Sales teams’ secret to faster closures: Merging contracts and using e-Signature APIs

Studies show that poor contract management costs businesses 9.2% of their annual income, with losses for large projects reaching as high as 15%.

These losses often result from misplaced documents and inefficient processes. However, innovative digital solutions like paperless contract merging and e-signature APIs can be the solution.

This article explores how your sales team can benefit when they merge PDF files and use e-signature APIs to close contracts. 

The challenges in traditional contract management

Traditional agreement management approaches frequently hamper sales teams, resulting in delays and inefficiencies. Here’s how.

Manual processing 

Manually processing files often takes too long and leads to mistakes. Sales teams waste valuable time writing, checking, and reviewing agreements, which delays closing deals and distracts from their main selling duties. 

In addition, contracts often need tweaks to keep everyone happy, so it’s important that all parties work from the latest version. However, manually tracking updates can be a headache. Think about the embarrassment if you accidentally send an old draft to a client for signing. That could hurt your brand and even lead to legal issues in extreme cases. Such inefficiencies waste your sales team’s time and put your business at risk. 

Delays due to physical signatures

The need for physical signatures significantly slows down the agreement finalization process. Mailing agreements back and forth or arranging in-person meetings for signatures can take days or even weeks. This delay can frustrate clients and give competitors an edge.

Sometimes, deals may fall through simply because the signing process takes too long. Also, tracking the status of physically mailed contracts is challenging, leading to uncertainty and inefficient follow-ups.

Risk of errors and inconsistencies in documents

Managing files manually often leads to errors and inconsistencies. For instance, multiple contract versions might circulate without a central system, confusing everyone involved. Typos, incorrect clauses, or outdated terms can slip unnoticed, causing major issues.

Furthermore, manually managing agreements makes it harder to stay current with company policies and legal rules. This raises the risk of not meeting requirements and facing penalties.

Benefits of merging contracts

Merging contracts offers numerous advantages for sales teams and organizations. Let’s explore some of them.

Streamlined document management

Merging contracts centralizes document handling, making tracking and managing multiple agreements easier. With a versatile PDF editing online tool, sales teams can quickly edit PDF files online or merge relevant contract components. This reduces the need to juggle separate files. 

This centralized approach keeps information current, helping everyone stay on the same page. For example, a sales rep can quickly combine a standard service agreement with customized pricing, making a complete agreement in minutes.

Reduced time spent on contract preparation

By merging files, sales teams can quickly combine pre-approved clauses and templates to create customized agreements, skipping the hassle of drafting contracts from scratch every time. This allows sales professionals to concentrate on nurturing relationships and sealing deals, not paperwork.

Improved accuracy and consistency

Merged files help ensure accuracy and consistency in all agreements. They use pre-approved language and standard clauses to reduce errors and inconsistencies. Contracts adhere to company policies and legal rules, lowering the chances of disputes over unclear terms.

Enhanced collaboration between sales and legal teams

Contract merging helps sales and legal teams collaborate better. Legal can create approved clause libraries for sales to access easily. This lets sales make compliant contracts faster, easing the load on legal. It also speeds up reviews, as legal focuses on the customized parts of merged contracts.

Understanding e-Signature APIs

E-signature APIs speed up contract closures for modern sales teams. Here are key things to know.

How e-signature APIs work

E-signature APIs integrate smoothly with your existing systems, letting you sign documents electronically in your workflow. Here’s how it works:

• Document preparation: Upload a document that requires signatures from the dashboard of your preferred PDF editing software. This document can be a contract, agreement, or other legal form.
• Signature Request: Specify the signers and their signing order. Add signature fields to the document where required.
• Sending for signature: The API sends the document to the designated signers via email or a secure link.
• Signing: Signers review the document and sign electronically. Depending on the platform, they can use a mouse or stylus or even just type their name.
• Tracking and reminders: The API tracks the document’s status. For signers who delay, automatic reminders can be set.
• Completion and storage: Once all signatures are collected, the signed document is stored securely and can be accessed by all parties.

Popular e-signature API providers

Several providers offer robust e-signature solutions. Some of the most popular ones include:

Lumin Sign

Lumin Sign offers a user-friendly API that integrates easily with various platforms. It provides features like bulk sending, templates, and custom branding. The API is known for its simplicity and affordability, making it a good choice for small to medium-sized businesses.

Its cloud-based nature ensures easy access and management of documents throughout the signing process, from initiation to completion.

Adobe Sign

Adobe Sign’s API is a key part of Adobe Document Cloud. It comes packed with powerful features, such as advanced workflows, detailed audit trails, and seamless integration with other Adobe tools. Big companies love Adobe Sign for its scalability and top-notch compliance certifications.

HelloSign

HelloSign’s API is both easy to use and packed with powerful features. It lets you embed signing directly, create templates effortlessly, and manage teams seamlessly. It’s popular for its easy-to-understand API documentation and robust support across different programming languages.

Integrating e-Signature APIs with contract management

Combining digital contracts with e-signature APIs creates a powerful system for efficient and accurate contract handling. Here’s a step-by-step guide on integrating these tools into your workflow.

Steps to merge contracts digitally

Preparing and formatting documents

Start by editing the PDF documents online or standardizing your contract templates before merging. Use consistent formatting, fonts, and styles across all documents. Convert all contracts to a common file format to ensure compatibility. Review each document to remove any outdated information or redundant clauses. Finally, it’s helpful to get familiar with how to edit PDFs online to make quick changes. 

Combining multiple contracts into a single file

Use document merging software of an online PDF editor to combine relevant contract components. Arrange the merged document logically, ensuring all necessary clauses are included. Review the merged document thoroughly to catch any formatting issues or content overlaps. 

Remember to pay special attention to page numbers, headers, and footers. If the document is lengthy, consider including a table of contents to facilitate quick reference.

Implementing e-signature APIs

Choosing the right API provider

When choosing a provider, consider what you specifically need: the number of contracts, the robustness of security, and the fit for your budget. Also, look at how easy it is to set up, the kind of support they offer, and whether they meet the appropriate compliance standards for the jurisdiction. Try out demos to see if it’s easy for your team and clients.

Setting up and configuring the API

Follow the provider’s documentation to set up the API. Generate API keys and configure authentication methods. Set up webhooks to receive real-time updates on document status. Define user roles and permissions to control access to sensitive documents.

Integrating with existing CRM and document management systems

Work with your IT team to incorporate the e-signature API with your current CRM and document management systems. Develop custom integrations or use pre-built integrations if available. Set up automated triggers to initiate the e-signature process when a contract is ready. Ensure that signed documents are automatically stored in your document management system and the contract status is updated in your CRM.

Conclusion

Merging contracts and using e-signature APIs revolutionize sales processes. These tools reduce errors, speed up closures, and boost efficiency. By adopting these technologies, sales teams can focus on building relationships and closing deals. Embracing digital solutions in contract management is no longer optional — it’s essential for staying competitive in today’s fast-paced business world.