This week at the Electronic Signature & Records Association's annual eSignRecords conference. our CEO Brian Powers spoke about the digital transformation of businesses using high-velocity contracts to streamline contract workflows and track acceptance in a more organized way. Powers was joined by thought leaders who share the same values we have at PactSafe when it comes to implementing new technologies into your legal workflow.
The main point? Your electronic medium should enhance, not obscure, effective delivery. This is something we've seen in the click-though world for quite some time. For example, our client AdoreMe saw 2.3X growth and a 47% increase in annual revenue since implementing technologies like click-through acceptance.
At PactSafe, we call these electronic mediums, “high-velocity contracts”. A high-velocity contract acceptance should be:
- Tailored to your business processes
- Tailored to the behavior/preferences of the people accepting contracts
- Focused on engagement vs rigid presentation
- Designed vs uploaded as documents.
Thought leader and analyst Jim Lundy of Aragon Research was a keynote speaker at ESRA, and he stressed these values in his presentation. He noted that “smart contracts are still four years away,” with the legal world still figuring out how/where/when/why to use smart contracts. While we see this perspective at PactSafe, we aim to eliminate the curtain that the blockchain and smart contracts are the only way to automate contracts in the future. More simplified methods can be implemented into legal workflows today.
Our approach to high-velocity contracts is simple. They aren’t:
- A replacement for traditional e-signatures (at least not always)
- Limited to checkboxes and buttons on websites
- As simple as just dropping a check box on a website.
We understand that smart contracts may exist in legal workflows in the future and secure and automate many of the hurdles that delay signatures and the like. Without mainstream understanding or path to adoption, though, there are other alternatives that can improve efficiencies across your business in other ways. High-velocity contracts are tailored to each type of business, and they’ve proven to transform them for the better.
At a high level, here a few use cases where high-velocity contracts have transformed businesses’ workflows:
Click-to-accept: Increasing acceptance velocity
Company CDW was struggled with third-party terms in order forms creating massive contract packets, stalling deals. Using PactSafe’s click-to-accept solution, CDW transitioned from Word docs, PDFs, and signature blocks to HTML and click-to-accept. What CDW found was increasing acceptance velocity required understanding that other delivery and acceptance methods may work well for their customers and their team, and the result was a simplified solution.
Click-through: Transitioning to high-velocity acceptance via self-service click-through
BMC Software realized that transitioning to a SaaS delivery model required a more seamless terms acceptance process. They used PactSafe’s click-through solution and their terms acceptance was embedded into online points of engagement for all of their applicable products. The result? Automated acceptance deployed across 10,000 forms and 14 different products. They key takeaway here is that transformation at scale can be accomplished by injecting automated acceptance into organic points of engagement.
Contracts signed via text message: Achieving high velocity acceptance and improving the customer experience with “text-to-accept”
Mopro provides A.I. powered websites and social media solutions, and they were finding their 100+ agent contact center did not have a consistent, scalable way to get customers under a binding contract within a 10-minute phone call. There were hiccups with .pdf contracts sent via email, then an added step of signing, then the customer returning the contract—several unnecessary steps to prevent a deal from closing. MoPro turned to our text-to-accept solution, injecting a high-velocity acceptance into their organic point of engagement—a phone call—by enabling contract acceptance via text message.
The result proved contracts being sent and accepted in minutes, resulting in an immensely better customer experience.
High velocity acceptance starts with assessing how you engage with customers, and focusing on preserving the experience of speed of that engagement.
The above philosophy is what we live by at PactSafe. Our latest product release Chat-to-Sign was built around paying attention to where our customer engage every day, and injecting a solution that enhances that existing workflow. Chat-to-sign integrates with collaboration hub Slack and customer messaging platform Intercom to allow signers to send and accept contracts inside of chat conversations.
According to recent reports, 30 percent of all agreements are currently opened from a mobile web browser. This number is much lower compared to the amount of agreements that are signed on tablet or PC. As businesses digitally transform their strategies for customers, the need for secure, digital-friendly contracts on a variety of devices is increasing at a rapid rate.
How can we help your electronic medium enhance your business? Talk to us today.