Snappt vs. Payscore: Which is Best For Your Business?

In the fast-paced and ever-evolving world of property management, having the right tools at your disposal can make all the difference in ensuring smooth operations and maximizing efficiency. That’s where Snappt and Payscore step in to revolutionize the way property managers work.

Though these companies may be in the same space, they fulfill different roles for property managers. Let’s take a closer look at Snappt and Payscore, comparing their key features and functionalities to help you decide which one best suits your property.

Primary Function

First things first! Snappt and Payscore are different types of property management software – one is designed to detect fraudulent documents, and the other is an income verification system.

Reliable fraud detection is essential to safeguarding your property and its residents. Thanks to recent advancements in tech, it’s much easier for scammers to manipulate bank statements seamlessly and slip through your leasing process undetected. What used to be a $1,600 statement can be effortlessly altered to display $160,000 with just a few clicks. Applicants with unstable financial standing may then live in your apartment complex, leading to increased evictions and bad debt.

Snappt has cemented itself as a reputable entity through AI-driven fraud detection solutions. They have a database of 2,000+ documents that every document gets checked against, ensuring the authenticity of the documents submitted by applicants. Snappt also offers comprehensive ID verification services and can scan over 4,600 documents from 200 countries and territories, improving the overall security of your leasing process. Snappt also offers income verification through automated income calculation and connected payroll via Argyle.

Alternatively, Payscore offers an automated income verification to help assess an applicant’s financial standing. Their system quickly verifies applicants’ information with their bank, helping speed up your screening process.

Do note: Payscore is not a document fraud detection provider; it is only a bank linking software. Unfortunately, this is not enough to keep your property secure from fraudsters, as applicants can opt out of this service.

Integrations

Integrations play a crucial role in simplifying property managers’ tasks by enabling seamless data synchronization. This eliminates the tedious, time-consuming process of copying and pasting information. With this feature, property management systems, including fraud detection, can effortlessly establish connections with other management systems, further enhancing efficiency and streamlining operations.

Switching between applications, also called context switching, can harm overall 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 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!

Payscore has a universal API integration, allowing you to connect their product to multiple property management systems.

Identity Verification

ID verification plays a crucial and indispensable role in safeguarding property management teams against the prevalent threat of fraud in today’s ever-evolving landscape. This powerful tool not only helps validate tenants’ authenticity but also ensures they are who they claim to be, thereby instilling trust and reliability.

By integrating ID verification into your existing processes, you can effectively identify fraudulent behavior, bolster property security, and facilitate informed decision-making with greater confidence and peace of mind.

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 a passive liveness scan and over 30 comprehensive checks, ensuring that every scanned ID undergoes rigorous security protocols.

Payscore does not offer ID verification services, so you will need to find an alternative provider for that.

SOC 2 Compliance

Document verification products have two main goals: ensuring accuracy and protecting customer information. These products handle highly sensitive data, so entrusting them 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 than non-certified companies.

Snappt is SOC2-compliant and provides the highest level of data protection for its customers.

Payscore is not SOC 2-certified, so customer data may not be as secure.

Snappt or Payscore – Which Do You Choose?

Snappt is an excellent solution for all-in-one, robust fraud detection and secure identity verification. Their 99.8% accurate fraud detection system dramatically reduces the chances of fake documents slipping through. Their expert ID verification can scan more documents than competitors and helps property managers protect their properties from identity fraud.

Snappt is SOC2-certified, ensuring the highest level of data security for your customers’ data. If you 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 have.

If you are seeking a reliable income verification solution, Payscore is an option to consider. Their platform is specifically designed to help property managers efficiently verify essential tenant information, empowering them to make well-informed decisions.

To Sum Up…

In the proptech universe, Snappt and Payscore offer solutions to different needs. Both platforms have their perks, and the choice ultimately depends on your business priorities.

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, SOC2 certification, and excellent customer support make implementation a breeze.

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