Online data room providers provide an online, secure platform for sharing documents with third parties. They are very popular in M&A where the due diligence involves large files and a lot of scrutiny of documents. They also serve to raise funds, as they allow companies to safely communicate with potential investors. To find the most suitable one for your needs, look for a vendor that offers flexible pricing and advanced features.
Select a service that provides granular settings for user permissions to keep sensitive information from being misused. Look for tools that allow you to authenticate your identity and use two-step authentication. You can also benefit from features that allow you to work with your colleagues in the same virtual space. Some VDRs, for example provide security at the folder level and batch downloads as well as search capabilities to make reviewing faster.
Some online data room providers offer a free trial so you can check out the software before making home a purchase. Some providers offer a fixed monthly rate that gives you more flexibility when working on longer projects. You can also choose a yearly subscription that helps you budget more effectively and assures you have the tools you need available.
Support for customers is a crucial aspect to take into consideration when comparing online data rooms. The best ones have an account manager who is dedicated to the client and a live chat available 24/7 and phone line as well as a library with guides, and a full set of documentation and training. In addition, they feature an easy-to-use interface that even less tech-savvy users can adopt quickly and easily.