DocuSign, which earned a $3 billion valuation by providing a simple way to execute an electronic signature , announced today that it is allowing users to add a payment that will be completed digitally with the signature, in the face of a growing competition.
This is particularly important for contracts that require an advance payment before the completion of the process. Initially, however, members must arrange the payment separately from the electronic contract signing process.
Many businesses, to close an official agreement, needed to make a phone call or send an e‑mail or snail‑mail bill in order to collect the required check. Now, with this new payment functionality, members can immediately organize payments and the rationalization of the entire process.
“It keeps the process digital. When you request payment separately from the transaction itself, you lose visibility into the transaction cycle. With this new payments capability, you can track the entire process, making it much easier for the sender and signer,” explains Ron Hirson, chief product officer at DocuSign.
The company collaborates with several payment service providers such as Visa, Mastercard, Apple Pay and Android Pay and, coming soon in 2017, PayPal.
Payment works in a similar way to adding a signature line. You drag your signature line from DocuSign onto your document, then drag a payment line along with it, if required. Finally, you fill in the payment amount and send the document to the recipient.
You can simply sign the document and pay the due amount using one of the payment methods and the contract is ready to be sent back to the sender.
The company has raised over $500 million at a $3 billion valuation. It is used by 250,000 companies and 100 million users in 188 countries. While the new payment functionality is being announced this week, it won't be available until early 2017.
