DocuSign’s ability to make it easy for customers to simply and instantly create an electronic signature has done two things — one of them is helpful for the up-and-coming tech firm, one not so much.
Helpfully, it has allowed the firm to build up a $3 billion valuation. Less helpfully, it has inspired a hoard of imitators.
But DocuSign is committed to out-innovating the competition — and has announced that uses can now add a payment to be collected digitally concurrent with signing. Contracts that require (or are greatly simplified) by a down payment to continue are greatly improved, as prior to this upgrade, the transfer of funds had to be done separately.
“It keeps the process digital. When you ask for payment separate from the transaction itself, you lose visibility into the transaction cycle. [With this new payment capability], you can track the event all the way through. It makes it much easier for the sender and signer,” Ron Hirson, chief of product at DocuSign explained.
The companies Visa, MasterCard, Apple Pay and Android pay have all partnered as part of the launch — PayPal integration is on the docket for 2017.
Payments are added in a similar fashion to a signature line — the signature is dragged into the payment line after users fill out an amount and authorize the return to the sender.
To date, DocuSign counts 250,00o companies and a million consumers among its users in 188 countries. The payment functionality announced this week will not actually be available until 2017.
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