Best Digital Signature Software

Due to advancements in technology and eBusiness, the need to conduct secure and authenticated communication and transactions has become essential these days. Digital signing software plays a major role when it comes to authenticating a document. Precisely, digital signature, with the help of cryptography ensures that the item is not tampered after it is signed digitally. Digitally signed documents can be sent in a secure manner using the best digital signature software.  

This guide aims to familiarize you with the term digital signature, its use, and other details that can help you with your decision.

Technology in every field has made lives easier and has also contributed to the way people share confidential information and documents. The traditional way of sharing documents that include legal and contractual based content was to sign the document manually and fax or scan and email it to the recipient.  

Contrary to the traditional way of signing the documents, the digital and electronic signatures are becoming increasingly popular because they save time, resources, and are easy to use. Moreover, the traditional signatures are easier to forge than electronic signatures or digital signatures as cryptographic keys are used to verify the signing authority's identity.

So, what is a digital signature and electronic signature? Do these terms differ, or are they the same? The below section clearly explains the basic concept of digital signature and electronic signatures and the difference between both of them.

A digital signature is a coded message just like a "fingerprint" that not only secures the document but also ensures the authenticity of the message within the document for the receiver. It helps verify the signing authority's identity and proves the authenticity of the person sending the document. The key to open a digitally signed document is always unique thus ensuring that the document is safe and unaltered by any unauthorized person.

On the other hand, an electronic signature is just an image of the signature attached in a document. This can be done using PDF or Word processing software. Instead of signing a document, scanning, and then sending it through fax, you can attach an electronic signature in a word or pdf document and email that to the recipient. Digital signature is based on encryption/decryption technology and is a subset of an electronic signature.

The documents with electronic signatures save time but are not as secure as digitally signed documents. 

A digital signature uses two different cryptographic keys - a public key and a private key. These cryptographic keys are the sets of data used to validate and secure the authenticity of the document's authorized signatory.  

The private key is applied by the signatory to encrypt the signature. This key is kept secret and protects the document and signature from getting forged. A public key is used to decrypt the document or unlock the data protected to make it available for the receivers. The public and private keys both work together in pairs. The private key can be unlocked by the same pair's public key, similar to how the lock and key works.

Step 1: Obtaining A Digital Signature Certificate

The first step towards rolling out digital signatures is to get a digital signature certificate from your local certifying authority. The digital signature certificate would help the receiver to verify the authenticity of the signing entity.

Step 2: Digitally Signing The Document

The sender uploads the document using PDF program or any other document processing software and attaches the digital signature. At that time, an encrypted key of the document is created that can be decrypted using the public key sent to the receiver of the document.

Step 3: Decryption

The receiver decrypts the document using the sender's public key, and at that time, a cryptographic hash is created for the same document. This hash value created is unique every time the document is opened and modified, ensuring that the document's content has not been altered unethically.

The contents of a digitally signed document can be accessed by using the public key sent by the sender of the document to the recipient. Whenever someone tries to open or modify the document, a unique cryptographic hash is created. After the recipient receives the document and decrypts it with the public key, a cryptographic hash is created. The latest cryptographic hash created should match with the hash created while opening the document. This would prove that the document has not been modified or altered during the transit.

Thus, a digital signature used for documents can indisputably verify the signer, signing time, and the signed content making it the best option to ensure security and reliability.

Tech-savvy entrepreneurs have started using digital signatures to speed up business transactions and gain competitive advantage. 

Earlier, professionals had to go through a long process to obtain signatures. If multiple signatories are involved or the signing entity is not physically present within your geographical location, it would become difficult to secure the confidential information from getting leaked. There were many problems that businesses had to face like delayed deliveries of the important documents, missing signatures, misplaced documents, and the most important of all, time-consuming and manual processes involved with it. Besides that, security was at stake, and the risk of signatures being forged was always there with the traditional method of signing documents.

Fortunately, now business professionals can sign the documents digitally. By using digital signatures, they can send and receive important and confidential documents swiftly with high-end security. The below-mentioned aspects can clearly explain why the digital signing method has become a must to implement these days.

Authenticity - Ensures that the authorized signatory signs the document.

Security - Keeps the document cryptographically secured so that it cannot be opened or modified without decryption.

Repudiation - The signers of the document in the future cannot deny the fact that they had signed the document.

Notarization - The digitally signed document holds the records of the time and date it was created and modified.

Yes, you can create a digital signature without any hassle using the best digital signature software. The digital signature solution would allow you to create and embed the electronic signature in the document. Moreover, it would also create a public and private key for the selected documents, making the entire process of creating a quick and hassle-free digital signature document.

The digital signature software is a tool that facilitates secure capturing of the signature using the cryptography mechanism in which encryption and decryption of private and public keys take place. It also helps in embedding electronic signature (image) into a document. The digital signature solutions can verify the signers' authenticity and make the entire process of sharing confidential documents quick, easy, and secure.

The concept of digital signature was introduced by Whitfield Diffie and Martin Hellman in 1976. After that, Ronald Rivest, AdiShamir, and Len Adleman introduced the first public cryptosystems and named it as RSA, which remained as a proof-of-concept but lacked the security attribute in it. Finally, in 1989 Lotus notes 1.0 using the RSA algorithm was released and marketed as a software package that facilitated creating digital signatures and embedding them to the documents. After that, many other digital signature tools were introduced in the market, like Lamport Signatures and Merkle Signatures. 

In 1999, the ability to embed electronic signatures to PDF documents was added, and in 2000 the Esign Act was introduced that made e signatures legally recognized. After that, many e signature software having high-end security features were developed and launched. The global expansion of the businesses breaking all the geographical barriers increased the demand for ensign software. Thus, today well-featured digital signature solutions are being used by business enterprises to keep their important documents secure and confidential.

Sales & Marketing

Digital marketing software is used in the sales & marketing process while sending order forms, NDAs, partnership agreements, terminating a vendor, press releases, or any document that requires customers/vendors' consent or authorization.

Human Resources

Digital signatures are required while dealing with employees working remotely or not present physically within the office premises. The documents that require digital signatures include - job offer letters, resignation letters, company policy agreements, leave approvals, etc.

Finance

The documents relating to finance like expense reports, internal and external audits, loan agreements, expense reports, asset management, balance sheets, etc., be digitally signed and sent to partners, stakeholders, employees, etc., to maintain the confidentiality of the financial position of an organization.

Legal

There are many legal documents relating to business contracts, partnership deeds, MOUs, lease agreements that can be digitally signed if the parties involved with the deals are not physically present in one place. In that case, document signing software becomes highly essential to ensure that these critical legal documents are secure and not tampered with.

Information Technology

The companies into the information technology sector use digital signature system for signing documents relating to contracts, agreements, IT policies, asset management, product roadmaps, etc.

Here, we have segmented document signing software types based on three aspects - functionality, deployment, and price. 

Functionality

Basic Level Electronic Signature Software

The basic level electronic signature software does not use any encryption method. This software can only be used to embed the scanned image of the signature in the document. There is no legal validation of the software and is usually used when a document is to be electronically signed and not digitally protected. Any changes done after the signature embedded in the document are not recorded. 

Enterprise Level Digital Signature Software

The enterprise-level digital signature software is rich in features and has the ability to integrate with the various applications being used by the business organization. It is an all-in-one document signing software that works on cryptography technology and public key infrastructure, making sure that the security and confidentiality of the documents during the transit is maintained. This type of digital signature software also has the ability to identify all the changes to the document done after it is signed.

Deployment

On-Premise Digital Signature Software

On-premise digital signature software can be installed on the server within your premises, and also you require to ensure that it is periodically updated and maintained. When it comes to selecting on-premise digital signature software, you have different options like -

• Purchase a licensed copy of the digital signature software. This type of software is usually readymade and cannot be customized as per your business needs.
• Get a customized digital signature software built by a software development company or a freelancer and deploy it on your server.
• Download a free and open source digital signature software and customize it as per your business requirements.

You can choose one among the above-mentioned options depending on your infrastructure, technical abilities, and budget.

Cloud-Based Digital Signature Software

The cloud-based digital signature software, also known as SaaS-based software, works on internet-enabled devices like desktops, laptops, tablets, smartphones, etc. Many companies prefer opting for this type of software as they don't need to pay a hefty amount on infrastructure, hiring technical manpower, or upgrades and maintenance. It is based on a monthly or yearly subscription-based pricing model and has proven to be quite convenient for the business organizations.

Cost

Paid Digital Signature Software

We have already gone through the on-premises digital signature software options. Whether you purchase a software license, hire a company or freelancer to get it developed, or opt for a monthly subscription plan of cloud-based digital signature software, you need to pay a considerable amount. Depending on your budget and features requirements, you can select the option that benefits your business.

Freemium Digital Signature Software

Most cloud-based digital signature solutions have a freemium plan that would allow you to use the software for a limited period, users, or features. That is known as freemium digital signature software. For example, a digital signature software like DottedSign allows only one user and three tasks per month in its free version, and DocuSign is free to use for 30 days.

Free Digital Signature Software

There are many open source digital signature software available that are free to download and are easily customizable. But, you need to ensure that you have technical knowledge and support available to make the free and open source digital signature software work according to your business logic. Also there are cloud-based free electronic signature software that you can consider. But, these free e signature software come with limited features and may not be useful to your business in the long run.

The digital signature market size valued at US$ 879 Million in 2018, is projected to grow to US$ 6128 by the end of 2026, exhibiting the CAGR of 28.77% during the forecast period (2019-2026). This growth is due to the increased use of document signing software to eliminate fraud, improve data integrity & transparency, and encourage technological innovations. Below-mentioned are some of the prominent benefits of digital signature systems.

Saves Time & Money

When it comes to signing the documents manually, there are various fixed costs associated with printing, scanning, shipping, etc. Moreover, the time spent on filing the documents, and searching them when required, is high. Digital signature software, not only allows online document signing also includes a centralized repository that allows you to access the digitally signed documents easily and quickly.

Enhances Customer Relationship

Digital signature systems allow your customers to sign important documents online without any hassles. This convenience pertaining to signing documents,would add high value to your services and help you enrich your business reputation and win customer loyalty.

Enables Quick Execution

For the contracts with multiple signing authorities located in different geographical regions, it becomes time-consuming to acquire the required signatures, using traditional methods like faxing and shipping documents. Digital signature software would obtain the signature of multiple identities and make the execution of new ideas and endeavors quick.

Checks Validity

The digital signature system time stamps each time the document is accessed and modified. This helps in checking the authenticity and validity of the signature as per the legal requirements. It simplifies the process of compliance and audit trail.

Tracks Progress

Using digital signature software, you can track the progress of whether the documents have been signed, and if not, the software allows you to send reminders to the signing authority. The traditional methods cannot give you up-to-the-minute

Keeps Document Secure

Last but most important, the digital signature system can keep the documents secure. It sends the document using an encryption method, and so there is no chance it can be accessed using the encryption key. In the case of fax and courier, the document content can be changed before it comes into the signing authority's hands.

Secure Document Signatures

The digital signature software should be able to determine and verify that only intended signees can access the document and sign it using IP and geolocation capturing.

Document Signing Sequence

The digital signature software you choose should allow you to inform the users about which document is to be signed first. This feature is critical when multiple documents and signing authorities are involved.

Tracking Document Status

You should be able to track your documents' status, whether it has been signed or not, or which user has already signed and which one has not accessed your documents sent for the signatures.

Sending Documents In Bulk

The digital signature software you choose should allow you to send multiple documents to multiple recipients simultaneously. This would prove to be highly convenient and simplify the process of acquiring the electronic signature for business quickly.

Notifications and Reminders

Suppose any of the signing authorities has not signed the documents within a predefined time. In that case, the digital signature software should allow you to send them notifications and reminders through email or phone texting.

Legal Compliance

Every company worldwide using digital signature online needs to ensure that they adhere to their respective country's digital signature and law compliance. The software for digital signature should be able to ensure that your business follows those legal regulations and maintains high-end confidentiality and security in the documentation.

Efficient Auditing

The ensign software you choose should be able to track the users' activities 24/7 based on time stamping and prepare a log for the same for you to refer to. This would help you in detecting the suspicious activities relating to the document access and modifications.

Integration

The software for digital signature you choose should be compatible with other document and workflow management systems you use in your organization, as that would minimize your human efforts and speed up your business processes.

User-Friendly

The esign software that is easy to implement and use would be widely accepted by your employees, stakeholders, and customers. Choosing a user-friendly digital signature software would simplify your process of sending and receiving digitally signed and encrypted documents.

Mobility

Millions of people rely on their smartphones and tablets, and thus. it has become necessary to consider mobile-friendly digital signature software. The software's mobility feature would ensure that your business processes don't get delayed if any signatories are on the go or traveling.

Flexibility

If your business follows industry-specific processes and workflows, you need to ensure that the digital signature software you select should work according to your industry-specific laws and regulations.

Scalability

No business is stagnant, as its growth is inevitable. If you own a small business, the digital signature software allowing you to create three projects in a month might be enough. But, this may not be enough when your business grows. So, ensure that it is scalable enough to meet the demands of your growing business.

Security

Last but the most important is the security of your documents. Ensure that your digital signature software includes necessary security mechanisms that prevent forgery, repudiation, and data leakage.

Artificial Intelligence

Artificial Intelligence (AI), if paired with digital signature solutions, can help in eliminating the forgery of documents at a high level. AI has the potential to stop bots that impersonate humans on the internet. Thus, digital signature applications incorporated with AI can help identify the signing authorities and ensure only the intended users are accessing the content.

Blockchain

The list of records termed as "blocks" is known as a blockchain. These blocks are interconnected to each other using cryptography. Each block contains an encrypted hash of the previous block, data corresponding to a transaction, and a timestamp. The information that each block contains cannot be altered without changing the other blocks and, thus, leads to tight security. These days, the digital signature software uses blockchain technology to record the modifications in the encrypted documents in the form of timestamps, so that unauthorized access to the content can be identified immediately.

Chatbots

The digital signature software can now integrate chatbots that help implement an effortless and secure way to get digital signatures. The virtual assistants can directly exchange documents with customers and associates without switching to any other application. With this technology's help, you can carry out the digital signing process without any interruption and provide extraordinary customer experience.

The digital signature solutions are available and offer various monthly and yearly subscription plans depending on the features you select. For example, Drysign with basic features is available at $7/month, whereas its advanced plan can cost you $14/month. Whereas, one of the best digital signature software like DottedSign offers Pro Plan at $4.99/month and Business Plan at $47.49/month. If you are not comfortable with a monthly subscription plan, you can go for eSign Genie at $96/year for its professional plan or $240/year for its Business Premium plan.

Thus, depending on the features you require, you can select the software vendors' pricing package. Just go through the comprehensive information about digital signature software prices here to select the one that suits your budget and business needs. 

Also, many digital signature software vendors offer customized pricing packages depending on the features you require. So, why pay more for what you don't need. Just get in touch with digital signature software vendors like ComSignTrust to get a customized quote for exactly the features and functionality you require for your business.

Most of these digital signature solutions offer a free trial for some days. For example, DocuSign provides a 30 days free trial period, whereas RightSignature provides a 14 days free trial period. So, we would recommend you to opt for a free trial before making a purchase decision.

If investing in a new digital signature software is not in your list right now, you can download a free and open source digital signature software. In that case,  you don't need to pay the licensing fee or subscription charges, but you may have to spend on managing the infrastructure and technical abilities.  

The list of the best digital signature software intricately curated by the GoodFirms team can help you select the right one, as it includes the most reliable options available in the market. Below mentioned aspects can justify this fact.

• GoodFirms follows a systematic approach to keeping current business requirements and latest technologies and trends in mind to come up with the list of only the best software applications that can help you achieve a competitive advantage.
• GoodFirms ensures that you have access to the authentic digital signature & electronic signature software reviews, making it easy for you to make a reliable choice among so many options available and everyone claiming to be the best.
• As GoodFirms includes an in-depth analysis of each software, it becomes highly convenient for you to compare each software's features and functionality and select the one that exactly matches your business requirements.

The digital signature software can help you exchange reliable and authentic documents with your partners, customers, and associates. It can also enable you to eliminate the fraudulent activities and ensure security and speed in your documentation processes. 

We hope this buyer's guide to digital signature software has helped you find digital signature software suitable for your business requirements.