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Have you ever found yourself in a situation where you needed to get a document notarized urgently, but couldn’t due to the limited availability of notaries in your area? If so, you’re not alone. According to a report by IBISWorld, there are over 77,000 notary businesses in the United States, and the industry generates $3 billion in revenue.
However, despite the significant size of the notary industry, finding a notary who is available to meet with you in-person can be a challenge, especially in rural areas with a lower population density. This is where online notarization comes in.
Thanks to advancements in technology and laws recognizing the validity of remote notarization, online notarization has grown in popularity in recent years. In fact, according to a report by Zion Market Research, the global online notarization market was valued at $445.8 million in 2019 and is expected to reach $1.5 billion by 2026, growing at a CAGR of 17.8% during this period.
- One example of a company offering online notarization services is eNotary On Call. The platform has notarized many documents to date, saving users time and 70% money by eliminating the need for in-person meetings.
Here are 10 little-known secrets to saving money with online notarization and how they can make a big impact:
Secret 1: Reduced Travel Expenses
One of the most apparent cost savings is the elimination of travel expenses. By accessing notarial services online, individuals avoid the costs associated with transportation, parking, and the time spent traveling.
Example: A client needing a notarized document can complete the process from their home office rather than traveling across town to a notary’s physical office. This not only saves on gas and parking fees but also eliminates the time spent in traffic, translating to a more efficient and cost-effective process.
Secret 2: Time-Effective Processes
Online notarization significantly speeds up the notarization process. The time saved translates into reduced hourly wage expenses for both clients and notaries. Quick processing can be particularly valuable for urgent transactions.
Example: A business that needs to notarize multiple documents for a contract can complete the process in minutes online, rather than waiting days for in-person appointments. This rapid turnaround helps avoid delays in business operations and reduces labor costs associated with extended processing times.
Secret 3: Paperless Transactions
The shift to online notarization reduces reliance on physical paperwork. This paperless approach results in savings on printing, document storage, and maintenance, while also supporting environmental sustainability.
Example: Instead of printing and storing hundreds of notarized documents, a company can keep all records digitally. This not only cuts down on paper and ink costs but also reduces the need for physical storage space, which can be a significant expense for large organizations.
Secret 4: Enhanced Security Measures
Online notarization employs advanced encryption and identity verification technologies, enhancing security and reducing risks related to fraud. The robust security measures help in mitigating potential financial losses from fraudulent activities.
Example: Online notarization platforms often include features like multi-factor authentication and digital signatures, which protect against unauthorized access and forgery. This advanced security can prevent costly legal disputes and fraud-related expenses that could arise from traditional notarization methods.
Secret 5: Elimination of Administrative Overheads
Traditional notarization involves various administrative tasks, including scheduling, document management, and record-keeping. Online notarization streamlines these tasks, reducing overhead costs for both notaries and their clients.
Example: A legal firm that traditionally had to handle a significant amount of paperwork and scheduling for notarizations can automate these processes with an online platform. This reduces administrative burdens and associated costs, allowing the firm to allocate resources more effectively.
Secret 6: Accessible Notarization Options
Online notarization makes notarial services more accessible, especially in remote or underserved areas. This accessibility eliminates the need for costly travel or accommodations, making services available to a broader audience.
Example: A rural business owner who needs a notarized document can use online notarization to avoid the long journey to the nearest notary office. This saves on travel costs and time, making essential services more convenient and affordable.
Secret 7: Seamless Integration with Existing Workflows
Online notarization can be integrated with existing digital workflows, avoiding the need for costly adaptations to new systems. This compatibility streamlines operations and reduces implementation costs.
Example: A real estate agency using digital document management systems can seamlessly integrate online notarization into their workflow. This avoids the costs of overhauling existing systems and helps maintain efficiency without disrupting current processes.
Secret 8: Economies of Scale
For organizations with high volumes of notarizations, online notarization offers economies of scale. The ability to efficiently handle numerous documents online can lead to substantial cost savings compared to traditional methods.
Example: A large corporation requiring regular notarization of contracts and agreements can benefit from online notarization’s bulk processing capabilities. This efficiency can reduce per-document costs and overall expenses associated with frequent notarizations.
Secret 9: Reduced Error Rates
Online notarization often incorporates automated verification and documentation tools, which reduce the likelihood of errors. Fewer errors mean less need for costly re-notarization or legal corrections.
Example: A financial institution using online notarization might experience fewer errors in notarized loan documents. Automated tools help ensure accuracy, minimizing the need for costly corrections and preventing potential legal issues.
Secret 10: Streamlined Compliance Procedures
Online notarization supports streamlined compliance with regulatory requirements by providing digital audit trails and verifiable electronic records. This can reduce potential costs related to non-compliance, such as fines and legal fees.
Example: A healthcare provider using online notarization for patient consent forms can easily maintain a digital record of compliance. This streamlined approach helps avoid potential legal expenses and fines related to documentation errors or missing records.
Conclusion
Adapting the digital transformation of notarization goes beyond just convenience – it can lead to significant savings and a more efficient notarization process, ultimately impacting your financial well-being in a positive way.
By taking advantage of the secrets to saving money with online notarization, you can streamline your document notarization process, reduce costs, and enjoy the flexibility of getting your documents notarized from anywhere.
Are you ready to experience the benefits of online notarization and start saving money today? Contact eNotary On Call to learn more and get started on your digital notarization journey!
So why not give online notarization a try the next time you need a document notarized? It could potentially save you time, money, and hassle in the long run.
