June 21, 2024

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

Daniel Berlind

CEO

Primary Function

The first thing to note is that Snappt and Checkpoint ID offer different products. Snappt is a platform that can detect fraudulent documents AND verify IDs, whereas CheckpointID is solely for identity verification.

A secure fraud detection platform is critical to protect your property and its inhabitants. Advancements in technology have made it incredibly easy for fraudsters to alter their bank statements and sneak through your leasing process. A statement that once showed $1,500 can now show $150,000 with a few clicks of a button. Next thing you know, someone with less financial security is living in your apartment complex, which can lead to an uptick in evictions and bad debt down the road.

Snappt has made a name for itself with its AI-enabled fraud detection. Their platform 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 fall 2024, they will provide income verification through automated income calculation and connected payroll via Argyle.

CheckpointID solely offers ID verification. They’ve scanned over 11 million IDs and can scan domestic IDs, passports, Canadian driver’s licenses, and Mexican driver’s licenses. If you choose CheckpointID, you will have to find a fraud detection platform elsewhere.

Identity Verification

ID verification plays a vital role in protecting property management teams against fraud in today’s landscape. It helps validate the legitimacy of tenants and confirms 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 more informed decisions with increased assurance.

Snappt offers ID verification as part of its Applicant Fraud Detection and Income Verification Suite. Its technology can scan over 4,600 document types from 200 countries and territories. Its validation process includes a passive liveness scan and over 30 comprehensive checks, ensuring that every ID scanned undergoes meticulous security protocols.

CheckpointID also offers ID verification but does not list how many ID types it can scan; it says it can scan IDs from the US and globally.

Integrations

Integrations allow seamless connections between different systems. Using integrations can help you sync data in a secure way, eliminating the need for repetitive copy-pasting. This helpful feature allows various property management systems, like fraud detection, to effortlessly link up with other management systems.

Switching between different applications, also termed context switching, harms productivity. 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 simultaneously 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. Successfully integrating 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!

CheckpointID has a universal API integration, as well as integrations with Yardi, RealPage, Entrata, and more.

SOC 2 Compliance

Document products have two primary objectives: ensuring utmost accuracy and safeguarding customer information. These products handle highly sensitive data, making it imperative to avoid entrusting it to unreliable competitors.

Familiarizing yourself with SOC 2 compliance is crucial, as it signifies a company’s commitment to maintaining an exceptional level of information security. Being SOC 2-compliant equips organizations with the necessary tools to thwart cyber attacks and breaches, setting them apart from non-certified companies.

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

Snappt or CheckpointID – Which Do You Choose?

Snappt is your go-to solution for all-in-one robust fraud detection and secure identity verification. Their 99.8% accurate fraud detection system greatly reduces the chances of fake documents slipping through. Their best-in-class ID verification can scan more documents than any competitor and helps property managers better protect their properties from identity fraud.

Snappt is also SOC 2-certified, ensuring the highest level of data security for your customer’s data. If you ever need assistance, their dedicated customer support team is there to help you integrate their software smoothly into your leasing process and answer any questions you may have.

CheckpointID is an option if you are only concerned about ID verification, as they don’t provide fraud detection or any other services. They work with most property management systems, can quickly verify applicant IDs, and are SOC 2 certified.

To Sum Up…

In the world of property management technology, Snappt and CheckpointID 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, SOC2 certification, and excellent customer support make implementation a breeze.

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