Clickwrap Transaction Platforms: What You Need to Know

CTP What you Need to Know-13

When eSignature was launched as a category of software in 2003, it was revolutionary. These solutions were designed to eliminate the inefficiencies of paper based document signing by moving the process online. So instead of singing in ink, you could sign electronically...drawing your signature with your mouse instead of a pen.

As the years went on though, technology continued to evolve. Moving on from paper wasn’t really a problem; growing your digital capabilities was.

PactSafe Named in New Clickwrap Transaction Platform Category by Aragon Research. Read the Report

Shifting to Online Business

Over the past decade, companies started to shift more and more of their business online. Even industries that did not traditionally embrace online selling found that consumer behavior was driving them towards enabling and facilitating self-service, online based interactions. 

This shift to online business meant products and services became more accessible than ever. The demand for your product was no longer limited to business hours. Anytime, anywhere buying was now not only possible, but expected.

Those demands created a new set of challenges: how do I process higher volumes of the agreements and terms that are part of every online buying process?   

Clickwrap Transaction Platforms

Aragon Research has defined a new category of software called Clickwrap Transaction Platforms (CTP). CTPs combine the ability to create, deliver, manage, track, and archive all the online terms and conditions that consumers and businesses agree to with a specified entity. These systems are purpose built to speed up and simplify high volume contracts that need some level of customization but don't require negotiation. 

Clickwrap Transaction Platforms can provide all these amazing benefits to your business because they are designed to transform processes and transactions: streamlining how you deliver your agreements and how your customer’s accept them.

eBook Download: 101 Ways to Use Clickwrap

Clickwrap Transaction Platforms vs Digital Transaction Management

Unlike eSignature solutions, the signing of a document or contract is only one part of a Clickwrap Transaction Platform. Electronic signing falls into a category Aragon titles “Digital Transaction Management” or DTM. DTM is focused on getting businesses through the first step of any digital transformation: from paper to the computer, but that is where DTM’s specialty and features really end.

DTM leans more towards being a point solution: it addresses a specific need or function, but focuses on that singular aspect of your business goals. With CTP, the “P” is important, because it showcases the power of the “platform.” That means all your agreements and legal content are centralized in a single system. Terms and Conditions, NDAs, Sales Order Forms, Trial License Agreements - all of these can be created, managed, and executed as part of your CTP solution. CTPs afford greater flexibility in agreement presentation, streamline the approval process, and enable better insight into your entire organization’s agreement ecosystem. 

Aragon Infographics-04 (1)

Additionally, successful CTPs employ automation to eliminate the manual work associated with a variety of steps in your current agreement processes; such as contract creation, terms and acceptance tracking, and audits of acceptance records. 

Benefits of Clickwrap Transaction Platforms

Clickwrap Transaction Platforms save you time and money while accelerating your customer facing transactions because they move away from rigid, PDF based acceptance flows and replace them with clickwrap agreements.

We at PactSafe are major fans of clickwrap, and have several blogs dedicated to breaking these down for you. The bottom line is, clickwrap agreements can be adopted in just about any existing workflow: delivered via email, hosted online, or even embedded in your site or app. Shifting to these types of agreements makes it easier than ever for your customers to do business with you anytime, anywhere. 

Get On the CTP Train Now

Adopting a Clickwrap Transaction Platform to transform your business has benefits across just about every industry. Aragon Research breaks down their recommendations for areas of greatest ROI in industries like Retail, Software and Electronics, Financial Services, Healthcare, Human Resources and more.

To learn more about how to get started with CTP and evaluate where to start your transformation, download the report by Aragon Research.

Read the Report

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