VERO offers 3 ways that you can verify your income on your leasing application, ensuring secure, fast, and flexible ways to meet income verification needs. Income can be done in 3 ways:
Direct link to your payroll, employer, or benefits account
Direct connection to the bank account(s) where you receive your income deposits
Financial Document(s) uploads
The leasing company you are working with may have specific requirements for the method you verify your income of the possible ones listed above. If you have questions about the required methods available for your specific application, please reach out to your leasing agent.
The following describes the options for an applicant to do this as well as information about each process.
Direct Link to Employer, Payroll, or Benefits Account
Verifying your income by directly linking into an employer, payroll, or benefits account for immediate employment and income verification. You can link direct employers, payroll providers, gig economy jobs, and even government benefits.
For applicants that have more than one employer or job, you have the ability to link as many accounts as you desire.
To use this verification method, use the log in method and credentials provided by the system or company used for your employer's payroll. This may be run directly through your employer, or through a payroll service, like ADP.
Search for your employer or payroll provider, or the name of the government benefits provider. Log in using your credentials and quickly pull your employment and income information as shared directly from your employer.
You can read more about how to use this method of income verification here, such as how to link accounts, how to disconnect accounts, as well as how to bypass this option if a direct connection isn't offered by your employer.
VERO partners with Argyle, who maintains the highest level of security standards, having undergone SOC2, ISO 27001, PCI DSS, GDPR, and CCPA audits and provides military-grade encryption with secure storage protocols to protect your personal information.
Direct Connect to Bank Account(s)
If connecting to a payroll, employer or benefits account isn't available to you, we also offer a fast and secure means to connect directly to a Bank or Credit Union, which verifies your income by identifying regular deposits into these accounts from one or many sources.
Plaid allows you to easily connect your financial information. You are in control of which accounts you would like to connect. VERO simply takes a one-time pull of your income stream. VERO is looking for consistent recurring deposits in order to verify your income stream will meet the requirements of the apartment community to which you are applying. This process allows you to show other income such as dividend payments, retirement distributions, pensions, and even alimony.
Whether you verified your income through this or through linking to your employer account, you can also use the direct connect to bank account(s) to provide leasing agents with a verified snapshot of your assets. This is something that is often taken into consideration by leasing agents when reviewing applications via a factor called cash runway while making approval decisions. This shows how many months you would be able to make payments in the event of a life change. An applicant who is unable to verify their income but has exceptional balances are more likely to have an accepted application.
Similar to connecting with your employer, you will need your login and password information on hand in order to connect to your bank.
Click here for a sample of the financial institutions that Plaid connects to.
VERO partners with Plaid to link to your bank account(s), an industry leader being certified in internationally-recognized security standards, like ISO 27001, ISO 27701, and is SSAE18 and SOC 2 compliant and all transferred information is encrypted end-to-end. Privacy is the number one priority here. Providing this information is strictly for the application process. Your account information will not be held or processed for automatic withdrawal purposes.
Upload Financial Documents
While the above direct link to employer and payroll accounts and connections to bank accounts cover a large population of adults in the United States, VERO recognizes that there may be circumstances where the above two solutions may not be possible to use for income verification required for your leasing application. This is why VERO offers the flexibility to provide financial documents for income verification purposes.
Note: This feature is not standard and is dependent upon the configuration of the property management company.
If you can not find your respective employer or payroll provider under the Add Income step, or your banking institution under the Add Financials step, then this process is best for you. If you are self employed or have a unique income circumstance, this also may be the best process for you.
Under the Documents Upload step, you'll find options for you to add various Financial Documents which could be used to verify your income on your application.
VERO can parse income data from W-2s, Paystubs, 1099s, or Bank Statements to generate verified income streams.
Note that specific property configurations and options may dictate which documents can be used for income verification, as well as any requirements on combinations of documents in order to verify income, like a W-2 combined with 3 paystubs, or documents pulled from a certain date range.
The documents upload can accept many file types, from JPEG, PNG, PDF, BMP, GIF, and TIFF with a maximum file size for 5mb for any one document. You can upload multiple of each time or if you don't have the document options available, select "I don't have this" and reach out to your leasing agent for additional guidance on what other documentation can be accepted.