Sign your MSA digitally - it`s simple
With Payment21®, merchants enjoy the convenience of digital signatures. Our on-boarding process allows your authorized signatory to sign the Merchant Service Agreement (MSA) online by using a simplified digital signature process in combination with SMS-verification. Digital signatures are an easy and legal way to get documents and agreements signed. Nowadays, digital signing is recognized as legally binding in the majority of countries around the world.
Compared to traditional signatures (“wet signatures”), digital signatures provide greater assurance as to by whom, when and how signatures are created in electronic transactions. This assurance is provided by our proprietary technology that enables the electronic audit, management, and control of electronic transactions and digital signatures. These possibilities simply do not exist in the traditional paper world.
1. What security practices does your digital signature tool follow?
Our digital signature tool leverages SSL (Secure Sockets Layer) using up to 256-bit AES (Advanced Encryption Standard) encryption for data in motion when accessing the application from the Internet.
2. What is the difference between electronic and digital signatures?
An electronic signature, or e-signature, provides the same legal standing as a handwritten signature as long as it adheres to the requirements of the specific regulation it was created under (e.g., eIDAS in the European Union, NIST-DSS in the USA or ZertES in Switzerland). In this context, an e-signature refers to a specific type of technology used when strong authentication is required. This technology usually requires each signer to have a token, smart card or other physical device issued by a trusted organization (usually a government or an agency certified by the government). Because of this technical complexity, using e-signatures for most commercial transactions is impractical, expensive and cumbersome as each signer must obtain a token or smart card in advance.
Our digital signature tool is a user-friendly implementation of the e-signature-concept utilizing proprietary technology. Laws in most countries of the world, including Switzerland, the United Kingdom, a large number of European Union member countries, and the United States, allow the use of simplified digital signatures. Swiss law supports digital signing specifically in the context of video and online verification to on-board customers.
3. How do you prove the authenticity of a digital signature?
The authenticity of the signer’s digital signature is ensured by attaching a verified phone number (using SMS) and a unique Quick Response Code (QRC) to the signed document. The QRC stores information regarding the signer’s name, DOB, phone number, e-mail, merchant details, credentials, and the IP-address confirming date and time of the digital signing process. Our digital signature tool protects the signatory’s identity through the encryption of personal details when generating the QRC. Smartphone users can convert the displayed code to a URL directing them to the website on which the document is securely stored.
4. Are digital signatures created using your tool valid in the EU?
Our proprietary digital signing technology has been designed to comply with the criteria for electronic signatures in the EU. The EU-Directive on electronic signatures has established a common framework for electronic signatures in 1999, and was subsequently complemented by the Electronic Commerce Directive. All principal member states have since incorporated EU e-signature guidelines into their national legislation. Under the Directive, a signature in digital form attached to data must meet four requirements to be deemed an “Advanced Electronic Signature”. The four requirements are as follows:
- It is uniquely linked to the signatory;
- It is capable of identifying the signatory;
- It is created using means that the signatory can maintain under his sole control;
- It is linked to the data to which it relates in such a manner that it is revealed if the data is subsequently altered.
The EU-directive leaves substantial discretion to the Member States of the EU as to specific implementation of electronic signatures.
5. Is your digital signature tool compliant with the ESIGN act in the USA?
Our digital signature tool has been designed to comply with the ESIGN Act of 2000.
The Electronic Signatures in Global and National Commerce Act (“ESIGN Act”) became effective in the United States on October 1, 2000. Since then, online electronic signatures in both personal and commercial transactions have been granted the same legal status as a handwritten signature.
ESIGN was enacted specifically to ensure electronic signatures are given the same force and effect as a handwritten signature. ESIGN ensures that
“… contracts entered into electronically will be legally effective and valid, and that consumers who enter into contracts electronically have the same protections they have when contracting in the 'brick and mortar' world.”
Just as important, ESIGN ensures that any agreement signed electronically will not be denied legal force, effect, validity, or enforceability solely because an electronic signature was used in its formation.
6. Is your digital signature compliant with UETA in the USA?
Our digital signature tool has been designed to comply with UETA.
The Uniform Electronic Transactions Act ("UETA") is a model state act that existed prior to ESIGN, providing a legal framework for electronic transactions. Like ESIGN, UETA ensures that electronic records and signatures have the same validity and enforceability as paper-based transactions and handwritten signatures.