1. Read the data room reviews
Most virtual data room service providers will scream from the rooftops that they’re the best! While this approach may have worked before the Internet, we now can see what others are saying through a little something called…review websites. Boom!
It’s not rocket science.
Just like Yelp allows customers to review restaurants, Capterra can help you find the best business software. On Capterra you can find virtual data room software reviews, ratings, and infographics and they even have a simple summary at the top of that tells you “who uses the software.” You can pick up the vibe of the company culture and how they can help.
For example, under the CapLinked profile, it says “Professionals seeking to exchange confidential documents with third parties who value security, ease of use, and 24/7 services and support. Common uses: M&A, raising capital, asset sales, licensing.”
You can also look at a comparison chart of virtual data room service providers like the one linked here: https://dataroomsearch.com/ (The Internet archaeologists of the future will marvel at the type of info we compile). Sometimes a good, old-fashioned review websites give you the information to help you make the best decisions.
2. Test the customer support
Here’s the paradox: When you choose the best virtual data room, you won’t need much help from their customer support because the product is both reliable and intuitive. Bonus points if they have a support center.
Here are some other questions to consider when checking out their customer support:
You can ask yourself:
- Is the support team knowledgeable and helpful?
- Do they understand the product and use cases?
- Do they sound human? (e.g., they’re not reading off a script or an FAQ)
3. Review the user interface
When choosing a virtual data room look for industry-recognized security credentials and customizable permission settings. When you’re sharing documents with external parties you don’t want to worry about your information ending up in the wrong hands. The good news is that this type of technology is not expensive.
We’re always surprised to hear that potential customers want to pay more. Our product development team reacts like this:
News flash: Better technology isn’t necessarily expensive. Let’s repeat: Better technology isn’t necessarily expensive.
Many of the customers that come to us from our competitors tell us that the older platforms are clunky and less intuitive. We won’t judge you if you like this type of thing. It’s just that our user-friendly interface means you can focus on your deal and not navigate outdated technology. Why make your virtual data room more complicated than it needs to be?
4. Virtual data room pricing needs to be transparent
A lot of virtual data room providers do not have transparent pricing. If you ask them how much their product costs, they will tiptoe around the question but won’t give you a straight answer (number of pages, viewers, etc.) and have a lot of add-ons. CapLinked is one of the few with straightforward pricing that is reasonable. Don’t throw away money when you’ve worked so hard to raise that capital.
5. Having a secure data room is important
If “multi-layer security firewalls” don’t rev your business engines, how about the fact that all CapLinked data is stored behind network segmented firewalls at every point of transit to prevent, protect, and detect external threat?
Still not excited?
Ok, we’ll wrap this article by letting you know that CapLinked is ISO 27001 certification, 256-bit encryption, and has dynamic watermarking – all features that are necessary for a modern business today.
The beauty of learning how to choose a virtual data room service is that you get to decide. We won’t pull your arm (good thing – you need it to type to us!) but we pride ourselves on having a modern, clean interface (minus a new mortgage on your home). Take a free test trial by clicking here.