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

February 26, 2024

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

Daniel Berlind
CEO

Fraud poses a significant challenge for businesses in the digital age. In light of the growing prevalence of document tampering and the alarming sophistication of counterfeit documents, the need for robust fraud detection tools cannot be overstated. This is where platforms like Snappt and Celeri step in, offering formidable defenses against fraudsters. However, then a question arises: how do these platforms fare when compared to each other?

To help you decide which company is the best for your property, let’s review their differences.

Main Differences

Expertise and Experience

The age of an algorithm can dictate how good it is at detecting fraud. The older the algorithm, the more documents it’s scanned (in most cases). One difference between Snappt and Celeri is the number of documents they’ve scanned. The more documents you scan, the more accurate the system is. The more accurate the algorithm is, the better it will be at detecting fraud. The better it is at catching fraud, the more protected you are from bad debt and evictions.

Snappt has successfully scanned over 4 million documents, establishing a solid reputation for providing customers with an extra layer of trust and confidence in the authenticity and accuracy of their results. With state-of-the-art technology and rigorous quality control, Snappt ensures that every document is meticulously processed and verified, giving customers the peace of mind they deserve.

Celeri has scanned around 15,000 documents, meaning their platform is younger, and their system may be more prone to false results.

SOC2 Compliance

Document verification products have two main goals: ensuring accuracy and protecting customer information. These products deal with highly sensitive data, so entrusting it to an unreliable competitor can be very risky.

If you’re not familiar with SOC2 compliance, now is a great time to get acquainted with it. Being SOC2-compliant means that a company maintains an excellent level of information security. This ensures they are better equipped to handle cyber attacks and breaches when compared to non-certified companies.

Snappt is SOC2-compliant, ensuring that customers that their data is securely protected.

Celeri is not SOC2-compliant, meaning that they may have a security system that is more prone to cyber-attacks.

Integrations

Integrations involve the seamless connection of property management software with various systems or platforms. This process facilitates smooth data sharing and communication among different software applications utilized in property management. Common integrations in property management include linking software solutions like accounting systems, customer relationship management (CRM) platforms, maintenance management tools, online listing platforms, and payment processors.

The detrimental impact of switching between different applications, often referred to as context switching, is well-documented. Psychologist Gerald Weinberg highlights that each additional task or ‘context’ switched between consumes a substantial portion—ranging from 20% to 80%—of overall productivity. For instance, shifting between two tasks can expend 40% of productive time for each, with an additional 20% lost to context switching. Integrating systems in property management offers a solution to this productivity challenge. By doing so, property managers can streamline workflows, eradicate manual data entry, and enhance overall operational efficiency.

Snappt offers several integrations with third-party software, including Yardi and Resman, and a roadmap of expected integration offerings in the near future.

Celeri only integrates with Entrata.

Accuracy

The accuracy of a fraud detection platform is crucial – it’s what helps property managers feel confident in their leasing decisions and keeps more fraudsters out of their properties. Fraudsters are constantly evolving their methods to bypass detection systems. An accurate fraud detection platform is better equipped to adapt and stay ahead of these techniques, continuously updating its algorithms to identify new patterns and emerging fraud trends.

Fraud detection systems with a high accuracy rate also help reduce operational costs by automating the process of detecting and flagging fraudulent activities. This eliminates the need for manual intervention and minimizes the resources needed to investigate and resolve fraudulent incidents. A high level of accuracy also helps reduce false negatives by effectively spotting suspicious patterns and behaviors, helping prevent major financial losses for businesses.

Let’s look at an example of how a lower accuracy rate can cost you in the long run.

Company A charges $1.50 per unit, and Company B charges $1.10 per unit. Company A has a 99.8% accuracy rate, whereas Company B has a 90% accuracy rate. This means that 10% of the applications that make it through Company B’s screening process contain fraudulent information and go undetected. Since fraudulent applications have a direct correlation to the number of evictions a property manager sees, the eviction rate for Company B goes up. With the average eviction costing $7,000+, you’ll end up spending more than you saved on going with the cheaper company.

Snappt is 99.8% accurate, a rate that is unmatched in the industry. Customers can feel confident that their prospective tenant’s documents are being efficiently and accurately screened, which can help them avoid costly evictions down the road.

Celeri doesn’t publish their accuracy rate. This might give users pause and feel less confident in their results, increase the possibility of making a bad leasing decision, and lead to more bad actors making it into their properties.

Identity Verification

ID verification is vital in safeguarding property managers against fraud in today’s multifamily landscape. This tool helps validate the legitimacy of tenants and confirms they are who they say they are. Incorporating ID verification allows you to proactively identify and prevent fraudulent behaviors, bolster property security, and make informed decisions with increased assurance.

Snappt offers ID verification as part of Snappt Pro, its all-in-one fraud detection and identity verification plan. Its technology can scan over 4,600 document types from 200 countries and territories. Its validation process includes over 30 comprehensive checks, ensuring that every ID scanned undergoes meticulous security protocols.

Celeri does not currently offer ID verification, meaning you will have to use and pay for an additional platform for that service.

Who Snappt is Best For

Snappt is the way to go for top-notch fraud detection and secure identity verification. Their highly accurate document scanning platform greatly reduces the chance of a fake document slipping through your leasing process. Plus, their user-friendly system can be up and running in less than 20 minutes.

Snappt is also SOC2-certified, ensuring the highest level of security for your property and your customer’s data. Should you ever need additional assistance, their dedicated customer support team is always ready to help integrate their software smoothly into your leasing workflow and answer any questions you may have.

Who Celeri is Best For

Celeri works for property managers who want a basic solution for their fraud detection needs. They are one of the cheapest options in the space, but they’ve also scanned fewer documents than their competitors, have fewer integrations, and don’t provide additional services, such as ID verification.

To Sum Up…

In the world of document fraud detection, Snappt and Celeri offer similar products. Both platforms have their perks, and the choice ultimately depends on the needs of your business.

If your primary concern revolves around bolstering your defense against fraud and evictions, Snappt stands out as the top pick. With a vast database of over 4 million scanned documents, its accuracy and effectiveness in catching fraudulent activities are noteworthy. Snappt’s user-friendly interface, ID verification offering, SOC2 certification, and excellent customer support make implementation a breeze.

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