How to Evaluate a Virtual Deal Room Provider

23-10-2023 | Property Development

A virtual deal room is a powerful tool for sharing documents in a controlled way. Its primary goal is to replace email or other file sharing tools that can expose sensitive information to unauthorized users. This can result in legal liability, therefore it’s essential to review a VDR provider’s security features carefully. Look for two-factor authentication, multiple authorization levels and IP address-based access limitations. It’s also worth looking over a VDR provider’s certifications of compliance to ensure that they comply with top industry standards.

When evaluating the VDR provider, you should also take note of the VDR provider’s user interface execution. The ideal solution will be easy to navigate, clear and easily accessible to the accountant and the CFO. It should also offer flexible deployment options as well as the option to use preferred integrations. Additionally, it should be compatible with various best data rooms for your business operating platforms and devices, since certain companies have established workflows that require the same functionality when working remotely.

Customer support is a different aspect to take into consideration. If you have any problems or issues with the software, it’s essential that you contact someone via phone or live chat. You should also be able check out how other customers have assessed the customer support on third-party review platforms, such as Trustpilot or Software Advice. This will provide you with an idea about the quality of support provided by the virtual deal rooms provider. It’s also helpful to read the internal reviews posted on the vendor website.

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