Electronic signatures are the standard for modern business. Companies need to have this incredible tool at their fingertips, and it is essential that they understand their options, such as DocuSign and Under.io.
Challenges with Electronic Signatures
While electronic signatures offer convenience and efficiency, they come with their own set of challenges:
- Security Concerns: One of the primary issues is ensuring the security of electronic signatures. They can be vulnerable to hacking, fraud, and unauthorized access. Robust encryption methods and secure authentication processes are essential to protect against these risks.
- Legal Acceptance: The legality of electronic signatures varies by jurisdiction. Although many countries have established laws recognizing electronic signatures, differences in regulatory standards can lead to complications in cross-border transactions. Ensuring compliance with all relevant legal frameworks is crucial.
- Technological Barriers: Not all organizations have the technological infrastructure to support electronic signatures. This includes having reliable internet access, appropriate hardware, and updated software. Additionally, some users may lack the technical proficiency to use electronic signature platforms effectively.
- Verification and Authentication: Verifying the identity of the signatory can be challenging. Traditional signatures are often witnessed or notarized, but electronic signatures require digital verification methods, which can sometimes be cumbersome and less intuitive for users.
- User Resistance: Despite the advantages, some individuals and organizations are hesitant to adopt electronic signatures due to unfamiliarity or mistrust of the technology. Overcoming this resistance requires education and demonstration of the security and efficiency benefits.
DocuSign and Under.io are two of the most popular electronic signature providers that take care of these challenges. So which one is best for your business?
DocuSign
One of the most popular electronic signature platforms is DocuSign, which is leveraged by individuals and businesses all over. There are a variety of understandable components about Docusign that appeal to users.
Features
DocuSign enables document editing so individuals and businesses can craft document fields and signatures that work best for them. They also allow multiple parties to sign documents, which is very helpful in many business agreements. DocuSign can also be set up to remind signatories to sign their documents. This is useful in today's business environment, where people can quickly lose an essential document in the mountain of documents they are sent.
DocuSign meets regulators' security requirements, allowing all parties to securely sign and exchange documents. Additionally, they have a large list of integrations that users can use to make their electronic signature more seamless with the rest of their system. Finally, DocuSign has several plans to choose from, so you can find one that better fits your needs.
Pricing
DocuSign's personal plan provides electronic signature essentials. For $15 a month, you get access to five envelopes for your digital documents. You also get access to DocuSign templates that you can implement on your documents and many integrations.
Their most popular plan is the Standard plan, which includes features from personal plans and costs $65 a month. This plan contains shared templates that allow users to share document templates among their entire team. It also includes a commenting feature that allows you to collaborate with your team.
The Business Pro plan offers several other more advanced features. For $65 a month, you get access to bulk send, which allows you to send unique documents and emails to many parties with one click. Additionally, you get access to locked templates that will enable you to control access for more sensitive documents.
Drawbacks
One of DocuSign's biggest drawbacks is that many features are left out of its popular plans. For example, DocuSign's Agreement Cloud is not included in any of the above plans. Additionally, DocuSign does not allow you to create documents within its system. You have to import documents and add DocuSign's features to them.
DocuSign is focused almost exclusively on electronic signatures. While electronic signatures are an essential part of modern business, they are part of a more comprehensive tool set that makes digital agreements genuinely successful. Features such as identity verification and document creation are separate from DocuSign. You will need another provider to help you with this.
Under.io
Features
Here at Under.io, we make it easy for you to send unique applications as emails to your clients. Simply input the appropriate information into our templates and send to your customers. Or, you can use our online form builder to create your own applications. Either way, collecting electronic signatures is simple from Under.io.
We also add several layers of security to our electronic signature process. First, clients will receive their unique application link, which doubles as verification of their email address and their phone numbers. These steps add extra security without frustrating and time-consuming your customers. Once your client moves past verification, they must fill out the information fields you have already specified and submit any additional documentation you may need. Here, they can provide all the ownership information you need when onboarding a new business as a customer.
Finally, your clients are presented with a completed application version to review and edit before signing. If they are satisfied with the application, they can sign. Our system will give them the option to download a PDF copy of the entire application. We also create electronic signature confirmation pages so you and your clients can see the signature's IP address and time stamp, and your sponsor banks are satisfied.
Pricing
With our pricing, it is easier than ever to access our electronic signature toolset. Our Essentials plan allows you to collect as many signatures as you want. You also get branded digital applications, so your clients only see your branding. Document mapping is also included, saving you unbelievable amounts of time by not having to manually go through and fill out PDFs.
Our other plans go beyond electronic signatures. Our Professional plan includes features such as KYC, KYB, and CRM integrations. These allow you to create one streamlined system for onboarding new clients, and this plan empowers you to filter out unqualified clients or potential fraudsters with ease. If you choose our Organization plan, you get access to credit underwriting, which is often a challenge when onboarding new clients. Exporting data and Teams is also included to allow you to easily manage and integrate your onboarding process. While electronic signatures are essential to us here at Under, we go above and beyond to give you the best customer onboarding.
