When choosing the right VDR provider, it’s essential to first establish the primary reason for use. If you need to share a lot of sensitive documents as part of a merger or acquisition, for instance you’ll need to ensure that the platform allows for the granularity of permissions, as well as a thorough auditing and tracking.
It is also important to ensure that the platform you choose is easy to use, has a low learning curve, and offers 24/7 customer support if required. Find features that are compatible with the workflow and standards of your industry. Some of these include a customizable interface, integrated NDAs and eSignatures, real-time collaboration tools, sections for Q&A, and AI-powered analytics.
Compare the pricing structures of different providers. You’ll want to choose a solution that charges transparently by page storage and is scalable based on your requirements. Additionally, look through customer testimonials Intellectual Property Transactions and references to determine the reliability of their service and its quality.
Lastly, choose a provider with robust security features and a streamlined integration process. The top-rated VDRs provide multiple levels of security for data as well as access, including two-factor authentication and timed expiration for access, granular settings for permissions and IP-based limitations. They adhere to strict compliance standards such as SOC 1 & SOC 2 ISO 27001, HIPAA and CCPA. They also prioritize security and privacy by keeping detailed logs of activities that demonstrate transparency and accountability. Therefore, they’re an ideal choice for businesses which require strict compliance with regulatory requirements.
