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Global commerce is shifting to online transactions at an unprecedented rate. But fully digital business and self-service-driven transactions require that you rethink your enterprise’s relationships to online agreements and how you present them. While most tech and legal teams can agree that online agreement tracking is critical to legal’s success in lowering the company’s risk profile, few have established an organized, structured workflow that allows for this. This is where clickwrap transaction platforms (CTPs) become crucial.
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Due to the overwhelming volume of today’s online business transactions and changing eCommerce demands, a more legally rigorous contract standard is usually required going forward.
That’s why for an increasing number of technology and legal departments working to implement self-service, clickwrap and clickwrap transaction platforms are becoming the preferred method to overcome these challenges.
It’s no secret that we’re living in perhaps the most litigious society the world has ever known. At times, it can feel like everywhere you look a new disagreement or lawsuit happens. Add in new complexities and the potential for digital sales terms to be misinterpreted, and what once was an effective eCommerce experience can quickly become a serious legal risk.
And – while all of this is happening – regulations like GDPR and CCPA are fundamentally changing how personally identifiable information can be managed by enterprise. Today, you’re required to have the tools, expertise, and insight that proves you’re handling, auditing, and storing sensitive data in a way that meets compliance needs.
Related Content: What Is A Clickwrap Transaction Platform?
Fortunately, clickwrap transaction platforms ensure your online experiences feature data privacy standards that hold up to the scrutiny of even the world’s strictest legal doctrines. As litigation levels rise, being able to collect, store, and recall these key pieces of evidence can be the difference between a legally enforceable contract and one that costs you millions of dollars in lost opportunities.
A CTP takes legal risk mitigation another step forward by automatically presenting the proper set of contract terms at precisely the right time to each individual buyer. While traditional solutions such as eSignature can help you deliver the tech to automate signature workflows and take some of the work off of legal’s plate, they ultimately still rely on manual processes and people when it comes to creating and/or finalizing agreements.
Plus, only a CTP gives you robust back-end recordkeeping capabilities and features to manage every contract beyond presentation and delivery.
CTPs have the ability to automatically generate different documents and agreement versions and submit them for review and/or approval. By delivering one platform to your legal experts, you eliminate hours – if not days or weeks – of mundane work for these professionals, giving them more time to create more effective terms and complete the other tasks needed to effectively protect the business.
Another key benefit of CTP is the ability to dynamically render terms updates based on a variety of factors: products, services, options, among other things. Even more, accessories can and often do require specific clauses that clearly communicate what is included in an agreement and what accepting it means.
The ability of CTPs to record every user interaction and transaction is only going to grow increasingly important. These next-gen contracting platforms vault your acceptance records – meaning they track every detail related to who was involved, when the agreement was accepted, how its terms were enforced, and how a user was made aware of your conditions. This also includes records of versions - when they were live and whether or not a user/buyer accepted them.
Simply hosting your terms on a website, linking someone to an obscure page, or emailing them a list of legal content won’t cut it today. You need to be able to prove that you shared this information to make your terms abundantly clear to everyone across every transaction. And clickwrap transaction platform not only helps you do this, but makes sure you have the specific details to ensure legal enforceability.
As a result, clickwrap transaction platforms feature both short- and long-term archiving methods so policies can be enforced to hold misbehaving parties accountable. Some even include screenshotting capabilities to give a judge the real-time user snapshot of the view someone had from their device when they clicked “Accept.”
For these reasons, CTP isn’t just a product; it’s an entire platform.
Clickwrap transaction platforms deliver a variety of cutting-edge technology to keep your legal team operating as safely and efficiently as possible. Advanced version control, for example, makes it possible to know which users have accepted your most current agreements – and which ones you still need to get acceptance from.
This broad classification applies because a CTP does so many things for your company’s contracting efforts. Document construction, terms management controls, workflow builder capabilities, and dynamic content generation are just the beginning of what this platform can give you. Some others are:
As a technology expert, you understand that many business websites and online stores are hard to stay on top of all the time. It’s not uncommon to forget about an update or use an outdated tool that puts enterprise legal security in harm’s way.
But digital products and management tools shouldn’t be the only things growing more advanced – your documentation of every legal terms and condition also needs to change if you want to help your legal team protect your transactions.
Without these necessary updates, the legal ramifications when inevitably something goes wrong can be severe. Sales could be nullified completely if an agreement was executed with improper terms. So, are you sure your business is doing everything right across every purchase, warranty, and service it has ever provided?
Because a CTP gives you the confidence and the ability to answer “Yes.” They add simplicity and transparency into every online agreement – and that’s something that every courtroom now considers important in upholding legal content’s enforceability.
Regardless of where you work, virtually any business and every industry will need clickwrap and CTPs to grow and succeed online. Combined with self-service initiatives, these innovations become a strategic part of legal’s fight to maintain compliance in every way possible. So, it’s important that you’re prepared to give them these tools.
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Your business is moving past its painful pen-and-paper agreements. If your goal is to maximize the impact of self-service and its legal benefits, a CTP is the best way to streamline traditional contracting, eliminate manual workloads, grow your inventory of digitally native use cases, and ultimately support your transition to more successful eCommerce.
To learn more about ways to address challenges to enabling self-service eCommerce, check out our eBook for tips on how to do it!