Key Snap Integration – Legal and Compliance Checklist
- For waterfall applications, the language for sharing customer application information with Snap should be reviewed and approved by Snap Legal Team.
- Please reference LTO as lease-to-own providers in primary language instead of lenders or leasing when it comes to tertiary LTO applications.
- Lease Awareness, LTO Awareness or RIC Awareness are mandatory and need to be shown prior to application being submitted for approval. It is not mandatory for prequal, but is nice to have if possible.
- OTP verification of customer mobile phone number is mandatory prior to application being submitted for approval. It is optional for prequal but is preferred.
- Snap terms and conditions need to be accepted before submitting application for full approval. Snap T/C is optional for prequal.
- Snap content requirements as outlined in the respective product guide need to be implemented – they include awareness, terms and conditions, communications opt-in, bank info disclosures, income information disclosures, decision screens, and credit alerts.
- For integrations that have post approval (i.e., viewing and signing agreement on their own UI) there are additional post approval requirements that include:
- Summary screens – that show payment calculations based on type of product
- PA hangtag for LTO applications
- Capturing time stamp of agreement signing
- OK addendum requirements for LTO products
NOTE: This aide is indicative and does not replace the product-specific Snap implementation guide that you would need to refer to for implementing product-specific integrations.
Product Implementation Differences
| Attributes / Criteria | LTO | RIC | Loan – CC Bank | Snap Implementation Guidance |
|---|---|---|---|---|
| API End points towards application | Authorization and endpoints used are same across all products. No differences. API contracts are also same. | |||
| Prequal Requirements | Requires Customer Object to be sent in Create Application API call. | Customer + Income Info required for Loan alone. | ||
| Compliance – OTP | Same across all products. | OTP is mandatory before application submitted for approval. Can use Snap OTP endpoints or partner specific OTP endpoints. | ||
| Content – Awareness | LTO Awareness | RIC Awareness | Loan awareness | Content varies across each product and there are some additional checkboxes which need to be included for loan. Refer guide. |
| Content – terms and Conditions | Terms and Conditions varies across products and also has variations in terms of number of checkboxes. Please refer the guide. | |||
| Content – Communications Opt - In | Same across all products. | |||
| Content – Bank Information | Same across all products | |||
| Content – Income Information | Same across all products | Has some additional content around income | You can use Loan content as a baseline and use it across all products. | |
| Content – Decision Screens | Same across LTO and RIC | Loan uses the same content but has additional CC bank footnote. | Refer the guides for exact content and standardize content for approved, denied and prequal while adding additional CC bank footnote language for loan products. | |
| Content – Pending Scenarios (Credit Alerts) | Same across LTO and RIC which is provided as Create application API response upon pending decision | Loan uses the same content but has additional CC bank footnote. |
Product Implementation Differences
| Attributes / Criteria | LTO | RIC | Loan – CC Bank | Snap Implementation Guidance |
|---|---|---|---|---|
| Post Approval – PA hangtag | Applicable only for LTO | To standardize you can implement across all products, we will just ignore the info for RIC and Loan. | ||
| Summary Screens | Lease Summary | RIC Summary | Loan Summary | The summary tables and mapping are different for each product though the values are derived from same Get Payment Plan endpoint. |
| Agreement – Rendering and Signing | Follows the same approach. You will get endpoints by priority in Get Payment Plan API response. You would need to call render followed by sign API which is consistent across all products. | Refer documentation in implementation guide. | ||
| OK Disclosure | Applicable only for LTO | To standardize you can implement across all products, we will just ignore the info for RIC and Loan. | ||
| Agreement Timestamp | Applicable for all products |