How Electronic Signatures Makes eCommerce Transactions Safer and Secure
- eCommerce

How Electronic Signatures Makes eCommerce Transactions Safer and Secure

The gamut of E-commerce includes buying and selling goods and services and data exchange and funds transfer over the internet. All such transactions need to be authenticated electronically. The easiest way to do this is to add an electronic signature.

Electronic signatures gained acceptance back in 2000 through the ESIGN Act and the UETA Act in the USA. Learn more about it and how you can use it easily through an app to secure your eCommerce transactions and generate higher trust and customer confidence levels.

E-signature

A process, symbol, or sound is attached or associated with a record and executed by a person. You can use a keystroke, a swipe of your stylus, or selecting a checkbox. These days it is easy to create such signatures using an app specifically developed for that purpose. To go into more details of e-sign:

  • It includes vital data such as the IP address of the individual signing the document electronically.
  • The operating system and browser system are also included, along with geo coordinates.
  • It is usual to have data and a timestamp for the document.

The purpose of an electronic signature is to validate the process, transaction, and document. This comprises the process side that includes the signed document’s hash value to prevent it from being tampered with. The process also includes the entire transaction starting with a buyer inquiring, placing an order, checking out, and making payment. The digital signature is more secure. It uses a public key and a private key encrypted into the document and validation performed by a trusted certificate authority or trust service provider. However, it is not as secure as a digital signature. Still, it is easier to use for everyday e-commerce where requirements are not as stringent as processes requiring digital signatures.

Apart from the process and transaction, one can also use electronic ticks, scanned signatures, or a voiceprint to create an esign through an eSignature app to sign documents. The advantage of e-signatures is that it is easy to generate, fast and low cost. One such use case is healthcare, where service providers can provide fast emergency services in hours.

End users, for instance, may not have access to or be aware of the way to get a digital signature, which, in itself, is a complex and lengthy procedure. However, in e-commerce, where transactions are completed in minutes, e-signatures have a significant speed, security, and convenience advantage. When you use an e-sign app, your customer will find the process just as easy as signing a piece of paper with a pen.

Should you have an electronic signature for eCommerce?

An Allied Market Research study shows that the global market for electronic signs is expected to go up to $ 3440 million in 2022, covering various industries like healthcare, finances, insurance, education, and B2B goods sales and purchases. The number of users is also bound to increase, and so is the number of attempts to hack into transactions for frauds. It is easy to deploy apps for this purpose and give customers the chance to create a secure signature with just a few taps on their mobile device and set to rest apprehensions about frauds in e-commerce transactions.

You gain customers’ trust when you use an electronic signature, and you also know that you are dealing with a genuine party instead of with an imposter.

Yet another benefit is that when important documents are involved, e-signs will automatically be attached to each page. If there are revisions, your app will help you re-generate the signature for such modifications. Once finalized and confirmed, neither party can renege on a deal or agreement. There is repeatability and automation with no chance of errors when you use electronic signs for e-commerce.

Adopt this system of e-sign through an app, and you will be in full compliance with local and international laws. It is easy for users too.

Easy for users 

The electronic signature app makes it easy for anyone to create one in a variety of ways.

  • Use the app on your mobile phone to create a signature by using your finger to sign on the screen, the same way you would use a pen on paper. Amazon has been using something similar for their delivery persons to get the signature of their buyers.
  • You can sign on a piece of paper, scan it and upload it to a service provider who will then turn it into an encrypted image file that overlays the signature line in a document.
  • You can use your desktop computer’s mouse to sign on to an electronic document you view on your screen.
  • It is possible to use the keyboard to type in a signature.
  • You can integrate the e-sign app with other services such as Google Gmail, Evernote, and Dropbox, to mention a few.

That said, apps for e-sign vary in complexity and sophistication. At one end, you have something simple that lets you scan your signature and place it into a document on your device or in the cloud. There are complex ones such as DocuSign and HelloSign that use complex encryption algorithms with an audit trail. Adobe Sign is simple in that you type in a customer’s email address and send the document. One simple app you may wish to consider is SignNow, a cloud-based service available from anywhere. You may want a custom e-sign app. You will want a developer to develop an electronic signature app to suit your e-commerce business model and build security features according to your need and compliance.

How Electronic Signatures Makes eCommerce Transactions Safer and Secure

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About Rakshit Hirapara

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