The first thing that comes to our mind when we hear the word 'signature' is a pen and paper and your initials. This has been valid for a long time when individuals used to compose their initials in wet ink to sign and approve a report and its content. Looking into the historic period, we learn that people during that time used molten wax, and a seal to sign and approve a report.
In modern times, a similar thought can't be followed on the grounds that everything has gone computerized. Our digitized age has three types of signatures that incorporate wet, digital, and electronic signature. In this article, we study the comparison between wet signatures vs electronic signatures and what they mean for business measures. But first, let’s have a look at what does the wet signs mean.
What is a wet signature?
As the name proposes, a wet signature is created using a pen or feather and ink on a piece of paper. This sort of ink signature has been in need for quite a long time and is frequently utilized these days too. An ideal model is your bank check which requires a signature to be legitimate. In everyday business exercises, original wet signatures are still very normal however they obstruct the general effectiveness of the day-by-day business task. Wet signature meaning implies the exchange of paper-based documents and later storing paper documents for future references.
The digital era requests quicker, more viable cycles to ensure legitimate and precise choices. While electronic signatures have become more normal and acknowledged, a few governments and private organizations actually expect parties to physically engrave their imprint on a document, and a few signers lean toward it as well.
A wet signature doesn't really need to be an individual's name, and need not be made with an ink pen. Imprints made on a piece of paper with a stamp, individual seal, or name seal also count, just like a thumbprint, incoherent lines of cursive typed name, and surprisingly a particular "X" or a couple of initials is exactly how we create a wet signature.
However, Creating an online wet signature isn’t as easy as obtaining an electronic signature. The process is cumbersome and time-consuming. However, there are scenarios where online wet signatures are required. Here is how you can get one:
Download the online document that needs to be signed with the field requiring their wet signature or personal seal.
Print the document from your device.
Sign the document physically using a pen.
Scan the document back into a digital form with another smart device.
Upload the file and send it back to the requester through email or fax.
Opening the received file in a word format will you a wet signature on a word document or PDF.
All of these signatures can legally be viewed as a signature.
What is an electronic signature?
Any imprint that is made on an electronic record with the goal to fill in as a mark is viewed as an electronic signature and in a lot of states is viewed as legitimate for marking most documents.
Nonetheless, electronic signatures vs wet signatures are low trust signatures since electronic signatures don't contain any proof to attach the character of the signer to the document and there is no evidence that the archive did not change after signing.
To secure against these shortcomings, digital signatures were presented.
Electronic Signature online has numerous definitions anyway a more summed up definition is recognizing any record, message, exchange, or email that is in an electronic configuration. let’s have a look at the examples of an electronic signature.
A typed name towards the end of an email
A typed name on an electronic document or form
A picture of a hand signature on a communicated fax
A PIN (personal identification number) entered into a bank ATM
Clicking “agree” or “disagree” towards the end of an electronic contract
digitally captured signature drawn on a touch device.
Comparison between wet signatures and electronic signatures
The obvious comparison between an electronic signature vs a wet signature, to begin with, is their appearance.
A wet signature requires an individual to be physically present while marking a document. An electronic signature is signed on an electronically transmitted document in a digital form.
These physical signatures are paper-based processes and they are slow and they can be costly in terms of time and money. Electronic signatures can help reduce the time and cost of printing and scanning documents.
Wet signatures and Electronic signatures are used to illustrate your intent or commitment to a particular document.
Both carry the same legal validity and they have the same certificate of authority.
When should you use a wet signature?
There are a couple of events when you should collect a wet signature to make a document legally binding. In the United States, a wet sign might be required when a Notary Public should check the ID of the document signer(s). Wet signatures on documents are also needed for specific reports relating to wills, trusts, adoptions, evictions, divorce procedures, court requests, and insurance.
You should also permit these kinds of hard signatures when the recipient demands them. Regardless of whether you think of it as old-fashioned, few people actually think of it as the best way to officially adopt a document.
Do we need wet signatures at all?
Time and again we need to ask whether we need wet signatures at all. Would you be able to reconsider eliminating any of the places where in the past you would have acquired one? As far as we can tell, firms frequently get signatures on documents that are not really vital, for instance, risk questionnaires, on a fact find, or any terms of business. It has been said that in certain organizations a client signature offers protection in case of an objection. We can tell you though that the belief is misplaced but let's not go into the details.
In addition to this, firms need some sort of client authorization of model portfolios and suppliers/stages where they require wet signatures on certain reports although many have been attempting to decrease if not eliminate the requirement for wet signatures. Hereafter, before signing any contract, firms should check on an urgent basis with their regular platforms and suppliers what kind of signatures are required.
Why use eSignatures instead of wet signatures?
When an organization needs a wet signature to sign agreements rather than an eSignature they're adding unnecessary expenditure to their business and requiring significant investment that could be spent in different domains. Here are some of the examples of why you should use esignatures instead of wet signatures:
Turnaround time: Electronic signatures vs wet signatures can help decrease turnaround time by an average of nine days. Electronic documents can be received, surveyed, marked, and returned on basically any gadget 24/7. While collecting wet signs, organizations are helpless before delivery services, dispatches, business days, and occasion plans.
Cost: It's not just the expense of the ink, the paper, and the overnight delivery service that you need to consider. You additionally need to factor in the expense of lost income when it takes longer than seven days to get a wet signed document. A delay in your deal could give time for a possible customer to investigate different alternatives from your rivals.
Recipients: Will they be anxious to sign your record once they get it, regardless of whether there is a delay? Will they run into any hindrances, for example, not having the option to print the record or not having the option to arrive at their courier's drop off before the end of the week. They will probably see the value in the speed and simplicity of looking into and signing a document online as opposed to printing, scanning, signing, and mailing the document.
Record keeping and recovery: Documents signed with a wet signature and returned to your organization must be checked and documented. If you or the signer needs to refer to the actual report, later on, it will take more time to recover it from file organizers or boxes away as opposed to pulling it up on your PC.
Safety: with electronic signatures, you can receive notifications instantly with an audit trail detailing the entire process of signing. Wet signatures on documents can be smudged and any change in the document cannot be identified.
How to Replace Wet Signatures with Electronic Signatures
While esignatures are legally binding, wet signatures in cases are required. However, if you don't require a wet signature there are many organizations that provide esignature services so that you can improve the contract lifecycle management of your company and integrate with the existing business tools. Here is how you can replace wet signatures with electronic signatures:
Scan a copy of your wet signature.
Open up a document that you want to sign to any free document esign online software.
Click on the “Choose file” or “upload” on the provided template.
Browse to add the file to upload a picture of your signature.
Customize your edits as required.
Click on ‘ sign’ to create a signature and finish.
The wet signature will turn into an electronic signature.
Digital delivery of your documents decreases the overall turnaround time and reduces the risk of getting lost in transit.
Are electronic signatures better?
Yes, it is. To start it, they reduce the deplorably sluggish and mundane admin hassles of faxing, scanning, printing, and couriering of contracts. Tools like Document esign online signature solution are all digitized right from template creation to the document signing online process.
Also, there is not any more circling back to signature status with the relevant parties. The whole marking work process is mechanized by electronic signature tools. Furthermore, it keeps the agreement owner educated through notifications/updates about each document-related movement.
Above all, an electronic signature in contrast to a wet signature presents data identifying with who signed the document, where, when, and even how. In this way, it portrays a diverse image of the signing event.
The rigorous business processes need the constant usage of both physical and electronic documents. Whether you need a wet signature or an electronic signature completely depends on your client’s current and growing needs for their businesses. With so many esignature services around it is easy to digitize your wet signature into an electronic signature. There are more than 30 million users around the globe that need to convert scanned copies of signatures into an electronic document to sign countless contracts and forms every day.