Why Should Businesses Shift To Document Automation?
The present-day & age demands businesses to be more optimized than ever. Inefficient documentation doesn’t just have a negative impact on the revenue opportunities of a company, but can also hamper its customer relationships & advancement.
In the absence of digitization in crucial processes such as stamp procurement, document management & obtaining signatures, businesses are required to designate teams to handle documentation.
These teams need to collaborate between multiple vendors, go out & procure stamp papers, manage document signature sequences across stakeholders like managers & executives, store bulk contracts on-site & keep track of the progress of every document personally.
Such activities are highly time-consuming & demand the complete attention of employees. This leads to a lot of wasted time, effort & inter-departmental silos that hamper the business’s growth.
The solution to these complications, however, is simpler than one may think. The answer lies in adopting a digital method for document process flows. Integrating electronic stamping & e signature processes can simplify these document workflows to a large extent.
Do Businesses Need To Digitize Signature & Stamping Workflows?
eSignatures & digital stamping offer businesses an edge over their competitors by enabling faster & smoother document workflows. Digital document stamping & signing solutions are faster than their traditional counterparts & are safer for businesses too. They help make document authentication & compliance procedures simpler & more efficient. These added benefits make them a must-have for current-age businesses.
In addition, they easily cut down on paper & operational expenditure, which is often a huge cost for many businesses. Furthermore, online signing & document stamping processes enable remote authentication & execution of documents. This paves the way for an overall enhanced customer/client experience.
What is eStamping?
eStamping is the online means of paying the government non-judicial stamp duty imposed on certain legal transactions.
The traditional process of procuring stamp papers & paying the levied stamp duty is simplified by this digitized approach. It enables businesses to procure stamp papers of the required denominations & pay the imposed stamp duties online.
How To Stamp Documents Online?
The digital stamping procedure takes place on thel eStamping portal of a digital stamping service provider. The process occurs in confluence with the Stock Holding Corporation of India Limited (SHCIL).
The following steps enable businesses to easily get their documents stamped online:
- Upload the documents that need to be stamped
- Select the stamp paper of suitable denomination & other stamping details such as state, first & second party information, and more.
- Pay stamp duty online via digital wallets
- Download your eStamped documents
The uploaded documents are merged with the eStamp certificate and made available to the user.
The Advantages of eStamping For Businesses
Digital stamping offers a host of benefits that expedite stamping procedures for businesses across different industries.
- eStamping can be carried out in minutes. An online stamping & stamp duty payment facility enables businesses to instantly procure stamp papers.
- Digital stamp papers are tamper-proof & are hence a secure way businesses can complete their stamping procedures. Stamp papers are also equipped with QR codes to enable easy verification.
- All the data pertaining to the eStamp operation is saved on the SHCIL website to offer an added layer of security & enables quick validation.
- Verification of the authenticity of the eStamp paper is convenient. Businesses can quickly verify stamped documents online through unique IDs generated for each stamp paper.
What are eSignatures?
E signatures or electronic signatures allow users to sign legal documents & contracts electronically. In other words, eSignatures offer a paper-free method to obtain consent from the required personnel on legally binding documents.
Back-end encryption technologies make digital signatures a secure option for businesses to get all their documents authenticated.
eSignature Process Flow
eSignature platforms employ certain procedures to carry out the process in a quick & secure way. The steps for eSigning are as follows.
- Upload the documents that need to be signed
- Send out signer invites over email or SMS
- The invite link securely redirects signers to the document
- Signers enter the one-time password (OTP) received on the registered number/email to eSign
- Post entering the OTP, the document gets signed electronically
How do eSignatures Enable Efficient Document Execution?
Electronic signatures bring with them a host of advantages that can be critical for businesses to accelerate document validation.
- eSignatures are easy to implement. The convenience of eSign allows users to sign documents from anywhere.
- They offer a tamper-proof means of signing, as an electronic signature is embedded permanently onto the document. This boosts the security of crucial agreements.
- Audit trail reports outlining all the details of the eSignature process make it effortless for businesses to track down transactional data whenever required.
It is high time businesses of every type went digital with a majority of their processes. One of the most basic processes that require digitization are business document workflows. Implementing eSign & eStamping enables firms to simplify & make this process efficient.
Incorporating simple electronic stamping & document signature software allows businesses to experience efficiency & enjoy a slew of advantages over the traditional contract signing & manual stamp paper procurement processes they have in place.