June 21, 2024

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

Daniel Berlind

CEO

Primary Function

Snappt and Verifast both serve as fraud detection platforms that also offer ID verification.

A robust fraud detection platform is imperative when it comes to protecting your property and its residents. Technological advancements have significantly facilitated fraudulent activities, allowing perpetrators to manipulate bank statements seamlessly and sneak through your leasing process undetected. What used to be a $1,500 statement can be effortlessly altered to display $150,000 with just a few clicks. Consequently, applicants with precarious financial standing may then reside in your apartment complex, resulting in a rise in evictions and increased bad debt.

Snappt has established itself as the market leader thanks to its AI-driven fraud detection solutions. Their platform has analyzed over 8 million documents and reviews over 10,000 data points on bank statements and pay stubs, ensuring the authenticity of the documents submitted by applicants. In addition, Snappt offers comprehensive ID verification services and can scan over 4,600 documents from 200 countries and territories, enhancing the overall security of your leasing process. Coming fall 2024, they will provide income verification services through automated income calculation and connected payroll via Argyle.

Verifast, on the other hand, offers automated ID and employment verification, bank linking, and basic fraud detection to help assess an applicant’s financial standing. Their system instantly verifies applicants’ information with their employers or government agencies, which can increase the speed and efficiency of your screening process.

Integrations

Integrations allow seamless connections between different systems. With an integration, you can easily sync data, 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 referred to as context switching, harms 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!

Verifast has an API integration, allowing you to connect their product to multiple property management systems.

Identity Verification

ID verification plays a vital role in safeguarding property management against fraud in today’s landscape. It’s a tool that helps validate the legitimacy of tenants and confirms they are who they say they are. By incorporating ID verification, you can proactively identify and prevent fraudulent behaviors, bolster property security, and make informed decisions with increased assurance.

Snappt offers ID verification services that 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.

Verifast offers ID verification but can only accept documents from 90 countries.

SOC 2 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 SOC 2 compliance, now is a great time to get acquainted with it. Being SOC 2-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 and Verifast are both SOC 2-compliant and provide the highest level of data protection for their customers.

Snappt or Verifast – Which Do You Choose?

Snappt is the perfect solution for robust fraud detection and secure identity verification. Its 99.8% accurate fraud detection system greatly reduces the chances of fake documents slipping through. Its expert ID verification can scan more documents than competitors and helps property managers protect their properties from identity fraud.

Snappt is SOC 2-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.

Verifast provides a SOC 2-certified solution for ID, income, and employment verification. Their secure platform helps property managers quickly verify tenant information so they can make more informed decisions.

To Sum Up…

In the proptech universe, Snappt and Verifast 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 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.

More Comparisons

Ready to protect your properties?

Chat with our sales team to learn about our comprehensive fraud solution

Let’s Talk