VDRs can be used for numerous purposes, not just M&A transactions. They offer a secure environment to hold photographs, videos and documents that might otherwise be susceptible to theft or leaks. They enable businesses to complete due diligence more quickly and efficiently across the globe. They can even be helpful in real estate deals, where copious amounts of documents must be exchanged.
Users should think about their budget and requirements when selecting the right VDR. Some providers offer free trial period to determine whether the service is suitable for you. Others charge a monthly or annual fee dependent on the number of users, storage size and time period of use. No matter the pricing structures, businesses should evaluate the features of potential suppliers and solicit estimates from multiple vendors to compare costs. They should also read customer reviews by experts in the field to assess the quality of the customer service.
When looking at VDRs for evaluation, it is important to think about data encryption, multifactor authentication, audit trail and physical security measures within the data centres of the service provider. Additionally, businesses should ensure that they will be in a position to set specific user permissions and revoke access at anytime. They should be able to shut down the VDR once their transaction or project has been completed, and then securely archive all documents.
The VDR should include an area for Q&A where customers can ask questions and receive prompt responses from support personnel. It is essential that the vendor provides 24 hour customer support via a variety of channels, including phone and chat.