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

In the fast-paced world of property management, having the right tools at your disposal can make all the difference. That’s where Snappt and Vero come into play. Both companies provide powerful property management tools designed to simplify the jobs of property managers.

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 Vero, comparing their key features and functionalities to help you determine which one you need for your property.

Primary Function

Snappt and Vero both offer fraud detection services. Snappt provides comprehensive fraud detection and ID verification, whereas Vero provides basic fraud detection, income, and ID verification.

A thorough fraud detection platform is imperative for protecting your property and its residents. Technological advancements have made it easier to commit fraud, allowing perpetrators to alter bank statements seamlessly and slip 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. As a result, individuals with unstable financial situations may end up residing in your apartment complex, leading to an increase in evictions and a rise in unpaid debts.

Snappt has established itself as the industry leader in AI-driven fraud detection solutions. Their platform has scanned over 6 million documents, resulting in the market’s best-trained and most precise AI. They maintain a database of over 2,000 documents that each new document is checked against, ensuring the legitimacy of submitted documents. They also offer comprehensive ID verification services and can scan over 4,600 documents from 200 countries and territories, enhancing the overall security of your leasing process.

Vero, on the other hand, offers an automated ID and employment verification and fraud detection to help assess an applicant’s financial standing. Their system quickly verifies applicants’ employment and income, which can increase the speed and efficiency of your screening process. Their fraud detection capabilities involve extracting data from a document, analyzing it, and cross-referencing with verified data sequestered throughout the application process. It’s important to note that Vero only recently launched their fraud detection offering in 2023, and newer algorithms can be more prone to error.

Integrations

Integrations facilitate smooth connections across various systems. By leveraging integrations, you can effortlessly transfer data, eliminating the tedious task of copy-pasting. This advantageous functionality enables different property management systems, such as fraud detection, to seamlessly integrate with other management systems.

Shifting between different applications, known as context switching, can negatively impact productivity. Psychologist Gerald Weinberg suggests that each additional task or ‘context’ switch can consume 20–80% of your total productivity. For instance, toggling between two tasks could devour 40% of your productive time for each, with 20% lost to context switching; switching between three tasks simultaneously could consume 20% of your productive time for each, and 40% would be lost to context switching. Effective integration of systems empowers property managers to streamline workflows, eradicate manual data entry, and enhance overall efficiency.

Snappt offers several integrations with third-party software, including ResMan, Yardi ScreeningWorks Pro, and ResidentIQ. A roadmap of additional integration offerings will be coming in the near future!

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

Identity Verification

ID verification is crucial for protecting property management from fraud in today’s environment. This tool validates tenants’ legitimacy and ensures they are who they claim to be. By integrating ID verification, you can preemptively detect and deter fraudulent activities, enhance property security, and make well-informed decisions with greater confidence.

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.

Vero offers ID verification but doesn’t provide details on accepted ID types or how their technology works.

SOC2 Compliance

Document verification solutions serve two primary objectives: maintaining accuracy and safeguarding customer data. Given the sensitive nature of the information handled by these solutions, relying on an untrustworthy competitor poses significant risks.

If you’re unfamiliar with SOC2 compliance, now is a great time to learn. Being SOC2-compliant means that a company maintains a superior level of information security. This ensures they are better equipped to handle cyber attacks and breaches than non-certified companies.

Snappt and Vero are both SOC2-compliant and provide the highest level of data protection for their customers.

Snappt or Vero – Which Do You Choose?

Snappt is your one-stop solution for premier fraud detection and secure identity verification. Their 99.8% accurate fraud detection system significantly reduces the chances of fake documents slipping through. Their ID verification offering can scan more documents than competitors and helps property managers protect their properties from identity fraud.

Snappt is also 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.

Vero provides a SOC2-certified solution for ID, income, and employment verification, as well as basic fraud detection. Their platform helps property managers quickly verify tenant information so they can make more informed decisions. Keep in mind that they don’t provide much detail on how these services work, so it’s essential to do your research and talk to one of their representatives.

To Sum Up…

In the proptech landscape, Snappt and Vero offer helpful solutions to multifamily property managers. 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 6 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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