Tariff Plans and Price of VDR Providers
Going through the prices of various providers, you might notice that they can significantly differ even though the features seem similar. Not all virtual data room providers publish their prices and software tariff plans. Typically, this is because the price is formed individually for each client, depending on his needs. In the article below you can find how the VDR price is formed.
The virtual data room software market is rich in offers. However, most of these offers can be put in two different categories. The first one is a category where customers come to the vendor, get a quote on their needs, and proceed to the purchase. The second category provides predefined plans, one of which may be chosen by the customer. Just like any other product or service, the virtual data room has its price. Data room services are not cheap because the technology behind this software is sophisticated and resource-demanding. However, virtual data room pricing consists of a list of different components, which includes but doesn’t limit to:
Number of projects
Pricing varies depending on the number of operations the client needs the virtual data room for. It means that if a client needs the VDR for one merger and acquisition deal, the price will be lower than if the same clients need to conduct M&A and a tender as well.
Quantity of visitors and administrators
The overall number of potential users will also affect virtual data room pricing. The number of users is related to the VDR price due to the amount of surveillance technology involved in the potential users’ operation within the virtual space.
Duration of the membership
Virtual data room providers are familiar with standard marketing techniques, and there are service packs where a customer has to pay less for extended periods of usage. The same strategies can be seen everywhere: VPN providers, online streaming services, etc.
Size of storage
The more gigabytes of online storage the customer needs, the more money should be spent. In this case, one has to consider the online data room, just like any other online data-sharing service. For instance, online sharing platforms provide 15 GBs for free, and if the user requires more, specific fees apply.
The online data room software is rich in features, some of which may be unnecessary for the potential user. In this case, to keep a reasonable price, online data room vendors provide their potential customers with a right of choice on which features to include and which to revoke.
If you see that the provider is using artificial intelligence to improve the data room for its clients, you can expect such a service to be more expensive. This is a sophisticated technology that involves a lot of money and workforce. Thus, AI-powered services can’t be cheap, although machine learning can bring the business many valuable benefits.
Document Security guarantees
Due to the nature of the online data room product, in most cases, it would cost more than any other online data-sharing platform. However, the difference between these products lies in the security levels of both. The VDR is considered to be an online fortress for the customer’s data. This rank is achieved with the help of security technology that is implemented in the online dealing room:
- Secure Fence View
- Remote Shred View
- Dynamic Watermarks
- In-built Virus Scanner
- Granular Document Permissions
- Secure Spreadsheet Viewer
- API Integrations
- Several Levels of Document Access
Customer support features
A decent virtual data room service provider will include the customer support service in the overall price. However, there are instances where a customer can extend the list of services with such features as:
- 24/7 support
- Multi-Language Support
- Live Chat
- Personal Assistance
- Online Help Center
This is just a simple list of what may be included in the customer service pack. The more online support services the client chooses to have, the more resources they have to spend on it.
There are instances where a client wants to add additional branding to their online data rooms interface or other cosmetic features. In these cases, for an additional fee, online data room provider supplies their clientele with the following list of services:
- Customize Look & Feel
- Customize Watermarks
- Apply Language Settings
- Define Terms of Access
- Customize Header and Footer
- Custom Login Page
Specially Designed Tools
In case if a client is willing to extend the list of features the online data room provides, the decent service provider will develop and install new particles to the product. For instance, a client has their piece of software which is not compatible with the VDR. In such a case, vendor’s technicians, for an additional fee.
Provider brand name
A virtual data room market is full of vendors, some of which provide their service for quite an extended period. Such companies as Merrill Datasite and Intralinks possess the reputation of the creditable service providers. However, they will charge a way higher price than such modern vendors as iDeals, Ansarada, Firmex, Drooms, and others. It is essential to understand that the quality of the final product is the same.
The origins of the provider impact its pricing as well. Those vendors who exist for decades tend to have higher fees than younger ones. The fact that the provider is old doesn’t necessarily mean that it can deliver a suitable service for you. So study the features before sticking to the old-fashioned data room service.
Modern providers are usually cheaper. Or they at least offer a flexible range of prices so that the customers can choose the option that will suit their requirements. It is very convenient since you can pick the plan that will cover your needs while not paying too much for the functions you don’t need.
Data room services are not cheap because the technology behind this software is sophisticated and resource-demanding. Although going through the prices of various providers, you might notice that they can significantly differ even though the features seem similar. Some vendors tailor their services to fit the demanding needs of big corporations that hold cumbersome deals. But it doesn’t mean that such virtual data rooms will be much more expensive than less sophisticated ones.
VDR Free Trial and Demo
No matter what the price formatting process is, a decent service provider has to supply his customers with a free trial period. A demo period will help one to understand what the service is, without any marketing confetti. The demo period will make a customer familiar with how good the online data room software is, how soon will the customer department eliminate any issues with the software if there are any, and how useful the features of the software are, and so on.