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Many businesses consider the expenses associated with paper contracts as a simple cost of doing business.The Truth About Paper Contracts
Paper documents, on average, cost a total of $20 once storage, filing, labour, materials and service are included.
However, many businesses do not realize how staggering those costs actually are. When one considers labour,
printing, storage and retrieval, the average real cost of each paper contract is $20, with 70% of that figure
accounting for labour alone*. And it doesn’t take into account the extraordinary costs that result when a paper contract is misfiled or lost.
V-DOCS digital contracts reduce paper-related costs by up to 70%.
And because the V-DOCS process is more efficient, your salespeople will spend less time signing agreements,
and more time making new sales.
Retrieving a traditional paper contract is no easy task; typically, an employee has to search through hundreds of storage boxes in a warehouse to locate the contract. On average, this is a 2 week process – and that’s assuming that the contract was filed properly in the first place.The Truth About Paper Contracts
At any given time, between 3 and 5 percent of an organization’s files are lost or misplaced.
V-DOCS digital contracts can be retrieved instantly. Contracts are centrally stored on the V-DOCS server and accessed through a web portal. When a contract is submitted to the V-DOCS server, it creates a record containing the customer’s information, including their name, phone number, address, etc. This information is searchable, and contracts can be located within seconds. Each customer record also contains the PDF copy of the signed contract.
Contracts can be accessed at any time, and configurable security settings ensure that they are only visible to those who are authorized to see them.
Paper contracts are time and cost inefficient. An enormous amount of resources are required to store, file, and retrieve contracts. Often, full time staff members are appointed for this task alone! The in-store customer experience is slowed, and mobile operators bear the cost of paper, toner, storage space, and labor.The Truth About Paper Contracts
U.S. managers spend an average of 4 weeks a year searching for or waiting on misfiled, mislabelled, untracked, or ‘lost’ papers"
V-DOCS digital contracts are efficient. When compared to paper-based contracts, V-DOCS clients see a great reduction in time spent signing, filing, and retrieving their contracts. Moreover, mobile operators save money, both on physical resources, and on the labor required to maintain them.<
How long does a paper contract sit in the store before it is transported for storage? How can you be sure it was correctly managed? The reality is that customer information contained on a paper contract in today’s world can and is used for unlawful gain. Through V-DOCS, you will never see confidential customer information lying about in retail stores.The Truth About Paper Contracts
More than 70% of today's businesses would fail within 3 weeks if they suffered a catastrophic loss of paper-based records due to fire or flood.
Customer data is stored in a central repository that employs leading edge encryption and uses the same security controls and standards as Internet banking. Contracts are immediately accessible, but only by those with permission to do so. V-DOCS also features an audit trail that allows operators to track who has accessed what contracts, and when.
Traditional paper contracts lend themselves to contract disputes. When signing paper contracts, it’s easy to miss a signature or initialling area. An improperly signed contract, if challenged, may be deemed invalid. Furthermore, if a misplaced paper contract can’t be retrieved, it can’t be enforced.The Truth About Paper Contracts
67% of data loss is directly related to user blunders, making them 30 times more menacing than viruses and the leading cause of data loss.
V-DOCS digital contracts eradicate these concerns. When a customer signs a V-DOCS contract, they are prompted for signatures at all appropriate areas, and contracts cannot be finalized if any signatures are missing. This nearly eliminates the possibility of a skipped signature. Contracts appear exactly as they were the day they were signed. Customers receive the exact same copy as the mobile operators so the possibility of discrepancies between copies of the contract is non-existent.
Furthermore, the ease of accessing V-DOCS contracts ensures any potential disputes are resolved quickly and effortlessly.
Customers generally dislike paper contracts; it is easy to misplace or damage their copy, and the dated signing process requires more time spent in store, resulting in frustration. Moreover, customers signing paper for the latest in technological devices is an absurd proposition; akin to being asked to etch your name into a stone tablet upon receiving your time machine.The Truth About Paper Contracts
Having customers sign paper in order to receive technology that couldn’t have been imagined ten years ago is an absurd proposition.
V-DOCS digital contracts provide an unparalleled in-store customer experience. The streamlined contract signing process is greatly appreciated by customers. Additionally, salespeople are able to spend less time signing contracts and more time helping other customers.
Customers receive a signed PDF copy of the contract via email, and can request an additional copy if it is ever misplaced. As an added bonus, mobile operators also have access to customer email addresses, meaning that additional marketing materials can be sent to the customer.
V-DOCS has been diligent in ensuring that our paperless solution meets the strict electronic document standards as adopted by nations throughout most of the world. With great investigation and consideration for varying legislation, V-DOCS has secured multiple opinions that support the legal guidelines of electronic signatures.The Truth About Paper Contracts
In most regions, electronic contracts are every bit as legally binding as paper but much easier to recall.
*confirmation of regional compliance is always recommended.
What are the right reasons to migrate away from a paper-based contract system? Sure; paper-based contracts are more expensive, less efficient, and are more likely to be lost, stolen, misfiled, or irretrievable. But there is – as most now recognize – another reason. We owe it to our planet.The Truth About Paper Contracts
In the last 20 years, the combined usage of today's top ten paper users has increased from 92 million tons to 208 million, which is a growth of 126%.
We owe it to our customers, and to our future generations. Few can deny that our planet is now in crisis mode. Trees continue to be destroyed in order to support what continues to be – in some industries – a paper-based business society. We continue to do harm to our environment; and do so in order to support what is an antiquated, outdated system. There is absolutely no reason for it.
Your cost to participate in a movement to save this planet? They decrease. V-DOCS digital contacts are an environmentally conscious solution that gives your organization the opportunity to position itself as a leader in environmental sustainability and to actually lower costs by doing it. Now the smart thing to do... is the right thing to do.