The Role of Firmex in Transactional Businesses

Businesses including start-ups are becoming more aware of contemporary ways of carrying out transactions. Gone are the old ways of doing business where some form of physical interaction is required. Now, you can communicate through different platforms depending on the sensitivity of the information.

Virtual data rooms are now part of business transactions. Virtual data room providers assist companies and individuals alike with different services. Businesses can interact with their clients or potential partners through a virtual data room. While some VDR providers limit the use of their virtual data room to specific services, others are open to all the different engagements typical of VDR vendors.

Firmex is one of the popular virtual data room providers in the industry. Their virtual data rooms possess features which make business transactions quite seamless. Let’s examine some of these features:

Permission settings

The decision on who sees what document lies solely with the administrator. This is an important feature since it preserves the integrity of your documents. Discretion is a very integral part of businesses in this age. Also, with permission settings, you get to decide the duration users in your virtual data room can view documents uploaded. No one can download your document or print such documents without your permission. This is another benefit of the permission setting.

Reporting

You’re provided sufficient insight on the activities of the participants in your data room. You will see when last they entered your virtual data room, what documents they viewed and what they did with every document from printing to downloading. This is the perfect online tool for transactions which demand a lot of discretion which is typical of most modern businesses. If you want to protect the information within a particular document downloaded with your permission, using the document expire option would be a good idea. It renders the document useless regardless of the location of the document.

Personalized Watermarks

This has been known to ensure the simple tracing of documents. You select the watermarks incorporated into the documents, and this is specific to your virtual data room. Watermarks are a security feature every business transaction should utilize to the fullest.

Two – Factor Password Authentication

Still on security, since transactions are made through an online platform more security measures should be engaged to prevent unauthorized access to the virtual data room. The two-factor security protocol is a combination of a password and a special pin to forestall the entry of uninvited users.

Firmex also uses the latest encryption technology in its data room. This encodes the messages transferred online against interception. This ensures information sent through servers to the virtual space is protected against cyber theft.

Easy Upload of documents

Administrators can upload documents to a data room using the common drag and drop most PC users are familiar with. Participants can send documents to the virtual space through the regular email.

Versioning

This makes the tracking of documents uploaded to the virtual data room easy to follow. It informs participants of updates to a particular document saving them time. It also bridges the communication gap between businesses. This is essential towards a successful conclusion of a business transaction.

Also, Firmex operates a pricing module which is open with a flexible number of users, documents, while clients are given a fixed price based on data volume. This is worth considering for any business transaction.