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You are reading: Snappt vs. ApproveShield: Which is Best For Your Property?

June 21, 2024

Snappt vs. ApproveShield: Which is Best For Your Property?

Daniel Berlind
CEO

Having the right tools is crucial in the fast-paced world of property management. That’s where Snappt and ApproveShield come into play. They offer powerful fraud detection tools that aim to make property managers’ jobs easier.

These companies might operate in the same space, but they serve different purposes for property managers. So, let’s dig deeper into Snappt and ApproveShield, comparing their key features and functionalities. 

Primary Function

Snappt and ApproveShield offer different services to their customers. Snappt is a platform that can detect fraudulent documents and verify IDs; ApproveShield is a tenant screening solution that provides employment verification, ID verification, credit checks, rental applications, and background checks. 

A reliable fraud detection system is essential for safeguarding your property and its residents. Recent advancements in technology have significantly simplified how fraudsters can manipulate their bank statements, enabling them to navigate your leasing procedures undetected. What was once a statement indicating $1,500 can now be altered to display $150,000 with just a few clicks. Individuals with lower financial stability may end up residing in your apartment complex, potentially resulting in an increase in evictions and accumulating bad debt over time.

Snappt has made a name for itself with its AI-enabled fraud detection. Their technology scans over 10,000 data properties on bank statements and pay stubs, ensuring that the documents applicants submit are legitimate. They also provide comprehensive ID verification and can scan over 4,600 documents from 200 countries and territories. In the fall of 2024, they will offer income verification services such as automated income calculation and connected payroll via Argyle. 

On the other hand, ApproveShield is a screening product. ID verification, employment verification, credit checks, rental applications, and criminal background checks are included in their platform. It’s important to note that they are not a document fraud detection platform; they only check a database of people who have committed fraud or been evicted in the past. Unfortunately, not all fraudulent actors will appear in this database. The only way to truly prevent as many fraudulent applications as you can is to use a document verification tool.

Identity Verification

ID verification is an important tool that property managers should have in their arsenal. It helps confirm the legitimacy of tenants and validates that they are who they say they are, making your property a safer place to live. Incorporating ID verification allows you to proactively identify and prevent fraudulent behaviors, elevate property security, and make better decisions. 

Snappt offers ID verification as part of Snappt Pro, its comprehensive fraud detection and identity verification plan. Its technology can instantly scan over 4,600 document types from 200 countries and territories. Its validation process takes mere seconds and includes a passive liveness scan and over 30 comprehensive checks, ensuring that every ID scanned undergoes meticulous security protocols. 

ApproveShield also offers ID verification, but their means of verifying IDs are not specified on their website. This could mean that they manually verify IDs instead of using biometric scans and photo matching. While this can get the job done, it takes significantly longer than an instant scan result and may bottleneck your leasing process. 

Integrations

Integrations serve as fantastic tools for establishing smooth connections between diverse systems. By incorporating integrations, you can effortlessly synchronize data securely, eliminating the need for tedious and repetitive copy-pasting. This feature facilitates the seamless linking of various property management systems, such as fraud detection, with other management systems, making tasks more efficient and hassle-free.

Switching between different applications, also termed context switching, harms the productivity of leasing teams. According to psychologist Gerald Weinberg, each extra task or ‘context’ you switch between uses up 20–80% of your overall productivity. For example, switching between two tasks can eat up 40% of your productive time for each, and 20% is lost to context switching; switching between three tasks at a time can eat up 20% of your productive time for each, and 40% is lost to context switching. Integrating various systems means property managers can streamline workflows, eliminate manual data entry, and improve overall efficiency.

Snappt offers several integrations with third-party software, including ResMan, Entrata, Yardi ScreeningWorks Pro, RealPage, and ResidentIQ. A roadmap of additional integration offerings will be coming in the near future!

Because ApproveShield is a screening platform, they don’t provide any additional integrations. 

SOC 2 Compliance

Products that manage documents and client data play a crucial role with two key goals: guaranteeing absolute accuracy and safeguarding customer information. Given that these products deal with highly sensitive data, it’s vital to steer clear of entrusting it to less reliable competitors.

Understanding the importance of SOC 2 compliance is essential, as it reflects a company’s dedication to upholding an exceptional information security standard. Being SOC 2-compliant provides organizations with the tools to fend off cyber attacks and breaches, distinguishing them from non-certified companies.

Snappt and ApproveShield are both SOC 2-certified and provide the highest level of security for customer data. 

Snappt or ApproveShield – Which Do You Choose?

Now that you have all the information, which platform do you choose for your property? Are you in need of a comprehensive fraud detection and ID verification solution? Or a tenant screening service? 

Snappt stands out as your comprehensive solution for robust fraud detection and secure identity verification. With a remarkable 99.8% accuracy rate in fraud detection, Snappt significantly minimizes the risk of fraudulent documents slipping through undetected. The top-notch ID verification offered by Snappt surpasses competitors by scanning a broader range of documents, empowering property managers to enhance the protection of their properties against identity fraud.

Moreover, Snappt takes data security seriously and is proudly SOC 2-certified, ensuring the highest level of protection for your customer’s data. When you require assistance, Snappt’s dedicated customer support team is readily available to help you seamlessly integrate their software into your leasing process and address any queries you may have.

ApproveShield is an option if you need a tenant screening platform. They provide a handful of services required to run an effective multifamily property (employment verification, credit checks, etc.) However, they don’t provide document fraud detection, so you are strongly encouraged to use additional software for that. They are SOC 2 certified, so you can feel confident that your customer’s data is safe and secure.  

To Sum Up…

In the world of property management technology, Snappt and ApproveShield offer solutions meant to better protect your property. If your primary concern revolves around bolstering your defense against document and identity fraud, Snappt stands out as the top pick. With a vast database of over 8 million scanned documents, its accuracy and effectiveness in catching fraudulent activities are noteworthy. Snappt’s user-friendly interface, SOC 2 certification, and excellent customer support make implementation a breeze.

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