Electronic signature (eSignature) solutions are rapidly gaining favor as a necessary tool in the receivables management industry. eSignature software helps businesses reduce costs, improve cash flow, and maintain more direct contact with consumers while optimizing procedures.
Advantages of eSignatures include the following:
- Customers can use a phone or tablet to sign documents from any internet-enabled device.
- Organizations improve their ability to track document status, which improves reporting and creates an audit trail
- Reduces the time required for sending and receiving hard-copy documents through traditional mail.
- Form fields can be marked as required to minimize receipt of incomplete forms.
- Uploading completed forms back into your system can trigger your workflow to perform the next most appropriate action.
- Electronic signatures help reduce errors that can occur with manual entry of data.
eSignature provides an efficient, consumer-friendly method to:
- Meet the payment arrangement consent requirements under Regulation E.
- Capture consent to email to meet regulatory requirements, including New York State
- Capture consent to call a cell phone
- Complete student financial disclosure loan forms
Consumers will continue to choose the channels they prefer for receiving communication. By providing them with features like eSignature capability, you improve the likelihood of building a sustainable relationship, resulting in greater efficiency and more successful accounts receivable outcomes.
If you are interested in learning more about eSignature solutions, click here.