Streamlined income verifications improve application completion rate

Founded in 2019, Snappt is the pioneer in document-based fraud detection for the rental housing industry. With proprietary technology that examines document metadata and edit histories, Snappt has become the trusted solution for multifamily property managers, serving over 2 million apartment units across the United States and capturing approximately 15% market share. Their innovative platform processes millions of documents annually, helping Snappt customers make informed leasing decisions.

Challenge

Before integrating Argyle, Snappt’s verification process required rental applicants to manually download and upload their paystubs and income documentation.

This caused a high-friction experience for all applicants, but it was particularly challenging for those employed by companies with proprietary payroll systems, such as USPS, The Home Depot, and Microsoft, where documents were often difficult to access. The challenge was also pronounced for the 40 million gig economy workers, who typically work across multiple platforms like Uber, Lyft, DoorDash, and Instacart, requiring them to download and submit statements from each platform separately.

The manual document retrieval process proved to be a significant roadblock in the application workflow.

Solution

Recognizing the need to streamline the verification process, Snappt partnered with Argyle to implement a direct payroll connection solution. After evaluating options in the market, Snappt chose Argyle for its specialized focus on income and employment verifications and extensive coverage.

Argyle was integrated into Snappt’s redesigned, step-by-step application workflow, which now empowers applicants with the option to instantly connect their payroll accounts instead of manually downloading and uploading paystubs and other income documents. Argyle also enables applicants to connect multiple income sources simultaneously, dramatically simplifying the verification process, especially for gig economy workers.
For Snappt, the implementation process was seamless, with Argyle providing comprehensive support, including sandbox environments, test accounts, and hands-on guidance, allowing Snappt to launch within one quarter.

Outcome

Improved application completion rate

With the implementation of Argyle and an improved UX workflow, Snappt saw its application completion rate increase by 30%. In turn, Snappt is able to provide property managers with a larger pool of qualified applicants to rent apartments to.

Strong adoption and growth 

Among applicants who initiate a direct payroll connection via Argyle, Snappt sees over a 50% conversion rate.

Expanded accessibility

Argyle has made it easy for Snappt to verify applicants in previously challenging segments, particularly employees of large companies with proprietary payroll systems, like USPS, The Home Depot, and Microsoft, as well as gig economy workers.

Looking ahead, Snappt plans to leverage the Argyle partnership as they consider opportunities to expand into new markets and extend their services into sectors adjacent to tenant screening.