With Transportation Costs on the Rise the FTC Is Embracing Electronic Delivery

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FTC Staff Advisory Opinion says PrivaSignÂ? complies with current industry regulations.

VaultraNet announced today that it has received a Staff Advisory Opinion letter from the Federal Trade Commission stating that VaultraNet’s electronic signature capturing service, "PrivaSign™," complies with current industry regulations. This letter lays the foundation for businesses to start using electronic file delivery and electronic signature capturing to immediately save time and money over traditional shipping options.

PrivaSign™ is currently used by a wide variety of businesses to securely deliver and electronically sign files, and the PrivaSign™ technology is neither industry nor purpose specific, so it may be used by any business to lower delivery costs and shorten delivery times. Currently VaultraNet is focusing its efforts and product development on growing its franchise industry presence. PrivaSign™ is widely used in the franchise industry to electronically distribute information to prospective and existing franchisees including Uniform Franchise Offering Circulars (UFOC), as well as marketing materials and other information franchisers have traditionally sent by snail-mail or other shipping channels.

The Federal Trade Commission said in its letter to VaultraNet, "Based upon our review, we are satisfied that VaultraNet has made a good faith effort to comply with the proposed Internet instructions specified (in the Federal Register)." The FTC has dedicated a great deal of time and energy into regulating electronic signature capture and electronic delivery of legally binding documents, in particular how those technologies affect the franchise industry. These efforts have never been more useful than they are today. With gas prices reaching record highs and transportation costs escalating on a seemingly daily basis, the use of electronic file delivery and signature capturing will save businesses and consumers money immediately.

VaultraNet President Jason McKay said of the letter, "VaultraNet has always strived to provide our customers with the most efficient technology available while at all times complying with industry regulations. We have always been compliant with the E-SIGN Act (Electronic Signatures in Global and National Commerce Act) and we are honored that the FTC has taken time to acknowledge our efforts. Electronic file delivery and electronic signature capturing is the wave of the future and businesses who adopt this technology now will be more organized and efficient. Additionally they will shelter their business against rising fuel, printing and handling costs."

The E-SIGN Act was written to help the business community and the consumer become more efficient by utilizing electronic technologies, but electronic file delivery and electronic signature capturing offer more than just time and money savings, they enable the consumer and businesses that use the technology to be more organized. The technology is better for the environment, and it makes corporate compliance significantly easier by streamlining and tracking chains of communication.

Electronic signatures are just one aspect of the document lifecycle that VaultraNet’s PrivaSign™ service helps to manage. Other services available through PrivaSign™ are electronic storage and archiving of files, multi-file and multi-signatory capturing, viewer licensing for audit and tracking signature files, secure e-mail and an integrated calendar system that tracks all relevant dates or action events associated with a file. PrivaSign™ is setting a new industry standard for electronic file delivery and electronic signature capturing, and it is available in an ASP Edition as well as an Enterprise Edition for large customers.

About VaultraNet

The two founding partners who created VaultraNet in 2001 are still the driving force behind VaultraNet’s ambition and success. After paying its dues in the startup arena, VaultraNet has found itself being used in over 20 different industries including Franchising, Legal, Construction, Finance, Health Care, Hotel and Hospitality, Consumer Services, Banking and many more. The PrivaSign™ product is sold and distributed primarily through OEM and Marketing Partnership programs. The company has patents pending on its proprietary electronic signature capture service, and it is currently developing the first 100 percent web-based electronic signature system for international and domestic file transfer and signature capturing.


Isaac Bowman




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