The path of electronic signatures and security alarm companies came to a head this past year. Both industries seemed to discover each other’s unique position, services and needs at the same time which led to a very interesting period of discovery. A few security alarm companies who were “early adopters” really set the tone and were able to see some great benefits and improvements from implementing electronic signatures.

Raising the level of comfort with new processes is always a bit of a challenge. It wasn’t smooth all the time, but after diligently working with funding sources, business and technical teams, we were able to help our clients put some really cool applications in place. So in turn I’d like to underscore two recent examples that led to some really awesome results.

Example 1: A leading company’s electronic adoption rate was held up due to major funding source only accepting 10% of documents to be signed electronically.

eO Assistance: Stepping in to assist our client with this particular funding source we helped to provide all information and access to vet our processes and system, they became extremely comfortable with the level of control SmarSign provides.

Result: They are now having over 50% of their contracts signed electronically and have plans to move toward a complete paperless process. This is not only helping them to increase revenues to become more profitable, but it is also saving them money on shipping, re-contracting, and storage costs.

Example 2: Paper contracts everywhere. Keeping track of all your paper documents is resource intensive. Referencing, finding, and filing all those docs cost employees valuable time.

eO Assistance: Paper-In is a process that allows you to convert signed paper documents to Electronic Originals that still keep their value. Also our Trusted Repository’s transaction management solutions allow you to search by date range, status, or a variety of other unique identifiers.

With all signs pointing to more companies implementing solutions in the cloud in 2012 to support company goals, it’s a sure fire bet that electronic signatures are going to play a major role.

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For those customers who have taken the time to tryout our our new version on Preview On Demand, you have probably already experienced the new Workspace. Yes, we did it. We merged the SmartSign Web and Command Center user interfaces into a single application. The “new” Command Center user interface has undergone a significant update, making it much easier for you to locate, manage, and interact with your transactions and documents.

But our engineers were not just satisfied with a simple user interface refresh, they spent a lot of time “under the hood” optimizing the way you can search for documents and transaction, implementing (geek alert) Ajax to enable you to quickly page through large result sets, reorder lists, change the order of table rows in results, and introduced the new Snapshot view. The Snapshot “shows itself” anytime you click on a transaction, giving you a fast-yet-comprehensive view of the transaction. From the Snapshot, you can…

• View all the documents associated with the transaction,
• View the document histories on each document,
• Retrieve a copy of a document,
• Retrieve a Document Activity History Report (PDF),
• and much more…try it out

But one of my favorite features of the new Workspace is Collections. There are two types of collections; transaction and document. To create a collection, simply click Add from the Collections list on the left side of the page. Type in the name of your collection and a new collection is added to your list. Now all you have to do is search for transactions (or documents) using the search feature at the top of the page. Click on the transactions you want and drag them over to the collection. The selected transactions are automatically added as members of the collection.

Once you have created a collection, you can perform all kinds of batch actions on its members. Maybe you need to delete obsolete or incomplete transactions, or transfer control to a partner, or destroy signed Electronic Originals that have passed their retention period. All these actions (and more) are available to you by clicking on the little arrow to the right of the collection name. Of course, all available actions are limited to your permissions in the trusted repository.

So go ahead, log into Preview and create a collection.

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I was recently talking with one of our business development executives and he was telling me about a potential client who wanted us to break down the document management and storage costs within our Trusted Repository after a document was eSigned with SmartSign. Well, we went over the general costs and variables including transaction volumes/number documents, their relative size, and their value.

The above three “variables” are not the only things to take into consideration, but for this particular opportunity, it is what is most important to them.

• The transaction volume accounts for how many transactions a company will be completing over a given time period. Will the company be signing 100 docs per day/month/year, you get the point…
• Relative size really means how big your documents are or packages 35KB, a few mgs, or larger.
• The value of the documents translates into, will the documents you are having eSigned have any negotiable/monetary value.

This last point is extremely important – improper storage and management can and will compromise their value.

OK, back to our business development guy and his opportunity. This particular opportunity had some fairly complex and large documents, somewhere around 250kbs, with a high transaction volume, and the docs would be leveraged as collateral. After taking into account all variables, we figured the approximate costs would roughly equal $0.0038 per transaction per month (under ½ cent).

If you are interested in learning more, I would first like you to take a look at what it costs you to physically store and manage your documents. You’ll need to take into account storage space, costs per file cabinet, even administrative costs, among other things. We went over what it costs to have documents signed in a previous post and it may help.

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As more businesses leverage online tools and cloud computing capabilities as a means to improve operational efficiencies and reduce or eliminate dependency on paper, there is one overlooked piece of the puzzle…Electronic Signatures. More often than not contracts or agreements are created in a digital format, however once terms or conditions are agreed upon, many businesses rely on resource intensive paper-based processes. The process of printing, shipping, faxing and filing, is resource intensive, expensive and slow.

If most of your operations are already taken online, why not close the loop with electronic signatures. By utilizing an end-to-end electronic signature solution like eOriginal’s SmartSign Web, businesses are able to compliment existing applications to create a completely streamlined process from origination → to signing → to storing and managing documents throughout their entire lifecycle. Electronic signatures really are designed to simplify business operations. Documents are sent out for signature via email, the ID of signers can be validated through multiple layers of verification (if necessary), and documents can be signed through any number of ways including text signatures, signature pads, and using mobile devices (Smart phones, iPads, tablets, etc) for access anytime anywhere.

A few key benefits include:

• Reduce sales-cycles closing more deals faster having documents signed in minutes, not days or weeks.
• Track user activity throughout the entire document management process with automated alerts. Alerts can notify key members of your team for newly closed deals, contract extensions, and who has and hasn’t signed.
• Eliminate errors and missing or incomplete documents. The signing process can not be completed without all proper information being provided.
• Reduce costs associated with printing, faxing, and filing paper documents.
• Go Green — eliminating paper based systems minimizes your organizations impact on the environment.

Electronic signatures may not fit the bill for every organization or for every process and each provider offers a few different options and solutions, so it is important to take a look at what your business is doing. But, if you are looking to close the gap and eliminate the “paper-chase”, electronic signatures are probably your best bet to grow and go paperless.

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I have spent a considerable amount of time working with and speaking to Security Alarm companies, Industry Experts and Funders on the benefits, compliance and best practices of electronic signatures. For what is historically a paper-based industry when it comes to handling business processes, contracts, and internal documents, eOriginal has had the opportunity and pleasure to work with a few innovative Security Alarm Companies to help them to streamline their business processes using SmartSign, our electronic signature and life-cycle management solution.

Today, many other Security Alarm Companies have taken the initiative to begin looking into the benefits of electronic signatures. While more and more companies are looking into eSignatures, there seems to be a few common questions and concerns. While most perceived barriers can be easily overcome, security alarm companies and funders should take into consideration a few key points when evaluating and implementing electronic signatures such as:

• How to present FTC regulated Consumer Disclosures.
• Will your Funders (Banks) approve of the process?
• Will going electronic affect your RMR?
• Will other companies be able to purchase or acquire my contracts?

These are just a few areas of interest that need to be addressed. Now the benefits are apparent; other than saving time and money, your organization will have a few important advantages over your competition.

• Have contracts, lease agreements, installation forms, signed and processed in minutes
• Easily facilitate contract renewals, especially in states outlawing the evergreen clause
• Reduce labor and material costs associated with printing, faxing, scanning, shipping, and archiving

In just a few short days eOriginal, along with industry leaders, will be addressing the most common questions and concerns in a 60-minute educational webinar. What we hope to accomplish is to simply bring a better understanding to how electronic processes can replace aging paper-based systems. If you are interested, please don’t hesitate to register or contact us to learn more about the webinar or our experience with security alarm companies.

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As business are becoming more mobile and fluid, employees are relying on smart-phones to do more than coordinate their emails. Smart-phones are a life-line or  hub of information for most businesses today so it only makes sense for the use of SMS (Short Message Service) text message notifications as a means of signer authentication. With eOriginal SmartSign, SMS/text ID verification can be applied in two separate methods for an added level of security:

• sending the signer’s Security Code for login
• a secondary authentication generated by a one-time system generated PIN which provides an additional layer authentication for signers

SmartSign’s flexibility allows businesses to leverage smart-phones to take your business to the next level of efficiency by not only authenticating users but also following through and allowing users to sign agreement using those ever important iPhones, blackberrys, Android, etc.  Please take the time to view the following video which walks the SmartSign administrator through the setup process and how the signer interacts during the SMS text process.

SMS Authentication Process

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Remote signing of transactions can be a challenge, especially when you don’t have an established relationship with the third party.  How do you know they really are who they say they are?  SmartSign offers a variety of authentication options to provide a higher level of confidence that the intended recipient is the actual signer.

• A Security code may be enabled to act as a password on the transaction.  Define a security code for each signer on the transaction.  Communicate the security code to the signer either verbally, via Email, or SMS (a.k.a. text message) notification.  The signer must correctly enter this security code to access the transaction.

• An Office of Foreign Assets Control (OFAC)/Patriot Act compliance check may be enabled for any individual signer, verifying the signer has not been flagged as a risk by OFAC.

• An identity verification exam may be enabled for any individual signer.  The signer will be prompted to answer several “out-of-wallet” questions about himself.  The signer must correctly answer a pre-defined number of questions before gaining access to the transaction.  A report of the questions presented, information provided, and score may be retained.

• A one-time-use PIN may be enabled for any individual signer.  Provide a cell phone number for the signer (or allow the signer to provide it themselves) and the signer will receive text message with a one-time-use PIN.  The signer must correctly enter the PIN to gain access to the transaction.  Use of the one-time-use PIN authentication facilitates two-factor authentication, combining something the signer knows (the link to the signing room) with something they have (the physical device which is assigned to the cell phone number receiving the SMS notification).

The authentication method used to access the transaction is recorded in the sealed audit trail for the transaction documents along with supporting details (e.g. cell phone number, PIN).  These authentication options may be used independently or together, allowing you to define the optimal authentication solution for your organization.

For further information on SmartSign authentication options, please contact eOriginal Customer Support.

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eOriginal clients have the ability to link their Google account to their eOriginal login in order to import Google documents during the transaction creation in SmartSign Web.

Tying these accounts allows you to add a Google document(s) when the document is not part of an existing document type or you don’t have excess to your network. For those times when you are away from the office and you need a document electronically signed,  this is the solution you have been waiting for.

Here are the steps to link your Google account to your eOriginal login (SmartSign Web)

• Login – Administration – User Settings – Google Account – use link to access and grant access
• Google – grant access and create document library

That’s it!  Now you have the choice of accessing those Google documents during the document creation process.

Please take the time to view this short video on granting access to your Google account and how to upload those documents in SmartSign Web.

Google_Docs

The process is seamless and the advantages are endless.

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As a direct auto lender, operational and business goals are typically clear; identify more prospects, qualify more candidates, and close more loans. Meeting these goals brings positive returns, including increased revenue and profitability. A critical element in accomplishing these goals is making the entire lending process easy and fast for the consumer.

Technology has assisted in streamlining the direct lending process. For years, direct lenders have had the ability to qualify consumers in minutes, sometimes within seconds. Origination of the lending package has also been automated through the use of proprietary or third party loan origination systems, or completed through web-based applications. These capabilities have greatly assisted in creating a more efficient lending process, but what is still left is a lengthy, tedious and costly paper trail.

eOriginal’s SmartSign electronic signature and lifecycle management solutions have allowed direct lenders to close this loop, completely streamlining the lending process – from qualification to closing, all in one quick session. SmartSign enables these accelerated processes without compromising the legal or negotiable value of the documents being signed.

• Tightly integrate into existing loan origination systems and web-based applications
• Close more loans, faster, with increased adoption rates
• Reduce operating costs
• Process loans faster while eliminating costly errors
• Maintain legal compliance and secondary market requirements, enabling the ability to electronically sell, collateralize, and securitize your negotiable instruments

eOriginal is the leading technology provider for eContracts securitized in the secondary markets and accepted by rating agencies in the automotive industry for the fulfillment of UCC 9-105 requirements on e-chattel and transferable records. eOriginal’s technology has allowed lenders to electronically originate, sign, and securitize billions of dollars in direct auto loans, removing process and compliance barriers for financial institutions.

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eOriginal clients commonly use the Transaction ID or Status values to search for a transaction(s).  Transaction External References (1-3 ) are fields that can be customized to meet your organization’s business needs.

The benefit of customizing these labels allows your users yet another way to search for or batch processing needs.

Transaction Labels are the headings that appear above the Transaction list to the on the Command Center – Workspace page (see example below).

These same labels are also used to describe transactions in the SmartSign application.

Transaction Labels’ names can be updated in the Command Center Administration area.  (See Settings – Transaction Labels).

Smart Sign Web clients can coordinate the labels values by accessing the Setup Application tab under Administration – System Account.

After the values have been updated there is now an updated tool to meet your business needs.

Take some time to view a brief presentation on how eOriginal’s Transaction Labels can help your organization improve your management of Electronic Original transactions and documents.

Click_Here for Demo_on_Transaction_Labels_Video

After viewing the presentation use the Back Page Icon to return to eOriginal’s Blog Page.

For further information, please watch this quick tutorial or contact eOriginal Support (support@eoriginal.com).

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