Snappt vs. Two Dots: Which is Best For Your Property?

Fraud is a major concern for businesses in this digital era. With the increasing ease of document tampering and the high quality of fake documents, it’s crucial to have effective fraud detection tools. That’s where platforms like Snappt and Two Dots come in. They were designed to halt fraudsters in their tracks. But how do these platforms compare to each other?

To help you decide which company is the best for you, let’s discuss their differences, their similarities, and which one will fit the needs of your properties. 

Main Differences

Expertise and Experience

One difference between Snappt and Two Dots is the number of scanned documents. This matters because the more documents you scan, the more accurate the algorithm is. The more accurate the algorithm is, the better it will detect fraud. The better it is at detecting fraud, the more protected you are from bad debt and evictions. 

Snappt has analyzed over 9 million documents, cementing its reputation for instilling customers with an additional level of trust and confidence in the authenticity and accuracy of its results. Using state-of-the-art technology and meticulous quality control measures, Snappt guarantees that every document undergoes thorough processing and verification. 

Two Dots doesn’t disclose how many documents it has analyzed, making it difficult to gauge how advanced its algorithm is. 

Integrations

Integrations, in simple terms, enable seamless connections between different applications. With integrations, you can effortlessly synchronize data in a secure manner, eliminating the need for repetitive copy-pasting. This user-friendly feature allows various property management systems, such as fraud detection, to integrate effortlessly with other management systems.

Now, let’s talk about the productivity killer known as context switching. According to psychologist Gerald Weinberg, with every extra task or ‘context’ you switch between, your overall productivity takes a nosedive, eating up a staggering 20-80% of your precious time. Task switching between two tasks at a time can eat up 40% of your productive time for each, and 20% is lost to context switching; task 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 your 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!

Two Dots has an integration with Yardi. 

Accuracy

The accuracy of a fraud detection platform is of the highest importance – it’s what makes property managers feel confident in their decisions and keeps fraud out of their properties. The more documents the platform has scanned, the better the accuracy rate. Fraudsters are always changing up their game to outsmart detection systems, so maintaining a top-notch fraud detection platform helps you stay one step ahead. 

A high accuracy rate can also help businesses save on operational costs by automating the identification and flagging of fraudulent activities. This eliminates the need for manual intervention and reduces the resources required to investigate and resolve these incidents. Moreover, these systems effectively spot suspicious patterns and behaviors, ensuring minimal false negatives and ultimately preventing potential financial losses.

Let’s look at an example of how a lower accuracy rate costs 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 directly correlate with the number of evictions a property manager sees, the eviction rate for Company B increases. With the average eviction costing $7,000+, you’ll spend more than you saved on going with the cheaper company.  

Snappt is 99.8% accurate and has scanned over 8 million documents, making it far and away the industry leader. 

Two Dots doesn’t publish its accuracy rate. This might give users pause and make them feel less confident in their results. It also increases the risk of making a bad leasing decision and can lead to an increase in fraudsters sneaking into their properties. 

Automatic Income Calculation

Managing a property can be quite a hassle. Every day, new tasks and issues pop up, leaving property managers searching for ways to lighten their load. That’s where automatic income calculation can help streamline the leasing process. 

Studies have shown that the average employee spends over 50% of their time on low or no-value tasks, such as data entry and manual calculations. Property managers can spend more time on high-value tasks by using automated income calculation. 

This tool reads the income documents provided by applicants and takes care of all the number crunching, calculating their total income for you. No more wasting time sorting through piles of paperwork and manually adding up numbers!

Here’s the catch: if someone has been sneaky and tampered with their financial documents, the auto-calculation won’t catch it. It’s not designed to detect fraud; it’s simply a time-saving feature that helps managers breeze through the screening process with a few extra seconds to spare. Starting with an authentic document remains paramount. 

Snappt will offer income verification through automated income calculation and connected payroll via Argyle in the fall of 2024. 

Two Dots provides automatic income calculation to its customers. 

Similarities

SOC 2 Compliance

Document verification products have two primary objectives: ensuring accuracy and safeguarding information. These products handle extremely sensitive data, so entrusting it to an unreliable competitor poses a significant risk.

If you’re not familiar with SOC 2 compliance, don’t worry! Now is an excellent opportunity to learn about it. SOC 2 certification indicates that a company maintains an exceptional level of information security. This means they are better prepared to handle cyberattacks and breaches than non-certified companies. So, understanding SOC 2 compliance is crucial for safeguarding your data.

Snappt and Two Dots are both SOC 2-certified companies. 

Identity Verification

In the world of property management, ID verification has emerged as an indispensable tool to combat fraud. As fraudulent activity becomes increasingly sophisticated, property managers rely on this powerful tool to verify their tenants’ identities.

This step helps validate an applicant’s ID and ensures that they are indeed the person they claim to be. By implementing ID verification, you can detect fraudulent activities at an early stage, enhance the safety of your property, and make more sound decisions with greater confidence.

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 over 30 comprehensive checks, ensuring that every ID scanned undergoes meticulous security protocols. 

Two Dots offers ID verification, and its technology can scan around 200 ID types. 

Who Snappt is Best For

Snappt is your ultimate solution for comprehensive fraud detection and secure ID verification. With their cutting-edge technology and advanced document scanning capabilities, you can trust that the risk of fake documents slipping through is practically non-existent. Moreover, Snappt takes pride in its user-friendly system, ensuring a seamless experience for all users. Not only that, but their SOC 2 certification guarantees the highest level of security and data protection.

Setting up Snappt is a breeze and won’t take you more than 15 minutes. Plus, their dedicated customer support team is always ready to assist you in integrating their software seamlessly into your leasing process. Feel free to contact them with any questions or concerns you may have. 

Who Two Dots is Best For

Two Dots works for property managers who want a basic solution for their fraud detection needs. They provide automatic income calculation and basic identity verification, which can be a perk if you’re looking for a platform with multiple capabilities. 

To Sum Up…

In the world of document fraud detection, Snappt and Two Dots appear to offer similar products. 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 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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