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The success of your business depends on a variety of agreements. And the pressure being put on eCommerce to meet and fulfill customer demands continues to grow. This means managing a higher than ever volume agreements from online transactions, which most businesses are not equipped to handle. Fortunately, there’s a solution: Clickwrap Transaction Platforms (CTPs).
As more and more transactions migrate toward the online marketplace, a CTP helps your enterprise by combining the ability to create, deliver, manage, track, and archive all digital terms that customers and sellers agree to. And these platforms can be extremely useful in three use cases:
Currently, there’s not a web content management system or platform that’s built to handle the complexity and volume of these tasks. A variety of contract terms and conditions are being developed and approved by your legal team, being deployed by your website team, and being managed by your sales team. But only a CTP has the capabilities to centralize, analyze, and control all of these activities from a single system.
While you may be able to draw comparisons to eSignature or Digital Transaction Management (DTM) platforms, CTPs are purpose-built for fast, high-volume contracts that need little customization. Online documents such as terms of service, purchase orders, policy acceptance agreements, and non-disclosure agreements are a few examples. These systems need to be able to manage a high volume of agreements while maintaining all records associated with each purchase.
Related Content: What Is A Clickwrap Transaction Platform?
Unlike its alternatives that enable people to digitalize paper-based processes, a CTP provides fully automated, digital workflows with a content management engine powering every transaction – not a person or approval workflow that can cause delays and customer frustration.
CTPs automatically version and tailor an agreement, publish its terms online, track the connectivity of a checkbox or button click to the published webpage, and capture screenshots of the specific page.
Digital Transaction Platforms (DTMs) is standard fare in many companies today. It requires initiation from either a legal person or salesperson to complete the transaction. DTM tools are not self-service by nature because they require human intervention, therefore slowing down the process and increasing the likelihood for human error.
CTPs, on the other hand, allow for a comprehensive self-service digital experience. Clickwrap Transaction Platforms manage all the legal agreements associated with a particular transaction, and therefore can dynamically render terms based on the product being purchased. This technology allows businesses to move faster and provide excellent customer experience while maintaining secure records.
Image showing difference between CTP and DTM
The combination of a CTP and clickwrap agreements implemented throughout your online shopping experience creates a powerful digital experience for your customers. But – whether you choose to use a CTP or not – there are several things you can do to maximize the impact of your online transactions.
Download the full research report to learn more about Clickwrap Transaction Platforms.