Yesterday was a big day for PactSafe as we launched Transact, our new “click-to-sign” product that allows businesses to quickly and easily get contracts signed with one click. It's a big step for us, and a very calculated one that was driven by one thing - it's what our customers wanted.
Our approach to contracts has always been very data driven, as opposed to file/document driven - that is a necessity when you are providing a “stripe for legal” API like our product Vault. The primary value our customers see in Vault is that it eliminates friction between legal and engineering teams by making the clickwrap agreements on websites and apps easy to update, track and manage. To enable that, we built a very intuitive dashboard that our customers love to use. So much so, that they started asking how they could use it for more than just clickwrap agreements on websites.
And that’s when it occurred to us - why not bring the frictionless contracting experience we see on the internet to any contract? Companies like Amazon and eBay not only pioneered a new way to conduct commerce online; they introduced the masses to an easier, faster way to get contracts reviewed and signed - checking boxes or tapping buttons that say “I accept.” What many may not realize is, that sort of speed and efficiency can be applied to any business with the right tool.
That’s why we built Transact - to speed up business by making the contracting process as efficient and fast as possible. Not just the signature portion of the process….the entire process: drafting, sending, reviewing, revising, redlining, signing, and recordkeeping.
With Transact, contracts will stop being business bottlenecks, and rather become a frictionless, seamless part of overall business transactions, both large and small. Even better, with Transact and Vault combined, businesses are finally afforded the opportunity to fundamentally transform their contracting processes in a way that caters to their specific needs, without being constrained to ink-on-paper based processes from the past.
We couldn’t be more excited to get this solution into the hands of our customers, and we are definitely thankful for all of their feedback that allows us to build this amazing product.