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

February 26, 2024

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

Daniel Berlind
CEO

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 determine which one you need for 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 when it comes 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 a rise in 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.

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

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

Integrations

Integrations play a crucial role in simplifying the tasks of property managers by enabling seamless data synchronization. This eliminates the tedious and time-consuming process of copy-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 different applications, also called context switching, can be harmful to 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 Yardi and ResMan, and plans to launch additional integration offerings 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 assists in validating the authenticity of tenants but also ensures that they are indeed who they claim to be, thereby instilling a sense of trust and reliability.

By integrating ID verification into your existing processes, you can effectively identify fraudulent behaviors, bolster property security, and facilitate informed decision-making with an elevated level of 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 ID scanned undergoes meticulous security protocols.

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

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 than non-certified companies.

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

Payscore is not SOC2-certified, meaning that customer data may not be as secure.

Snappt or Payscore – Which Do You Choose?

Snappt is a great 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 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 customer’s 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 in search of a reliable income verification solution, Payscore is an option to consider. Their platform is specifically designed to assist property managers in efficiently verifying 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 priorities for 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, SOC2 certification, and excellent customer support make implementation a breeze.

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