Distinguishing Wet Signatures, Digital Signatures, and Electronic Signatures
When contemplating the term "signature," we may have a similar mental image of ink on paper many years ago. However, this notion no longer stand as the sole means of authorizing a document or transaction. It is imperative to understand the three principal categories of signatures, namely wet, digital, and electronic signatures, and their impact on business processes, whether beneficial or detrimental. Below is a rundown of these categories and their respective functionalities.
Wet Signatures
- More conventional type of signature
- Handwritten signatures are placed on a tangible document
- It may be your name, your signature, or an x
- You only need a pen to sign a contract
- Laws or requests may impose requirements
- No need to purchase pen tablets or e–signing software
- Keep a copy of the contract even if you lose your electronic data storage
Digital Signatures
- An electronic fingerprint protected by encryption-level digital verification
- Primary function is to confirm the identity of the signer
- The document is authenticated by a digital signature
- Legally binding
Electronic Signatures
- Can be a fingerprint, signature, click, process, symbol, or another type of image
- Primary function is to validate a document
- Excludes the digital certificate
- Regarded as legally binding if all parties agree
- Document may not always be secure
- Digital signatures are not used in all electronic signatures
The foregoing is instructive in deciding which type of signature your business should to stay ahead in 2023 – electronic signatures provide an advantage over costlier alternatives, and with the protection Lexagle can provide on its platform, you no longer have to worry whether the signatures were forged or tampered with. Find out what else Lexagle can do for your business by booking a demo with us today.
