Regardless of size, businesses are constantly looking for new ways to cut costs. One easy way for companies to cut unnecessary costs is by switching from signing physical documents, to adopting an online eSignature platform. According to Heather Sarantis, from Sustainability.tufts.edu, paper dependence costs companies through purchasing, storage, lost documents, postage, waste, and labor efficiency. There are now new tools and methods that can replace the cumbersome use of paper.
By switching your business to an electronic signature platform, you will be able to provide the same service that you did using physical paper, except that service will be more efficient and will cut unnecessary costs.
Reduce the Cost of Postage by 100%
Postage costs can end up being very costly for a company if heavily relied upon. For a company to send a document to be signed via a priority overnight shipment, the cost is usually around $70.00. 2-day mail is $5.00 and sending a document by regular mail is approximately $0.46. Imagine if you could erase all of these costs just by switching to an online eSignature platform. You would never need to worry about documents getting lost in the mail while saving both time and money simultaneously.
Completely Eliminate the Scanning, Faxing and Printing
Even if a company tries to avoid using postage costs, there will still be other costs involved with using physical documents. In order to cut costs, some companies and business try to put more reliance on having documents sent out using scanning and faxing. But even this method has a cost that will add up over time. For every piece of paper that your company scans, the cost for that document to be scanned is $0.49. This does not even account for the fact that each piece of paper is $0.10. To fax a document is $0.99 per page. Adopting an eSignature platform will help your company cut these unnecessary costs.
Increase your Storage Space and While Saving Hundreds of Dollars
When relying on physical documents for the daily workflow of your company, what also needs to be taken into account is the cost of storing those physical documents and how much space is required in the office to do so. According to Recordnations.com, the average office worker in the US will go through roughly 10,000 sheets of paper each year. With the average standard box of copy paper able to hold 5,000 sheets and costing approximately $40 a case, the price per employee for filing and storing these documents over the course of a year will sit at around $80.
Minimize the Risk of Fraudulent Activity During the Signing Process
Using an eSignature platform reduces the risk of fraudulent activity during the signing process. When documents are electronically signed, the integrity of the document is protected by much more than a signature signed on a physical document. Esignature platforms, protect your documents and keep your data confidential with advanced encryption and authentication. Also, you are able to keep your signing links safe with advanced threat protection. Any manipulation within a document that involves an eSignature platform will automatically result in making it invalid. Esignature platforms are more secure, cost-effective, and efficient than using physical documents for the daily workflow of your business.
