Whether you’re an investment banker helping clients or a company’s M&A department, sharing sensitive documents beyond your firewall is a crucial step in a variety of projects. A VDR or virtual meeting room, is an online platform with security that can be used to assist with due diligence and improve your chances of closing an agreement. However, it is essential to select the appropriate one for your business. A VDR that isn’t effective or easy to use can actually slow down your project and cost you money.

When selecting a VDR make sure you choose one that provides basic functions like file management and access control for users, but also offers advanced options like redaction and fence view to guard against leakage. It should also comply with the requirements of your industry and offer an intuitive and simple interface that is accessible to C-level executives as well as entry-level accountants. Additionally, choose a service that offers a free trial and doesn’t cost for usage after the trial expires. Do not choose a provider that offers gifts or drinks for free because they might not be concerned about quality of the product.

Before you implement using a VDR before you implement one, you need to determine the length of time your projects usually last and how often you’ll need share confidential data with other parties. This will help you decide if you’d prefer to purchase a VDR that can only be used for a single project or helpful hints a subscription that can be used for multiple deals. You should also consider whether you need additional services, like consultations and training.