The UK has been benefited from electronic signatures (e-signature or e-sign) since it first became legal in 2000 with the introduction of the Electronic Communications Act 2000.
Nowadays, the UK abides by the European Union’s eIDAS regulations that came into play in July 2016, meaning that the country can take full advantage of the legality of e-sign. Document sending have become cost-effective and greatly efficient thanks to electronic signatures, with digital payment solution turning extremely advantageous for businesses. For instance, over three-quarters of UK companies experience late and non-payment of invoices, with 65% of businesses suffering from payment delays.
The result of such events is negative for SMEs. According to Bankers' Automated Clearing System (BACS), 76% of businesses are being affected by late payments of up to 6 months beyond agreed contract terms. This emphasizes the huge advantage electronic signature can have to your business, a faster and more efficient way to do business, and improving not only document completion time but also customer experience.
E-sign has many advantages including customer excellence - Deliver an improved customer experience by providing the ability to complete transactions and agreements instantly, and Focus on your business - Spend less time chasing and manually processing payments.
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If you are interested to learn more about electronic signatures in the UK, get in touch with The Entrepreneurs Private Office. Book now a 15-30 minutes free-consultation, We can provide all the required assistance to set-up your electronic payments and signatures.