Payment Verification
Payment verification is what we call the process of reporting that rent payments have been made.
There are multiple ways to verify rent payments using Boom:
- Boom API. If you already know when rent payments are made, you can use the Payment Verification endpoints to programmatically attest that a renter has paid their rent.
- Shared ledger data. If you don't know when rent payments are made, you can share your payment ledger data with us. Boom will look at the ledger activity, including the account outstanding balance, to determine whether rent has been paid.
- Use Plaid integration. Plaid integration is available in 3 variations. The Standard Plaid Integration allows customer to connect their bank account to Boom and Boom verifies rent payment by looking into customer bank transaction. The Plaid Processor Token is an integration setup that allows Boom get access to bank accounts linked through partner's Plaid integration and Plaid relay token. This allows Boom to get access to the Assets reports issues using the partner's Plaid integration.
After verifying payments, Boom will furnish the payment history of your enrollments to Experian, Equifax, and TransUnion on a weekly and monthly basis.
There is no integration requirement for this type of integration. Note, Plaid doesn't support webview.
This type of integration should be used when a partner wants to utilize their own Plaid integration and use it to verify ongoing and/or past rent payments. Refer to API reference to link the endpoint and to see how to associate Plaid processor token with customer
This type of integration should be used when a partner wants to utilize their own Plaid integration and use it to verify only past rent payments. With relay token, Boom will get access to Plaid's Assets report which should be generated ahead of time. Refer to API reference to link endpoint and to see how to associate Plaid relay token with the customer.
You can also refer to https://plaid.com/docs/api/products/assets/ to learn more about assets report and Plaid relay token.
