OptionsSwing Scales its Business and Boosts Fee Dispute Win Rate with DocuSign Click

To the average consumer, stock trading can be complex—but that’s precisely the perception that OptionsSwing, a financial education services company, wants to change. Founded in 2019, the growing startup has made it a mission to empower anyone, from new traders to retirees, to trade with the right resources. Through its subscription service and access to its exclusive Discord community, OptionsSwing provides ebooks, videos and live training sessions to its members, teaching them about stock trading in a supportive environment where they can learn by doing and tap into a promising new stream of income.

While it has been steadily growing over the past year, OptionsSwing saw explosive growth at the onset of the COVID-19 pandemic, during which prospective traders flocked to OptionsSwing to learn about stock trading opportunities. “That really started creating more of a parabolic growth to our company,” said Jason Lee, founder and CEO of OptionsSwing.

However, their original customer sign-up process was not positioned to support this surge in volume, which exposed them to potential legal risk. In fact, the company was using a homegrown clickwrap solution, which presented a checkbox next to its terms and conditions, but did not reliably record the consent nor maintain an audit trail. 

In addition to the potential legal risk, this unreliable consent record caused OptionsSwing to lose several customer fee disputes with its online payment processor, costing the company thousands of dollars and placing a strain on internal resources. The company knew it needed a more reliable and legally enforceable clickwrap solution, so it purchased DocuSign Click, an easy-to-use clickwrap solution with a detailed audit trail. With DocuSign Click, OptionsSwing was able to increase its fee dispute win rate, capture consent in a seamless customer experience and capture legally-binding consent—all while supporting and scaling its operations.

Implementing DocuSign Click to Protect OptionsSwing and Its Users  

For OptionsSwing, empowering users with information is at the core of the business, and the company wanted to ensure it was being transparent about its intentions to educate rather than recommend. This required a more concrete, clear terms-and-conditions experience. Liability was a factor too—as educators, OptionsSwing needed to clearly lay out what it couldn’t be held responsible for, namely stock market losses. Plus, the company wanted to reduce the number of subscription fee disputes, which were happening as often as five times a month—a significant amount for a growing startup.

“We needed to create a safe and secure way for people to sign up for our services and accept the terms and conditions. We also needed a way to document that consent, so that we could point to it should any legal issues come up. But at the end of the day, all we had was just a checkbox,” Lee said.   

With DocuSign Click, OptionsSwing’s consent process became more secure. From a compliance standpoint, OptionsSwing can now record consent to its terms and conditions as customers sign up for its services. Click provides a detailed audit trail that helps mitigate legal risk in the event that user disputes arise. For OptionsSwing, Click was easy to deploy, requiring minimal resources and time.

“With Click, we were able to get a clickwrap solution that's prebuilt, easily customizable, seamlessly fits in with our customer sign-up flow, and has a complete audit trail. It took less than a week to go live—in fact, for the time and resources it would have taken to build out our homegrown solution, it just made sense to go with Click,” Lee said. 

Winning Disputes and Improving Customer Experience

Since OptionsSwing began using DocuSign Click, the company has already noticed a 73% increase in its dispute win rate. “In terms of ROI, we’re definitely saving thousands versus prior to Click, when we couldn’t record evidence of user consent and just lost disputes consistently,” Lee said.

The customer experience for signing terms and conditions has also significantly improved. Click is easily embedded into the sign-up page, presenting an intuitive, professional sign-up experience, which helps customers register more quickly. “It's seamless, which is the most important thing. The last thing I want to be getting is support emails from people having issues with the sign-up process because a checkbox isn't working for them,” said Lee. 

As OptionsSwing grows and looks ahead, Lee says he’s considering implementing DocuSign Click for other functions as well. Right now, the ongoing pandemic makes it challenging to host in-person classes for its members, but Lee hopes that that will eventually change. Eventually, Lee foresees leveraging Click for waivers and other standard agreements before users participate in these sessions.