams to streamline their workflows, automate their document signing processes, and decrease processing time and errors.

6. Legal teams

   Legal teams use electronic signature software to sign and send legal documents, such as contracts, agreements, and court filings. The use of electronic signature software enables legal teams to effectively manage their documents, minimize their dependence on paper-based documents, and improve the speed and precision of their legal processes.

   Overall, an electronic signature tool is a boon for every company that deals with massive paperwork!

How To Choose the Right Electronic Signature Software?

When it comes to opting for electronic signature software, it is of utmost importance to make an informed decision. This decision can significantly influence the security and efficiency of your business operations.

Therefore, it is imperative to deliberate certain elements along with their features and functionalities when selecting software. Here are some pivotal factors to bear in mind when choosing electronic signature software.

1. Security

   Security should be one of the top considerations when choosing electronic signature software. Look for software that offers strong security features such as data encryption, multi-factor authentication, and audit trails.

   Data encryption ensures your sensitive documents and data are protected from unauthorized access. Multi-factor authentication adds an additional layer of security by requiring users to provide multiple forms of identification before accessing the system. Audit trails help track the signature process, which can be useful in case of any disputes or legal challenges.

2. Compliance

   Another important consideration is compliance with relevant regulations. Electronic signature software should comply with regulations such as eIDAS, HIPAA, and GDPR. The eIDAS regulation sets standards for electronic signatures within the European Union, while HIPAA sets standards for electronic signatures used in the healthcare industry.

   GDPR regulates data protection and privacy in the EU, and any software used for electronic signatures should comply with these regulations to ensure the safety and privacy of your documents.

3. Ease of use

   Ease of use is also to be looked upon when selecting an electronic signature system. Look for software that is user-friendly and easy to navigate, as this will reduce the amount of time and resources needed to train employees.

   The software should be intuitive and easy to learn, with clear instructions and guidance on how to use it. Additionally, look for software that integrates well with your existing systems and workflows, as this will minimize disruption to your operations.

4. Cost

   Cost is another important consideration when selecting an electronic signature system. Consider the upfront costs, such as setup fees and licensing fees, as well as ongoing costs, such as maintenance and support fees.

   Some software providers may offer a pay-as-you-go pricing model, which can be more cost-effective for businesses with varying levels of usage. Consider your budget and requirements before selecting software.

5. Customer support

   Finally, it's important to consider the level of customer support offered by the software provider. Look for providers that offer comprehensive support options, such as phone and email support, live chat, and online resources, such as user guides and tutorials.

   Ideally, the provider should offer 24/7 support, so you can get help whenever you need it. Good customer support is crucial to ensuring that any issues are resolved quickly and efficiently, minimizing disruption to your operations.

List of Top 5 E-Signature Software: Comparison

If you’re unsure which software to select, we have picked the 5 best electronic signature tools that you can compare! Check out their main features, pros and cons, and pricing.

1. DocuSign

DocuSign is a widely used electronic signature software tool that enables users to sign, send, and manage electronic documents securely. It offers a range of features, including mobile-friendly signing, automated workflows, and secure cloud storage.

DocuSign is trusted by many businesses and is known for its user-friendly interface and advanced security measures. It also offers customizable branding options and the ability to collect payments during the signing process. 

Key Features

• Document preparation
• Signature and template management
• Mobile Signing
• Automated workflows
• Integrations with other software tools
• Secure cloud storage

Pros

• Trusted by many businesses
• User-friendly interface
• Advanced security measures
• Customizable branding options
• Ability to collect payments during the signing process

Cons

• Limited customization options
• Somewhat expensive
• Not ideal for small businesses with low signing volumes

Pricing

• DocuSign offers a range of pricing plans starting from $10 per user per month.

2. Adobe Sign

Adobe Sign is one of the top electronic signature software that integrates with other Adobe tools for a seamless document management experience. It offers automated workflows and reminders, mobile signing, document preparation and management, and integration with other software tools.

Adobe Sign is known for its easy-to-use interface, robust security measures, and ability to handle complex documents. It also offers customizable branding options and the ability to collect payments during the signing process. 

Key Features

• Automated workflows and reminders
• Mobile Signing
• Document preparation and management
• Integration with other Adobe tools
• Secure cloud storage
• Customizable branding options

Pros

• Easy-to-use interface
• Robust security measures
• Ability to handle complex documents
• Customizable branding options
• Ability to collect payments during the signing process

Cons

• Expensive for small businesses
• Lacks some advanced features offered by competitors

Pricing

• Adobe Sign offers a range of pricing plans starting from $12.99 per user per month.

3. PandaDoc

PandaDoc is an advanced and the best electronic signature software that offers document creation, management, and tracking features, along with integrations with other software tools. It provides a variety of templates and custom branding options to make document creation and unlimited signature requests as seamless as possible. PandaDoc also offers mobile signing, advanced analytics, and CRM and payment systems integrations. 

Key Features

• Document creation and management
• Mobile Signing
• Template library
• Custom branding options
• Integrations with other software tools
• Advanced analytics

Pros

• Quick and accessible interface
• Custom branding options
• Advanced analytics
• Integrations with CRM and payment systems

Cons

• It can be costly for small businesses
• The free plan is very limited

Pricing

• PandaDoc offers a range of pricing plans starting from $19 per user per month.

4. SignNow

SignNow is another popular electronic signature software solution that offers a range of tools for managing and automating the signature process. It features a user-friendly interface, with drag-and-drop functionality and various customization options. SignNow also includes a range of tools for managing and organizing signed documents, as well as integrations with a variety of other business tools.

Key Features

• Electronic signature capture
• Document preparation and customization
• Workflow management and automation
• Integration with third-party business tools

Pros

• User-friendly interface
• Reasonably priced
• Includes a range of document management tools

Cons

• Limited customization options
• Some users report slower load times for larger documents

Pricing

• SignNow offers a range of pricing plans, starting at $8 per user per month for the basic plan, and going up to $20 per user per month for the business plan.

5. HelloSign

HelloSign is a cloud-based electronic signature software solution that is designed to simplify the process and manage and collect signatures digitally. It offers a range of powerful features for capturing electronic signatures, managing and organizing documents, and automating workflows. HelloSign also integrates with a wide range of other business tools, including Dropbox, Google Drive, and Salesforce for signing documents without hassle.

Key Features

• Electronic signature capture
• Document preparation and customization
• Workflow management and automation
• Integration with third-party business tools

Pros

• User-friendly interface
• Easy to customize and personalize documents
• Offers a range of integrations with other business tools

Cons

• Limited reporting and analytics functionality
• Pricing can be expensive for larger organizations

Pricing

• HelloSign offers a range of pricing plans, starting at $13 per user per month for the Pro plan and going up to $40 per user per month for the Business plan. Custom pricing is also available for enterprise-level customers.

Challenges with Electronic Signature Software

Electronic signature software has revolutionized the way businesses handle documents and sign agreements. However, like any technology, electronic signature software has its own challenges. Here are some of the key challenges associated with electronic signature software:

1. Security

   Electronic signature software poses a significant hurdle in guaranteeing the safety and protection of both the signatures and the signed documents. As electronic signatures bear legal implications, it is crucial to implement strong encryption protocols and authentication processes to ensure the signer's identity is verified and the signatures are invulnerable to any sort of tampering, forgery, or alteration.

2. Verification process

   Another challenge with electronic signature software is ensuring valid and legally binding electronic signatures. This requires a robust verification process to ensure that the person signing the document is authorized to do so and that the signature is valid.

3. Storage

   Electronic signature software generates a lot of documents and signatures that need to be stored securely. This requires reliable and scalable cloud storage solutions that can handle large amounts of data and ensure that the documents are accessible and secure.

4. Proprietary software

   Many electronic signature software solutions are proprietary, meaning they are owned and operated by a single company. This can create challenges when it comes to interoperability and data portability, as users may be locked into a particular platform or vendor.

5. Compliance requirements

   Finally, electronic signature software must comply with a range of legal and regulatory requirements, including those related to electronic signatures, data privacy, and security. Meeting these requirements can be challenging, particularly for companies operating in highly regulated industries.

While electronic signature software offers a range of benefits, it's important for businesses to be aware of these challenges and to choose a solution that is secure, reliable, and compliant with all relevant regulations.

Integration of E-Signature Software

Integration of electronic signature software with other business applications has become increasingly important as more companies look to streamline their workflows and improve efficiency. Here are some of the key areas where electronic signature software is being integrated:

1. Contract lifecycle management (CLM) software

   Electronic signature software is often integrated with CLM software to automate the contract management process. This includes creating, negotiating, and managing contracts, as well as ensuring compliance with relevant regulations.

2. CRM software

   Many businesses integrate electronic signature software with their customer relationship management (CRM) software to simplify the sales process. This allows sales reps to generate and send contracts for signature directly from within the CRM platform, streamlining the sales process and improving efficiency.

3. Document generation software

   Electronic signature software, through integration with document generation software, possesses the capability to mechanize the creation and delivery of contracts for signature. The integration of these software systems can prove beneficial in terms of economizing time and reducing errors by means of automatic document generation and routing for signature.

4. CPQ software

   Configure, price, and quote (CPQ) software helps businesses automate the process of generating sales quotes. By integrating electronic signature software with CPQ software, businesses can streamline the entire quote-to-cash process, from generating a quote to closing the sale.

Electronic Signature Software Trends

Electronic signature software is also being influenced by emerging trends in technology and business. Here are some of the key trends to watch:

1. Artificial intelligence and integration of apps

   Electronic signature software is increasingly incorporating artificial intelligence (AI) and machine learning (ML) capabilities to improve efficiency and accuracy. In addition, electronic signature software is being integrated with other business applications to improve workflow and streamline processes.

2. Enhanced authentication

   As electronic signature software becomes more widely used, there is a growing need for enhanced authentication processes to ensure the security and validity of signatures. This includes using biometric authentication methods and multi-factor authentication to verify the identity of signers.

3. Increased focus on security and compliance

   As the instances of data breaches and cyber threats continue to surge, there is an ever-growing apprehension surrounding the safety of electronic signature software. Consequently, numerous electronic signature software suppliers are channeling their efforts towards enhancing the security and compliance facets of their products to ensure that their solutions measure up to the most elevated benchmarks of security and regulatory adherence.

Conclusion

Electronic signature software has become a vital instrument for businesses to facilitate the signing of documents, enhance effectiveness, and mitigate expenses. In light of the various alternatives currently obtainable in the market, enterprises must take into account several factors, such as security, integration, compliance, and pricing, when electing to implement electronic signature software. 

It is equally crucial to remain cognizant of recent electronic signature developments, including heightened authentication and AI integration, to ensure that your business remains competitive and well-versed in the latest technological breakthroughs.