There are numerous data room services on the market. It’s easy to get attracted by cheap pricing plans, or the enticement of a free trial, but if you don’t spend the time to investigate the various options, you could find yourself stuck with an VDR that isn’t the best fit for your needs.
It is also important to pay attention to support. Make sure that they offer at least a minimal response time, 24/7/365 availability and single-point-of-contact resolution, as well as a knowledge base and free access to an online demo. Convenience features to look for include support for a variety of file formats with an intuitive interface, as well as Drag & Drop file upload.
It is also important to determine if they offer a variety of security features, such as two-factor authentication, the 256-bit SSL encryption and virus scanning. This way, you can be sure that your documents aren’t in the hands of hackers and are secured.
The majority of virtual data rooms cater to different industries, however certain are more specific than others. For example, M&A virtual data rooms provide users with tools to simplify the due diligence process and secure large-volume document sharing. They also often have checklists and templates that make the process of making deals for their users. Real estate is another popular industry where virtual data rooms are used for managing the entire due diligence and securely exchanging documents with multiple people.
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