Goodbye, Carrier Pigeons!

Previously, it could take anywhere from 14 to 96 days from the time PayEx had agreed on delivery with a new customer until all signed agreement documents were registered and checked by the right individuals in the right departments. In many cases, this involved 10-13 physical documents with attachments.

Sending out physical contracts and agreements had to be dispatched to the customer, signed in blue ink, returned in physical format, accounting for postal delivery, forwarding, and registration with the right key individuals at PayEx, and ensuring the correct signature for all parties involved.

With the system provided by Verified, the seller can place contract documents for the customer in a 'virtual envelope,' set up a signing order for the documents, and send it off with a single click.

The customer receives their agreements by clicking on a link received via email. They are then guided through the signing process with BankID in a user-friendly interface. All relevant recipients in our system receive immediate notifications that the agreement has been signed, allowing them to quickly approve and forward it. Additionally, we have worked extensively on simplifying our contract structure, reducing what used to be 10-13 documents to now just 1-3 documents, explains Storm at PayEx.

When the company introduced electronic contract signing with BankID, they not only got rid of the massive stacks of agreements and attachments that had to be physically sent to contract parties but also got agreements with user sites signed significantly faster, saving a lot of internal time.

Our customers who are user sites with online stores or physical retail locations perceive this very positively. It means they can start their sales more quickly and get money into their accounts faster

PayEx hasn't yet calculated the exact time savings achieved, but Storm highlights a specific example:

"In the case of a standard financing agreement, the requirement was to sign the original agreement. The agreement had to be physically sent to the customer and the authorized signatory, then returned to us in Oslo by post, registered, and then sent on by post to Sweden. Just for postal delivery, we were up to 5-6 days. You can imagine how this process played out when agreements had to be signed jointly by the managing director and two board members. Additionally, these individuals were often in different companies, cities, or countries. This we can now reduce to, well, zero," says Storm.