VERO offers 2 ways that you can verify your income on your leasing application, ensuring secure, fast, and flexible ways to meet income verification needs:
Direct link to your payroll, employer, or benefits account(s)
Direct connection to the bank account(s) where you receive your income deposits
Some properties may also allow applicants to complete income verification through the extraction of income details from Financial Documents.
The following describes the options for an applicant to verify their income, as well as information about each process.
Link your Employer, Payroll, or Benefits Account(s)
By linking your Employer, Payroll, or Benefits account, you can log in directly to employers, payroll providers, gig economy jobs, and even government benefits like Social Security to quickly and accurately verify your income.
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.
To use this income verification method, 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.
The employer will supply VERO with an overview of your employment or benefits, like pay rate and frequency that is used to calculate your annual gross income stream from the employer on your VERO application.
Benefits of Linking to your Employer, Payroll, or Benefits Account(s):
Linked Employment or Benefits accounts are the highest confidence methods of income verification used by leasing teams, as the information is coming directly from your employer.
Linking your employer or benefits accounts is fast, secure, and accurate; speeding up your application process, getting you that much closer to your dream home faster.
Allows you to link multiple employers simultaneously, for those with side-hustles, multiple employers, or more complex employment and income arrangements.
For retired, unemployed, or disabled applicants, you can securely verify your Social Security, Disability, Veteran's or other benefits as your income sources.
For help or guidance using Linked Employer, Payroll, or Benefits accounts to verify your income and employment please see: Add Income: Link Employer, Payroll, or Benefits Account
Connect your Bank Account(s)
VERO 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.
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.
To use this income verification method, search for your financial institution and log in using your credentials and allow Plaid to quickly pull a snapshot of your deposits and balances to share with VERO.
Plaid will supply to VERO an income stream identified by regular and consistent deposits from the same entities or employer, which will include employer, pay frequency, and pay amounts that can demonstrate your net or take-home income or assets that may be used for rent payment.
The link provides a secure, encrypted snapshot of your current balance at the time of connection. This doesn’t track your balance or monitor your deposits over time, and does not give VERO access to your bank accounts or credentials, or view your full account numbers.
Benefits of Linking your Bank Account(s):
Linked bank accounts are one of the highest confidence methods of income verification used by leasing teams, after a direct employer connection.
Linking your bank account is fast and secure way to automatically verify your income; speeding up your application process, getting you that much closer to your dream home faster.
Allows VERO to identify multiple employers simultaneously from whom you receive deposits. This is helpful for those with side-hustles, multiple employers, or more complex employment and income arrangements.
For retired, unemployed, or disabled applicants, you can securely verify your Social Security, Disability, Veteran's or other benefits as your income sources by demonstrating regular deposits into your bank account. Alimony or unemployment payments as an income stream can also generally be identified through a bank account link.
Allows for income streams to be identified for applicants receiving dividends or disbursements from investment or retirement accounts into a bank account regularly.
Allows for demonstrating any cash assets or savings that are not regular income that you may intend to use for rent payment.
For help or guidance using Linked Employer, Payroll, or Benefits accounts to verify your income and employment please see: How to link your Bank Account
Upload Financial Documents
Some properties may allow you to upload financial documents in the event you are unable to link to your employer or bank account to have your income and employment automatically verified in VERO.
If you cannot connect to your employer, payroll, benefits, or bank accounts through the two above methods and did not receive a way to upload financial documents, please reach out to your leasing team for guidance on what income verification methods they allow or require.
VERO uses advanced technology to scan and extract income information from acceptable Financial Documents in order to calculate and income stream. VERO can parse income data from Paystubs, 1099s, or Bank Statements to generate verified income streams.
To use this income verification method, you'll need to be on the Financial Documents Upload step of your VERO application. Here you'll find options for you to add various Financial Documents which could be used to verify your income on your application.
PNG, JPEG, and PDF formats, with a maximum size of 5 MB per file for any one document can be used, though PDF is recommended for the most accurate extraction of data.
You can upload multiple of each type or if you don't have the financial document options available, select the 'Skip' button and then the 'I've finished uploading' button and reach out to your leasing agent for additional guidance on what other documentation may be accepted.
Once the data has been able to be extracted, VERO will use the information to calculate an income stream depending on what document type was provided to assist in verifying your income.
For more information on how to upload your financial documents, please see the article below: How to Upload Financial Documents on VERO