Landlords and property managers have many details to track when overseeing their properties – from collecting payments to arranging repairs. DoorLoop helps landlords and property managers automate manual tasks, such as screening, rent collection, and accounting, so they can focus on growing their rental portfolios.
With hundreds of thousands of users processing billions of dollars through the app, being able to manage payments at scale is essential to DoorLoop’s success. However, its prior legacy payment providers were unreliable, and DoorLoop used to experience thousands of failed ACH payments each month.
The most common sources of these payment failures were insufficient funds or incorrect bank account information collected during the tenant onboarding process, resulting in frequent account holds. And before onboarding to the platform, both renters and property managers had to wait several days to verify their identities and bank accounts while documentation was checked and validated.
In addition, DoorLoop also wanted to find a way to further secure accounts by adding in regular verification checks throughout the app, such as during the payout process, to better protect users against account takeover fraud.
DoorLoop needed a partner that could easily and instantly onboard customers and ensure reliable payments: that’s when it found Stripe. The company migrated from its previous payment partners quickly to unify payment processing, and automate bank account and identity verification. DoorLoop’s aim was to use Stripe’s suite of tools to build trust and reliability between the company and its users. It turned out that Stripe also gave that same sense of trust to DoorLoop itself.
“Compared to what Stripe delivers, our previous provider was not even close. We had dozens of point solutions stitched together, which slowed us down, rather than allowing us to be agile,” said Matt Cave, customer success director at DoorLoop. “We needed to automate our flows as much as possible, and Stripe’s APIs allowed just that. With Stripe, we can focus on our differentiation without wasting time researching, purchasing, integrating, and maintaining all those solutions.”
During onboarding, DoorLoop verifies that prospective property managers on their platforms are legitimate. With Stripe Financial Connections, DoorLoop can instantly check details like volume of rent payments on specific accounts and balance history to determine if they are legitimate.
“Bank statements can be faked. Financial Connections data cannot,” said Ori Tamuz, CEO of DoorLoop. “Stripe helps our risk team make informed decisions about any risk mechanisms that need to be put in place.”
For tenants, DoorLoop validates that the person making the payment is the owner of the bank account before debiting, ensuring timely ACH money movement while reducing the likelihood of fraud.
Stripe Identity also helps DoorLoop reduce account takeover fraud by verifying property managers’ identities before initiating payouts to their bank accounts – without lengthy manual reviews. During the application submission process, DoorLoop uses Stripe’s Know Your Customer (KYC) automation to verify the personal information, identity documents, and business information of its customers. And when a landlord has an issue with verification, Identity automatically kicks in with suggestions for an alternative proof of ID, such as a passport. This prevents account takeovers and reduces friction for property managers who want to cash out their rental income on DoorLoop’s platform.
Two times faster deployment time with a secure payment platform
DoorLoop was able to transition from its previous payment solution to Stripe in less than two months. The switch allowed the company to improve the payment experience for both its employees and customers. “We completed the integration from planning to execution in less than half the time it took with our previous provider,” Cave said.
Adopting Stripe has given DoorLoop a more stable platform for managing its payments efficiently. “We’ve had zero issues with Stripe. Our previous platform had multiple issues with settlements, dropped authorisations, bank payout errors, and server downtime,” Cave said. “That reliability is invaluable for us and our members.”
Onboarding workload reduced by up to 50% with Stripe Connect
DoorLoop’s top priority is empowering its customers, and with Connect, the company is able to give its users more flexibility over their own payment processing. DoorLoop is also able to offer its customers greater control over their payments by standardising the onboarding process. Connect has reduced the effort it takes to onboard new accounts by nearly 50%, which means customers have faster access to a more reliable payment solution.
Additionally, Connect enabled DoorLoop to easily integrate products like Financial Connections and Identity with a few extra lines of code.
“Nothing compares to Stripe Connect,” Tamuz said. “It’s so simple to integrate multiple products to our business on a single platform.”
Instant and secure connection to over 90% of US bank accounts at 6,000+ financial institutions
Financial Connections lets businesses reliably connect to over 90% of US bank accounts across more than 6,000 financial institutions, allowing them to instantly verify their customers’ bank accounts and confirm balances before initiating payment. With Financial Connections, DoorLoop has been able to reduce payment failures due to insufficient funds and incorrect account information.
More time for customer care with one-third fewer merchant-related support tickets
Stripe Identity programmatically verifies identities for landlords, saving the DoorLoop team hours of manual verification. With this time back, the company has reduced incoming merchant-related support tickets by one-third. DoorLoop is also closing tickets and issues related to bank verification, bank ownership, returned payments, and international cards 75% faster. And as issues are resolved faster, DoorLoop has more time to invest in its customer care, leading to a substantial improvement in customer satisfaction.
“We want to automate as much as possible and provide the best customer support in the world. The happiest customers will never have to get in touch because everything just works,” Cave said. “We want to ensure the best customer experience by making sure our platform is safe. Stripe makes this so easy by automating our identity verification process and, more importantly, makes it painless for our customers with their quick, intuitive verification flow.”
With Stripe, you will save time and recoup bandwidth across engineering, finance, and operating so that your whole organisation can focus on what matters most. You know your customers and where you want to take them, and Stripe has the people, the documentation, the knowledge, and the ongoing support to comfortably get you there.